PCB solution on shop sale

The board had decided to auction the shops. However quotations for the shops fell way below the rates of Rs 8 per square foot and there were few takers for rates above and therefore the board decided to an installment facility. A board resolution was passed last month agreeing to offer an installment facility to the persons for payment of advance rent at the minimum rate of Rs 8 per sq ft per shop.

The Directorate, Defence Estates, Southern Command had advised that if such an option could not be exercised, the cantonment board should go ahead with the project dropping the idea about the shopping complex since repeated sanctions granted by the authorities for this project since 1997 had not been implemented.

The board hence offered the prospective buyers the option to pay an advance rent of five years and to their surprise, many of them were willing to accept this scheme. Should the buyers come forward with the money until September 10, the construction of the marriage hall at Ghorpuri will definitely receive a major fillip.