Chandigarh housing board fixes Rs 200 crore reserve price for five-acre IT Park land

September 2, 2022
Chandigarh housing board fixes Rs 200 crore reserve price for five-acre IT Park land

CHANDIGARH: The Chandigarh Housing Board (CHB) has fixed a reserve price of Rs 200 crore for the sale of 4.95 acres of land to a private builder or company for developing a planned residential area at IT Park.

The board has sent the matter to the UT administration for approval.

Sources said the amount has been fixed by keeping the market condition and location in mind. The CHB has also framed terms and conditions to dispose of the land through e-tender mode. The land is of freehold nature, making the CHB hopeful of a good competition among companies.

“In case there is more than one bid of the same amount, the successful bidder shall be determined by a draw of lots to be conducted by an allotment committee. The successful bids shall be evaluated based on their reasonableness. Final acceptance will be subject to approval of the competent authority,” said an official.

Besides making the residential site for the common public, the successful bidder will also have to construct 15% of the total houses for economic weaker section (EWS). These will be constructed according to the terms and conditions.

“After taking the land from the CHB, the successful bidder will design and construct and develop the residential area. Although the firm will have option of both plot and flats, since land is just 4.95 acres, only flats will be viable. Rough estimates suggest around 300 to 320 flats can be built. Other facilities and commercial areas may also be planned by the successful bidder, but it will be up to him to decide,” sources said.

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