Chandigarh Housing Board to auction 159 properties from November 10

The Chandigarh Housing Board (CHB) will auction 159 properties in the second week of November to generate higher revenue.

Of the total 159 properties, 113 are commercial, and the rest 46 residential —19 of freehold nature. On the other hand, all 113 commercial flats are on leasehold. All these properties could not be sold in the earlier auctions, urging the board to organise another one to attract interested bidders.

The online auction will commence from November 10, as per the plan. The board will provide ample time of 20 days to bidders, with the deadline to present the proposal to be November 30.

The proposals will be opened on the same day and properties sold to eligible bidders according to the process. Reserve costs of commercial properties begin from more than Rs 31 lakh up to more than Rs 2 crore. The properties are situated on the first floor and basement as well. Besides other matters, their locations were observed while fixing their reserve costs.

Commercial flats are located in Manimajra, sectors 38 (West) 40, 49, 51 and 61. They are shops, small and big booths and bay shops with a basement. The CHB, in the recent past, had decreased the reserve costs of properties to draw buyers.

CEO Yashpal Garg, Chandigarh Housing Board (CHB), told the media that the proposals will be opened on November 30. The auction will begin from November 10 and continue till November 30.

The tenders will be opened on the same date. The reserve costs of the properties will be the same as they were in the last auction. Since they have sold properties in the past auctions, they hope to draw buyers for both commercial and residential flats in the coming auction too.

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