CHB auction receives poor response again

The last date for submission of e-bids was June 30; 16 e-bids were received for commercial units and just six e-bids for dwelling units

The Chandigarh Housing Board has again received poor response to its leasehold property auction which concluded on Wednesday.

It could sell only 12 out of 156 commercial properties and two out 12 residential leasehold properties that were up for auction. (HT File Photo)

It could sell only 12 out of 156 commercial properties and two out 12 residential leasehold properties that were up for auction. In its previous auction of leasehold properties in 2019, not a single one could be sold.

The highest bid for a residential property was one HIG flat in Sector 39 for ₹1.06 crore, while the highest bid for a commercial unit in Manimajra was ₹81.51 lakh.

The last date for submission of e-bids was June 30 and 16 e-bids were received for commercial units and six for dwelling units.

The total reserve price of the two dwelling units was Rs. 1.70 crores while the total highest bids received against them is Rs. 1.75 crores.

For the 12 commercial units, the total reserve price was Rs. 5.65 crore and the total highest bids received against them is Rs. 6.55 crores. CHB received around 13% above the reserve price of these units.

“That there was total secrecy about number of bids and the bid amount so the CHB could get better competitive prices. For many of the dwelling units, though a single bid was received, it was considerably higher than the reserve price. Hence, e-tender resulted in better revenue,” said Yashpal Garg, chief executive officer, CHB.

A different e-tender for 55 residential freehold units is going on and the last date for submission of e-bid is by 6pm on July 5. The remaining unsold units will be included in a fresh e-Tender in the next few days, added Garg.