CHB to sell the land meant for Prideasia project

The board will auction the land measuring 123 acre in blocks to 12 different developers for developing housing societies. Each block will be of 10 acre each.

Written by Vinod Kumar | Chandigarh | Published:February 6, 2016 11:06 am

AFTER THE failure of controversial residential project Prideasia, the Chandigarh Housing Board (CHB) has decided to auction the land on which the project was to come up at Rajiv Gandhi Chandigarh Technology Park to different developers.

The board will auction the land measuring 123 acre in blocks to 12 different developers for developing housing societies. Each block will be of 10 acre each.

CHB chairman Maninder Singh said that the last project was a joint venture and the amount deposited by allottees was to be shared in the ratio of 70:30 between the developer and CHB. “Now we have decided to auction land to different developers who will develop housing societies as per norms of CHB. We will play no role in developing the societies,” he said.

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Singh said that the auction would be held in phases, depending on prevailing market conditions. “We are working out the modalities and dates of auction will be announced shortly,” he added. Besides housing, some space has been earmarked for commercial activities such as shopping malls.

CHB had allotted land measuring 123 acre to developer Parsvnath Pvt Ltd in 2005 for Rs 821 crore, of which Rs 516.25 crore was received by CHB in four instalments. The project, which was to be completed in three years, failed to take off. After this, both the parties went for arbitration. Last year, Parsvnath surrendered the land to the board in return for money they had paid.

The board is coming up with a new housing scheme in Sector 51 in which a total of 128 2BHK flats will be constructed. The housing project has been accorded approval by the board. CHB has come up with a new housing project after a gap of eight years. As per the proposal, each flat will comprise two bedrooms, dining room, balcony, kitchen, store, dress space and two toilets.

Each unit would cost approximately around Rs 68 lakh. At present, there are around 50,000 CHB dwelling units spread across 15 sectors in the city, including sectors 38 (West), 29, 41, 40, 44, 43, 45, 47 and Modern Housing Complex.

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