The Chandigarh Housing Board (CHB) is going to take out an e-tender to allot 4.95 acres of land at IT Park to a private builder or a company to develop a planned residential area.
The reserved price of the land has been finalised at Rs 169 crore after studying financial details and collector rate. The land is of freehold nature, making the authority expect a good competition among builders or companies to participate in the e-tender.
An agenda item in this regard will come up for discussion and approval in the CHB meeting scheduled to be chaired by UT adviser, who is also the chairman of the CHB, soon. The decision of disposing of the land through freehold is important to attract buyers so that the property can bring a good income.
“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. Other facilities and commercial areas may also be planned, but it will be the call of the successful bidder,” sources said.
As the CHB is quite keen on the project, the approval of the board is highly likely. The CHB can go for the e-tender process within a week. “We can call the tender in March by giving sufficient time to interested bidders to make their bids,” sources said