CHB’s MIG flat in Sector 51 goes for ₹95.6 lakh in latest e-auction

CHB had invited e-tenders for the sale of 55 built-up dwelling units on freehold basis, of which 22 were sold. The flats are located in Sectors 38 West, 49, 51 and 63. The last of e-bid submission was July 5

An MIG flat in Sector 51 fetched the Chandigarh Housing Board (CHB) ₹95.60 lakh in its latest e-auction.

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The reserve price for the freehold dwelling unit was ₹83.26 lakh.

CHB had invited e-tenders for the sale of 55 built-up dwelling units on freehold basis. The flats are located in Sectors 38 West, 49, 51 and 63. The last of e-bid submission was July 5.

A total of 51 e-bids were received for 22 dwelling units and these were opened as per schedule from 10am onwards on Tuesday.

“The total reserve price of the 22 units was ₹16.77 crore, while their highest bids totalled at ₹17.65 crore, which made for an average of 5% above the reserve price,” said CHB chief executive officer Yashpal Garg.

Over the past three months, CHB has conducted three e-auctions for 109 freehold residential properties. “As many as 76 have been sold so far and the remaining will be included in the next e-tender. More vacant properties have been identified and will also be included,” said Garg.

The highest bidder will have to deposit 25% of the bid amount, after adjusting earnest money deposit, within five working days of the close of bid.

In case a bidder fails to do so, the earnest money will be forfeited and the bidder will be blacklisted for future bids.

“Since the financial bids were opened on Tuesday (July 6), the highest bidder is required to make the payment by July 13 to avoid forfeiture of the deposit and blacklisting from future tendering processes of CHB,” said Garg.