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Another damp squib: Only 9 of 140 CHB properties sold at auction
Only seven residential and two commercial properties find buyers in latest monthly auction, fetch CHB ₹6.34 crore against the reserve price of ₹5.72 crore
Chandigarh Housing Board’s latest attempt to auction properties turned out to be yet another flop show.
While as many as 140 residential and commercial properties were up for grabs, the board found takers for only nine.
The board had invited bids for 49 freehold residential properties and 91 leasehold commercial properties from January 6.
But as the auction concluded on Tuesday, only seven residential and two commercial properties were sold, fetching the board ₹6.34 crore against the reserve price of ₹5.72 crore.
Among the residential units, a two-bedroom flat in Sector 51-A got the highest bid of ₹1.13 crore against the reserve price of ₹97 lakh.
Another two-bedroom flat in the same sector went for ₹1.10 crore against the reserve price of ₹92 lakh. Two similar flats in Sector 63, which were offered at a uniform reserve price of ₹79 lakh, were sold for ₹88 lakh and ₹83 lakh, respectively. Details of the successful bidders have been uploaded on www.chbonline.in.
Even in the previous auction, which concluded on December 21 last year, CHB was able to sell only 28 of 167 units, which included both residential and commercial properties.
A three-bedroom flat in Sector 63 was auctioned for ₹1.5 crore against the reserve price of ₹1.12 crore, another three-bedroom flat in the same sector had gone for ₹1.47 crore against the reserve price of ₹1.12 crore and a two-bedroom flat in Sector 51 was sold for ₹1.23 crore against the reserve price of ₹97 lakh.
CHB chief executive officer Yashpal Garg said, “We found more takers for residential properties, compared to commercial units, primarily due to their freehold status.”
Kamal Gupta, president of Property Consultants’ Association, Chandigarh, questioned, “Why would anyone buy leasehold properties, where government agencies hold the ownership rights, that too at such high rates? GST also has to be paid in addition to the property price.”
