E-Paper
Another damp squib auction: No takers for 150 of 179 CHB properties
Only 29 properties, including 28 freehold residential units and one leasehold commercial booth, sold, fetching CHB ₹19.94 crore, but a profit of only ₹1.49 crore
Continuing its trail of flop auctions, the Chandigarh Housing Board (CHB) managed to sell only 29 out of 179 properties in the latest e-auction that concluded on Tuesday.
The board had invited bids for 96 leasehold properties and 83 freehold properties between September 16 and October 11.
As many as 47 residential units, including two bedroom-hall-kitchen and EWS flats, were included in the e-tender process for the first time. The residential properties offered are located in Sectors 26, 38 West, 51 and 63, Manimajra and Indira Colony, while the leasehold commercial properties are in Sectors 38 West and 40, and Manimajra and Kajheri.
But out of the 83 residential units available, only 28 were sold, while only one of the 96 commercial units could be auctioned. This, despite the board slashing the reserve price by 15% in August this year. Even the properties sold could not rake in much moolah for the board, as it earned only ₹19.94 crore against the total reserve price of ₹18.45 crore — a profit of ₹1.49 crore from the sale of 29 properties.
Among the residential properties sold, a two-bedroom flat in Sector 51-A went for the highest amount of ₹95.52 lakh against the reserve price of ₹95.34 lakh — a profit of ₹18,000.
As many as 22 of the sold residential units are located in Sector 63 and were offered against the uniform reserve price of ₹72.56 lakh. Among them, one unit — 2193-D — fetched the board the biggest profit by getting the highest bid of ₹87.21 lakh — a ₹14.65 lakh difference from the reserve price.
The only commercial unit that was sold is Booth Number 98 in Manimajra, bringing in a measly profit of ₹100 by selling for ₹23.31 lakh against the reserve price of ₹23.30 lakh.
CHB chief executive officer Yashpal Garg said, “We earned around ₹20 crore. The remaining properties will be auctioned again next week.”
Kamaljit Singh Panchhi, president, Property Federation, Chandigarh, said the residential properties found more buyers due to their freehold status, as leasehold properties allow occupation for a limited period, with government agencies holding the ownership rights.
Even in its July auction, CHB had found no takers for both residential and commercial properties. In another auction in June, the board had managed to sell only six of the 31 freehold properties. Details of the successful highest bidders have been uploaded on the CHB website: www.chbonline.in. The successful bidders are required to make 25% payment by October 18 positively to avoid forfeiture of earnest money deposit and blacklisting from future tendering processes of CHB.
