Only 13 of 111 properties find takers at CHB’s latest e-auction

In the e-auction, that concluded on Thursday evening, CHB had put on sale 24 residential units on freehold basis and 87 commercial units on leasehold basis

Chandigarh Housing Board’s attempt to auction its 111 properties after a gap of eight months turned out to be a flop show as only 13 properties were sold.

Surprisingly, two middle income group (MIG) flats in Sector 47-D, priced at ₹1.78 crore each, were sold for ₹2.31 crore each, fetching the board ₹7.94 crore against the reserve price of ₹6.76 crore. (iStock)

In the e-auction, that concluded on Thursday evening, CHB had put on sale 24 residential units on freehold basis and 87 commercial units on leasehold basis. The residential properties are in Sectors 51, 38 (EWS), 26 ( EWS), 47, Manimajra and Indira Colony, while the commercial properties are located in Manimajra, Sectors 40-A and 61 (Kajheri).

But only the board managed to sell only seven residential properties and six commercial properties.

Surprisingly, two middle income group (MIG) flats in Sector 47-D, priced at ₹1.78 crore each, were sold for ₹2.31 crore each, fetching the board ₹7.94 crore against the reserve price of ₹6.76 crore.

The last auction, held in January this year, saw only four out of 113 properties getting sold.

Details of the successful bidders have been uploaded on www.chbonline.in.

Kamal Gupta, president of the Property Consultants’ Association in Chandigarh, commented that the board had been holding auctions for many years, but due to the leasehold nature of the properties, buyers were not showing interest. He questioned, “Why would anyone buy leasehold properties, where government agencies hold ownership rights, especially at such high prices? Additionally, an 18% GST must be paid on top of the property price.”