CHB cuts flat prices in the Sector 53 housing scheme

After the poor response to the Chandigarh Housing Board (CHB) Sector 53 housing scheme because of the sky high apartment prices, costs have been cut by ₹4lakh to Rs13 lakh again in two months to attract buyers. Deadlines were also extended for a survey to assess demand for such housing units.

CHB at meeting held here on Tuesday slashed prices of 3 BHK apartments from ₹1.63 crore to ₹1.50 crore; 2BHK units will cost ₹1.28 crore instead of ₹1.36 crore, and one BHK ₹86 lakh instead of ₹90 Lakh. EWS prices fixed at ₹50 lakh, however, won’t change.

In November, 2019, the price of a 3BHK was cut from ₹1.8 crore to ₹1.63 crore; 2BHK from ₹1.47 crore to ₹1.36 crore, and one BHK from ₹96 lakh to ₹90 lakh.

There are 492 flats on offer.

How the prices will impact buyers remains to be seen as these still appear to be beyond the common man’s reach. In the last housing scheme launched in Sector 51 in 2016, which comprised only 2-BHK flats, the units were offered for just ₹70 lakh, far cheaper than the ₹1.28-crore of a similar flat in the new scheme.

The price difference is also much greater than the Sector 63 housing scheme floated in 2008, where the offer price for a 3-BHK flat was just ₹47 lakh. A 2-BHK cost ₹29 lakh and a 1-BHK flat ₹18 lakh.

February 23 deadline

CHB has also extended the deadline for online filing of applications for the demand survey to February 23, to assess the public response to the scheme. Only online submission of applications is allowed after payment of ₹10,000, refundable if the scheme is junked due to poor response.

The project will be formally rolled out if the response is good enough with those applying under the demand survey given preference in allotment. The board is expected to formally float the scheme if the number of applications crosses 250 as it will then indicate 50% response to the number of flats it intends to build.

In today’s board meeting it was reiterated that CHB would not charge any profit in any category of the dwelling units and that allottees will be allowed to pay for the apartments in five equated installments (each of six months) spanning over 30 months subject to payment of interest at 12% per annum. After the launch of the scheme, for quick completion of the project, the construction work to be awarded to two or three agencies.