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Chandigarh Housing Board finds only five buyers for 16 freehold properties
As many as 10 commercial and six residential properties were on offer on freehold basis in the Chandigarh Housing Board auction that concluded on Tuesday.
In its latest auction of residential and commercial properties, the Chandigarh Housing Board (CHB) managed to sell only five of the total 16 properties put up for auction.
As many as 10 commercial and six residential properties were on offer on freehold basis in the auction that concluded on Tuesday.
But only one residential freehold property, a EWS unit in Sector 38 (West), was sold. Having a reserve price of ₹25.89 lakh, it went for ₹26 lakh. The remaining five properties didn’t get any response from buyers.
Among the 10 commercial freehold properties, CHB could sell four for ₹3.41 crore against the total reserve price of ₹3.40 crore.
A commercial unit in Sector 51-A, which was put up on auction for the first time, was sold for ₹90.50 lakh against a reserve price of ₹90 lakh. Another commercial property in the same sector, also offered for the first time at a reserve price of ₹80 lakh, went for ₹80.50 lakh.
Two commercial properties in Sector 51-A, which were earlier offered on leasehold basis but couldn’t get any buyers, were this time put up for auction on freehold basis.
Their reserve prices were increased after conversion from leasehold to freehold. One such property’s reserve price was increased from ₹44 lakh to ₹80 lakh and it was sold for ₹80.21 lakh. The second property, whose reserve price was increased from ₹53.39 lakh to ₹90 lakh, was successfully auctioned for ₹90.05 lakh.
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 177 units through e-auctions, generating a revenue of ₹120 crore. Recently, it had got permission from the UT administration to auction its unsold leasehold properties as freehold properties.
