THE CHANDIGARH Housing Board’s much-awaited Self Financing Housing Scheme in Sector 51 has received a lukewarm response.
The scheme was launched on April 1 for allotment of 200 two-bedroom flats on a leasehold basis. So far, only 400 forms have been sold. A total of six banks in different parts of the city have been designated for sale of forms priced at Rs 2,000 each. The board has fixed a price of Rs 69 lakh for each flat, making it the most expensive scheme to be floated to date. The scheme will close on April 30.
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The scheme has so far failed to attract applicants despite the board allowing people residing in a belt of 25 km from the notified boundary of Chandigarh to apply subject to condition that they do not own a flat/apartment/house/dwelling in the said area. Of 200 flats, 150 units are for the general public while 50 units have been reserved under assured allotment scheme. There shall be 50 dwelling units on every floor.
CHB chairman Maninder Singh admits that they were expecting a better response. “Slump in market is one of the main reasons for the low response,” said Maninder Singh. He, however, added that the board would go ahead with the allotment, irrespective of the number of forms sold.
Due to a slump in the market, the administration has not held auctions since December 2009. The last auction saw the average price for residential sites shoot up to Rs 74,820 per square yard while the price for commercial sites went up to Rs 2.74 lakh per square yard. In 2010, the administration had planned an auction, but it was cancelled at the last moment.
Kamaljit Singh Panchi, president of Chandigarh Federation of Property Dealers, maintains that the flats which fall under middle income group (MIG) are over-priced. “Taking interest on loan into account, a flat will cost around Rs 80 lakh, which is too high,” said Panchi, adding that the administration should aim at providing affordable housing rather than acting like a developer.
In addition to Rs 69 lakh, Rs 50,000 shall be charged at the time of handing over of the possession.
The Chandigarh Master Plan 2031 has laid a lot of stress on providing affordable housing in the city.