Real Estate Chandigarh

Residential and Commercial properties in Chandigarh..

09 October 2007

Admin frames new rules for allotment of property in city

The UT Administration has framed new set of rules for the allotment of free hold and leasehold property in the city, on Tuesday. The new rules “Chandigarh Estate Office Rules 2007” have been formed after clubbing the two pre-existing building rules in the city.
Administration officials claim that more than 1300 litigation cases have been pending at the Estate Office due to non-payment of dues. The massive backlog resulted in the replacement of the older rules. Under earlier norms, the transfer of ownership of the party will occur only after the entire payment is made to the administration.

Under the new rules, the administration has decided that the allotment of commercial and residential properties will be done by auctions, where the interested bidders would have to deposit an earnest money of Rs 2 lakh to be eligible for participating in the auction.

The highest bidder/applicant will have to pay 25 per cent of the total bid, at the end of the auction or within 30 days of the communication from Estate Officer. The remaining 75 per cent of the bid will have to be paid within a period of 90 days from the date of the auction. On payment of 25 per cent of bid amount, both parties shall enter into an agreement to sell the property. If the allottee defaults in making the timely payment of remaining balance of 75 per cent within the stipulated time period, the 25 per cent paid by him will be forfeited and the property will be auctioned again.

Similarly, if the Administration fails to fulfill its obligations to transfer or lease the property for any reason other than the on grounds of threat to public order, security of State or change in Public policy, the Administration will be liable to pay the allottee an equivalent amount, as damages for non performance.

The letter of allotment will be only issued on receipt of full and final consideration money, in order to reduce litigation costs. The construction period for completion of a building will be three years for all categories of sites.

Source : Express India

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14 Comments:

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    Hi

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