Rs 1 Crore Bid for Two-Bedroom Flat in Chandigarh

Published: March 8, 2011

A salaried person’s dream to own a house in Chandigarh may be almost over with city residents willing to shell out as much as Rs 1 crore (twice the actual cost) to own a two-bedroom (MIG) flat here.

Undoubtedly, when the sealed bids for 10% ‘assured allotment flats’ of Chandigarh Housing Board (CHB) were opened on Monday, the phenomenal prices quoted by applicants came as a big surprise for even those following the real estate trends in the city closely.

While the highest price offered for the ground floor was Rs 1 crore, other bids too were not any less with Rs 95.4 lakh, Rs 91 lakh, Rs 87 lakh, two bids of Rs 85.5 lakh, and the last one quoting a price of Rs 85.01 lakh.

For the first floor too, the highest price offered was Rs 97 lakh, followed by Rs 96 lakh, Rs 91 lakh, Rs 86 lakh, and two bids of Rs 85 lakh, Rs 82 lakh and the last one for Rs 79 lakh.

As per the formula announced in the brochure of the housing scheme, average of the eight highest bids was calculated to arrive at a common price tag of Rs 89.5 lakh for the ground floor and Rs 87.5 lakh for the first floor. Applicants who have quoted prices lower than this will be given a chance to reconsider their offer and pay this much in case they want to own a flat.

Out of the total 160 general category flats, 16 were kept aside for assured allotment by the housing board, which is finding itself in the middle of a financial crisis and is looking for ways to generate revenue. The upfront money paid by the applicants (Rs 10 lakh) will be forfeited in case of those not accepting the offer.

Pawan Aneja, a property dealer operating in Sector 51 said, ”This development would come as a shot in the arm for those planning to sell their flats at high prices in the area. Those who were earlier asking for a price of Rs 80-85 lakh in these sectors would now demand Rs 1 crore to 1.25 crore.”

”With prices going out of the roof, owning a house in Chandigarh is fast turning into a distant dream for the middle class. Those who will get allotment of remaining flats for Rs 50 lakh in the draw will ask for a minimum Rs 1 crore,” said Amit Dhawan, another property dealer in Sector 46.

Source: The Economic Times

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2 Comments so far

  1. flats in chandigarh October 19, 2011 2:57 pm

    Flats in Chandigarh fall in different categories and MIG is one of them. MIG Flat stands for Medium Income Group Flat. Usually, the flats have 2 bedroom, drawing room, kitchen and a bathroom. These flats are alloted by the Department of Chandigarh Housing Board.

  2. TDI City Mohali November 6, 2012 2:01 pm

    It looks like an expensive deal.

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