CHB to auction 200 properties by December end

Residential and commercial properties, both leasehold and freehold, are likely to be auctioned and the CHB is currently drawing up a list of the units with their reserve prices.
More than 200 properties will be up for sale by the end of December in Chandigarh.(Getty Images/For representation)
More than 200 properties will be up for sale by the end of December in Chandigarh.(Getty Images/For representation)
Updated on Oct 05, 2020 11:09 PM IST
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By, Chandigarh

The Chandigarh Housing Board (CHB) will offer more than 200 properties for sale by the end of December and is likely to lower last year’s reserve prices.

Residential and commercial properties, both leasehold and freehold, will be auctioned and the CHB is currently drawing up a list of the units with their reserve prices.

“In addition to the properties listed for auction last year, new units will be included too,” said Yashpal Garg, chief executive officer, CHB.

Reserve prices could be cut as the response to the auction last year was not on expected lines, he added.

“We will offering the properties for auction by December end,” Garg confirmed.

CHB’s committee on reserve prices is deliberating on the revised costs to find what’s attractive for buyers and as soon the revised rates are submitted, the housing board will fix the auction dates, he added.

Last auction a damp squib

CHB’s last auction in December 2019 turned out to be a damp squib due to lack of buyer response to its 212 properties, the blame for which was pinned on high reserve prices.

The offerings included 64 residential units, of which nine were on leasehold and 55 on freehold. Most of these were located in Sector 63.

All the 48 commercial properties offered were on leasehold.

CHB also faced flak for the high property prices. For instance, the reserve price of a two-bedroom apartment in Sector 51 was 99.92 lakh and that of an economically weaker section apartment was 30 lakh.

A one bedroom apartment in Sector 63 had a reserve price of 54.80 lakh.

Prices of commercial properties ranged from 50 lakh to 2 crore.

The highest reserve price of 1.07 crore was fixed for a freehold 3-BHK (bedroom hall kitchen) apartment in Sector 63. In the leasehold segment, a high income group apartment in Sector 39 had a reserve price of 1.31 crore.

Condition of properties a concern

The condition of CHB properties, both residential and commercial, which had remained vacant for years, will also be offered in the auction.

Most of the units are located in Manimajra, sectors 45, 41, 47, 39, 38 west, 49 and 51.

“The condition of such properties which have remained unused and vacant for a long time is deteriorating and CHB, which is also losing revenues simultaneously, has to spend considerable sums of money on their maintenance,” said a CHB official wishing to remain anonymous.

Encroachment too is a concern, so “CHB has formed a team dedicated to periodically check all the vacant properties,” the official added.

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