From The Indian Express
A total of 40 sites have been shortlisted —20 each of commercial and residential— for the auction which is expected to be held by April. Commercial properties will be mainly booths in sectors 37, 39 and 43, while residential properties to be up for action are in sectors 40, 37 and 35. All the commercial sites are leasehold, while residential sites are freehold.
The proposed reserve price has been put up before the administrator for approval. Chandigarh Administration had recently slashed collector rates up to 20 per cent in both commercial and residential categories. The collector rate is the minimum rate at which a property is registered. The rates are determined by the Chandigarh Administration and are revised according to market dynamics.
To work out the modalities, officials of estate office will hold a meeting with UT Finance Secretary Sarvjit Singh next week.
Giving reasons, Panchi said that the collector rates in Chandigarh were higher than rates prevailing in Panchkula and Mohali. “Why would someone purchase a property on higher rates, that too on leasehold?” said Panchi. He added that the administration needed to bring down collector rates and make commercial properties freehold, if they were serious about making the auction a success.