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Chandigarh Housing Board told to justify reserve price cut in writing, Real Estate News, ET RealEstate

Chandigarh Housing Board told to justify reserve price cut in writing, Real Estate News, ET RealEstate
CHANDIGARH: The UT administration has asked the Chandigarh Housing Board (CHB) to justify why reserve prices of commercial properties were reduced by 20%, demanding the reasons in writing.

The matter had been discussed in its board meeting but no explanations were made in written form then.

There are around 156 such commercial properties with the CHB having value of Rs 100 crore, according to records. All these properties are located in commercial areas of Manimajra, sectors 38 (West), 40, 49 and 51 and 61. These commercial properties are shops, small and big booths and bay shops with basement.

“The CHB officials discussed and apprised that they have made multiple attempts in the past to auction commercial properties but were unable due to high rates and other reasons. However, the CHB is refraining to mention the reasons in writing. This can cause financial and audit-related complications in the coming days.

They need to give the justification in writing,” sources said. Sources said senior officers were looking into the matter and a decision would be taken soon. “Since the matter is related to huge finances, all the aspects will be looked into”, sources said.

The move has come at a time when the CHB has already started the auction process according to criteria.

Location factor

Reserve prices of these commercial properties start from over Rs 31 lakh and go up to Rs 2 crore, according to records of the Chandigarh Housing Board. These properties are located in first floor and basement too.

Besides other issues, locations of these commercial properties and their areas were considered while fixing their reserve prices.


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Written by Realty Beat

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