Chandigarh Housing Board (CHB) sold a three-storeys high bay shop in the sub city centre, Sector 34 A, for Rs.27.44 crores yesterday through E-Auction. The properties from now on will be sold online through E-Auction by the CHB, be it residential or commercial.
This price of Rs. 27.4 Crore gives us an idea about the high property prices in Chandigarh. Although this is a commercial space but a showroom worth 27.4 Crores means a lot. If we talk about residential property than a 1 kanal house in a posh area of the city costs somewhere around 4 Crore. Now, this commercial space in Sector 34 is almost 6 times the cost.
It is estimated that Sector 34 being the hub of educational institutes has always been a prime spot for businesses. In terms of rent, one floor pays over 1 lakh (just an idea) monthly rent for a showroom in Sector 34 of Chandigarh.
However, this price of 27.4 Crore for a showroom is Sector34 of Chandigarh has surprised all. This shows that the property price is still the same – at least for the prime areas that have commercial value.
Cost of Sector 34 Showroom
- 8 bids were received by the CHB from 3 potential buyers from March 26 to 30.
- The highest bid of Rs.27.44 crore was received against the reserve price of Rs 27.37 crore.
- The highest bidder payed 25% is supposed to pay rest of the 75% of the amount within 90 days.
The Chairperson of the Chandigarh Housing Board said that “In order to not suffer a huge loss the board is thinking of opting for rental models to lease out its 135 commercial vacant properties that are distributed across the city.”
He further added that ” the board members are still working on the amount of rent to offer for the properties and is hoping to do this in week’s time.”
The properties will comprise of booths, convenience shops, restaurant and bay shops in Manimajra (Modern Housing Complex), Sector 38-W, Sector 40-A, Sector 51-A and Sector 61, Chandigarh.
Till now CHB has received more than 65,000 forms for housing schemes regarding the survey that it was conducting to find appropriate beneficiaries for housing projects of the Economically Weaker Section(EWS), Lower Income Groups(LIG), Middle Income Groups I-II(MIG I-II).
These housing projects come under the Pradhan Mantri Awaas Yojna and those residing in the urban areas of the city can apply for the scheme.
More than 20,000 application forms have been received at the Chandigarh Housing Board office while more than 38,000 have been received online through PMAY-MIS portal. Moreover, 7,000 forms were submitted at E-Sampark Centres in the city.