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Chandigarh: Industrialists meet UT Administrator on converting leasehold properties to freehold

The industrial and business owners’ groups in Chandigarh has been requesting for the right to own properties so that they can design the spaces for expansion by getting loans from the banks. 

As reported in a story by The Indian Express (source), A representative group of the industrialists and business persons visited and met UT Administrator, Banwarilal Purohit on Friday, 17 September, and urged them to take an early decision on the issue of converting lease-hold industrial and commercial units to freehold in Chandigarh.

Read related story: Leasehold properties hold back the Chandigarh commercial real estate growth.

In the recent years, there is an increasing demand by local industrialists and business persons to make the commercial and industrial properties freehold so that the owners can enjoy complete ownership rights. At present these are owned by the agencies such as Chandigarh Estate Office.

There have been sections who oppose this move for their own reasons. They fear that the giving ownership rights for floors in such buildings means that Chandigarh might lose its unique architecture.

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