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Chandigarh: The Chandigarh Housing Board ,chb) is considering allowing conversion of leasehold apartments to freehold in the Sector 63 housing scheme.
Over 2,100 allottees are likely to be benefited. will be put to motion chb The board of directors, which is likely to meet by the end of the month or early next month. Changes are already permitted in all other CHB housing schemes.
“This is a long standing demand. We are considering whether to continue to collect the annual lease amount from the allottees or earn one time conversion fee after permission for conversion. Conversion fee earned on deposit The bank interest would be higher than the income in case of annual lease payments, an official said.
Sector 63 housing scheme has over 2,000 flats
Allowing conversion will facilitate transfer of property, give ownership rights to allottees and is likely to boost property prices. CHB started the scheme 15 years back in 2008.
There are 2,108 flats. Of these, 336 are three bedroom, 888 two bedroom and 564 one bedroom apartments. Also there are 320 EWS apartments. The project was inaugurated by Prime Minister Narendra Modi in 2015.
“Normally, there is a practice, that if a CHB is allotted a freehold land, it sells it on freehold basis, and if it has leasehold, it is sold on leasehold basis. The scheme has been constructed on the land allotted to the CHB by the administration on free hold basis. Yet the authorities decided that the scheme should be allotted on leasehold basis. The lock-in period of five years is also over now. It would be wiser to allow conversion.
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