Chandigarh housing board to auction 4.95 acre land for houses in IT Park

The plot is on freehold basis and the board has invited prospective bidders to ascertain their suggestions and concerns regarding the sale of residential site on April 30.

In the last board meeting, the approval was given for the sale through transparent e-tender process on freehold basis. It was decided that the purchaser to be given required flexibilities in constructions and to be allowed to pay the whole bid amount in installments over a period of about five years.

The reserved price of the land has been finalised at Rs 169 crore after studying financial details and collector rate. The interested bidders will have to submit Rs 2 crore as earnest money deposit (EMD). The authority is expecting a good competition among builders or companies.

“After taking the land from the CHB, the successful bidder will design, construct and develop the area. Though the builder will have an option of both plot and flats, only flats will be viable as the land is just 4.95 acres. The land can have around 300 to 320 flats, according to rough estimates.