The Chandigarh Housing Board (CHB) is considering allowing conversion of leasehold apartments in the Sector 63 housing scheme to freehold.
More than 2,100 allottees are likely to benefit. The proposal will be put before the CHB board of directors, which is likely to meet by month-end or early next month. In all other CHB housing schemes, conversion is already allowed.
"It has been a long-standing demand. We are weighing whether to continue to have an annual lease amount from the allottees or have earnings in terms of lump-sum conversion fee collected after conversion is allowed. The bank interest earned on conversion fee deposit will be more than the earnings in terms of annual lease payments," said an official. Sector 63 housing scheme has over 2,000 flats Allowing conversion will also improve the ease of property transfer, giving ownership rights to allottees and is likely to give a boost allottees and is likely to give a boost to the price of the property. The CHB had launched the scheme 15 years back in 2008.
There are 2,108 flats. Of these 336 are three bedroom, 888 two-bedroom and 564 are one-bedroom apartments. Also, there are 320 EWS apartments. The project was inaugurated by Prime Minister Narendra Modi in 2015.
"Generally, there is a practice, that if a freehold land is allotted to the CHB then it sells it on freehold basis, and if its leasehold, then it is sold on leasehold basis. The scheme has been constructed on land allotted to the CHB by the administration on freehold basis. Still authorities decided that the scheme should be allotted on leasehold basis. The five- year lock-in period has also elapsed now. It will make greater sense to allow conversion," said the official.
Source:- Economic Times
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