This story is taken from Hindustan Times (source).
In specific sectors such as in the interiors of sectors 19, 27, 7 and in sector 8 in Chandigarh, one can see many leasehold properties that are lying vacant because they do not have any buyers. It means that it costs the Chandigarh administration revenue in crores.
Out of 189 leasehold properties put on auction this year, the CHB could get buyers for only eight. Now, it has decided to reduce their reserve price by 10-50% in yet another attempt to attract buyers. The Chandigarh Municipal Corporation has prepared a list of over 200 such commercial properties, but their attempts to auction these properties went in vain.
The rise in freehold commercial property options around Chandigarh, particularly on the Mohali Airport Road, or in Zirakpur, means that the demand for the leasehold property in Chandigarh is further reduced.