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Chandigarh Housing Board auction finds only 4 takers for 35 properties
As many as six commercial and 29 residential properties were up for sale on freehold basis in the Chandigarh Housing Board auction that concluded on Wednesday
In its latest auction of residential and commercial properties, the Chandigarh Housing Board (CHB) managed to sell only four of the total 35 properties on offer.
As many as six commercial and 29 residential properties were up for sale on freehold basis in the auction that concluded on Wednesday.
But only two residential properties – EWS units in Sectors 40-A and 52 – were sold, bringing in ₹47 lakh against a total reserve price of ₹43.25 lakh.
While the Sector-40 property, offered against a reserve price of ₹19.72 lakh, went for ₹22.55 lakh, the highest bid for the Sector-52 property, having a reserve price of ₹23.53 lakh, was ₹24.50 lakh.
The sale of two of the six commercial properties, on sale for a reserve price of ₹1.65 crore, fetched CHB ₹1.68 crore.
A commercial unit in Sector 51-A was sold for ₹85.86 lakh against a reserve price of ₹85 lakh. Another commercial property in the same sector, with a reserve price of ₹80 lakh, went for ₹82.70 lakh.
Yashpal Garg, chief executive officer, CHB, said, “We had put up six commercial properties for auction and two have been sold, which is a reasonable response. In the residential segment, majority of the properties were in Indira Colony, which didn’t prove to be an attractive location for buyers. We will re-offer these properties in near future, but will not be decreasing the reserve price.”
The highest bidder is required to make the payment by April 26 to avoid forfeiture of earnest money deposit and blacklisting from future tendering processes of CHB. The remaining vacant properties will be included in the next e-tenders, which may be released next week.
Over the past one year, CHB has sold 189 units through e-auctions, generating a revenue of ₹122.17 crore. Recently, it had got permission from the UT administration to auction its unsold leasehold properties on freehold basis.
