Chandigarh housing board’s new push to revive costliest housing scheme – ET RealEstate

CHANDIGARH: In an attempt to revive the city’s costliest housing scheme in Sector 53, the Chandigarh housing board (CHB) has submitted a revised proposal before the UT administration to increase floor area ratio (FAR) of the scheme.

Last month, the architect department refused the CHB’s proposal to increase FAR.

In its fresh proposal, the CHB submitted that to make it an affordable housing scheme, there is an urgent need to increase FAR. By offering more space in the flats, buyers will be interested, the CHB submitted.

In March, the board had scrapped the city’s costliest housing scheme and decided to refund the amount to the applicants decided by the demand survey.
Chandigarh housing board's new push to revive costliest housing schemeHowever, the officers were asked to consider framing of a new scheme with lesser cost. CHB’s board of directors in a meeting in March had decided that “the proposed general self-financing housing scheme in Sector 53 needs to be made more lucrative. To reduce the land cost component, the matter may be taken up with the administration to increase the floor area ratio (FAR) so that more flats can be constructed. Further, the possibility of some changes in the specifications and design also need to be explored. Considering that framing a new scheme with lesser cost and further possible changes may take considerable time, the board has decided to refund the amount deposited by the applicants…”

There was a poor response to the demand survey of the scheme, as only 178 applicants came up for 492 flats. The CHB had reduced prices of flats twice and even extended the deadline for demand survey. After witnessing poor response, the CHB, on January 14, further reduced prices by 5% to 7%.

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