THE CHANDIGARH Housing Board (CHB) has decided to allow the allottees of 200 Two Bed Room Flats Housing Scheme in Sector-51 — the most expensive scheme of the board to date— to sell their allotment letters. Of 200 flats, a total of 136 flats have been allocated to successful applicants through draw of lots at price of Rs 69 lakh each, excluding other charges.
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As many as 50 flats were auctioned under Scheme B with the highest bid of Rs 77.50 lakh against the reserve price of Rs 69 lakh. All the allottees have been asked to make full payment within a three-month period, which will end on October 24. This is for the first time the board introduced the clause of making full payment in a period of three month after draw of lots were held. To make the full payment to the board, most of the allottees are struggling to raise funds. So far, the board has received full payments from only 81 allottees, while around 20 have surrendered their flats.
CHB chairman Maninder Singh said most of the allottees had to put in their entire savings for making the full payment even after taking loans from banks.
“Considering the fact that most of them used their entire savings for making the full payment, liquidity has to be maintained for the benefit of the allottees, so that they can sell their under construction flats\llotment letters in case of any financial emergency,” said the chairman. Liquidity refers to the ability to convert the asset into cash on short notice.
Those interested in selling their allotment letters or under construction flats will have to take permission from the board after paying a minimal transfer fee, which is yet to be decided. The matter will be placed in the board meeting for final approval. SD Rattan, one of the allottees, lauded the initiative, but urged the board to give more time to allottees for making the full payment.
Kamaljit Singh Panchi, adviser of Chandigarh Federation of Property Dealers, said the move would be beneficial for allottees as well as those interested in investing money in property. As per the brochure, the time frame for completion of the project is three years, however, board will make efforts to complete the construction of the flats within 24 months, that is, by March 31, 2018.
At present, the board does not have possession of the entire land earmarked for the project which is to come up at 4.48 acres of land. Out of the total, around 1 acre is in the possession of two saw mill-and-furniture shops, which have been running their business from the same premises since 1988. The owners of both the mills are in court against the Chandigarh Administration for their rehabilitation.