economy

Leasehold properties, high collector rates Chandigarh’s doom?

Leasehold properties, high collector rates Chandigarh’s doom?CHANDIGARH

: Though the estate office of the Chandigarh administration is all set to auction commercial and residential properties, along with a plot in Industrial Area, after a gap of 10 years, the authority will be facing a tough time in auctioning commercial and industrial properties.

With the properties under the two categories being of leasehold nature and reserve prices being fixed on the basis of high collector rates in Chandigarh, the administration is bound to be fazed.

The collector rates of Mohali and Panchkula are very less in comparison to Chandigarh. Moreover, nature of property in both these cities is freehold unlike Chandigarh. General secretary of Chandigarh Business Council JPS Kalra said, “People have already invested in Mohali and Panchkula, either in commercial, industrial or institutional properties, and most of them have shifted their business from Chandigarh due to strict by-laws and leasehold nature of properties. The authorities must covert the properties to freehold and ensure that the collector rates are near to those of the neighbouring cities. These things need to be done, else the auction will not be successful at all.”

Based on the collector rates, the Chandigarh administration has fixed the rate of smallest booth of 25 square yards for auction at Rs 61.35 lakh.

“The properties are not going to be auctioned at all due to its leasehold nature and high collector rates. We have been taking up this matter with senior officers of Chandigarh administration, which includes governor, adviser finance secretary, among others, to reduce the collector rates and bring them at level of Punjab and Haryana. The issue of converting the properties from leasehold to freehold has even gone to the level of Government of India. The properties have not been auctioned successfully since the past 10 years as the authorities are not resolving the issue of conversion,” said president of Chandigarh Beopar Mandal Anil Vohra.

Leave a Reply

Your email address will not be published. Required fields are marked *