Once again, no takers for Chandigarh Housing Board’s 88 commercial units

Only three of the 35 freehold residential properties were sold in the auction that concluded on Thursday, bringing in ₹80 lakh against the total reserve price of ₹79 lakh — a profit of only ₹1 lakh

Chandigarh Housing Board’s latest round of property auction proved to be another damp squib, with none of the 88 leasehold commercial properties finding a buyer.

The 88 commercial properties that went unsold have been repeatedly put up for sale in five auctions this year. But despite the Chandigarh Housing Board slashing the reserve price by 10%, they have found no takers. (HT File)

Only three of the 35 freehold residential properties were sold in the auction that concluded on Thursday, bringing in ₹80 lakh against the total reserve price of ₹79 lakh — a profit of only ₹1 lakh.

Among these, two are Category-4 flats at Indira Colony, Manimajra. Offered for a similar reserve price of ₹26.01 crore, these were auctioned for ₹26.5 lakh and ₹26.21 lakh, respectively.

The third property is an EWS flat in Sector 38 West that went for ₹27.41 lakh against the reserve price of ₹27.08 lakh.

The 88 commercial properties that went unsold have been repeatedly put up for sale in five auctions this year. But despite the board slashing the reserve price by 10%, they have found no takers.

During the last auction held on July 5, CHB had managed to sell eight freehold residential units, but none of the 88 leasehold commercial units.

CHB chief executive officer Ajay Chagti could not be reached for comments despite repeated attempts.

Lalit Rai, a Sector 36-based property consultant, said learning no lesson, the board had been offering commercial properties on leasehold basis. “Why would anyone buy leasehold properties, where government agencies hold the ownership rights that too at such high rates? GST also has to be paid in addition to the property price.”