Most of the commercial properties on auction by Chandigarh Housing Board are located in Manimajra and Sector 61. Some are also available in Sectors 38W, 40A and 51A (HT FILE PHOTO)
Most of the commercial properties on auction by Chandigarh Housing Board are located in Manimajra and Sector 61. Some are also available in Sectors 38W, 40A and 51A (HT FILE PHOTO)

CHB properties put on auction with reduced reserve prices

In the last four months, CHB has conducted four e-auctions for 121 freehold residential properties and has been able to sell 87 of them
By HT Correspondent, Chandigarh
PUBLISHED ON SEP 11, 2021 01:10 AM IST

With a 10% to 20% cut and change in computation method, the reserve price of the Chandigarh Housing Board (CHB) properties in its latest e-auction has fallen by 10% to more than 50%.

The reserve prices of the freehold residential units remain the same as in the previous e-tender, but those of the lease-hold residential units have been reduced by 10% and those of the leasehold commercial units have been reduced by 20% in comparison to previous e-tender.

“The reserve prices of corner units with veranda on two sides have been reduced by more than 50% because of a change in methodology for computation. The reduction in reserve prices in these cases is by 40 lakh to 60 lakh,” said Yashpal Garg, chief executive officer, CHB.

On offer are 132 leasehold commercial properties, 31 leasehold residential properties and 28 freehold residential properties. Most of the commercial properties are located in Manimajra and Sector 61. Some are also available in Sectors 38W, 40A and 51A. These properties include small booths, big booths, service booths, etc.

The CHB board of directors recently approved a cut in the reserve price of the leasehold properties as there were few takers for such properties in previous auctions.

The CHB, in the past four months, has conducted four e-auctions for its 121 freehold residential properties and has been able to sell 87 of them, earning 70.59 crore. In the same period, it has been able to sell only two residential and nine commercial leasehold properties, earning 1.74 crore and 4.73 crore, respectively.

Willing participants can visit the CHB website www.chbonline.in to understand the detailed procedure for submission of earnest money deposit (EMD) and e-bids, said Garg.

Stickers have been pasted at each of the built-up units for better identification and site offices have been provided at different sectors/locations to facilitate inspection by prospective bidders. The location of units on Google Maps, the addresses of the site offices and contact details of officials are available on CHB website.

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