Chandigarh Housing Board auctions get poor response

Despite regularly holding auctions of its properties, Chandigarh Housing Board (CHB) has been consistently getting poor response from buyers. Nearly a year ago, CHB had offered on auction its 92 commercial properties. Of these, it again offered 88 commercial properties last month, but failed to find any takers. The only commercial properties it last successfully auctioned were way back in April. Notably, in February this year, the UT administration junked CHB?s request seeking permission to convert its commercial leasehold properties to freehold. The housing board has, however, fared comparatively better in terms of residential properties in the last year, though the response has been again less than encouraging. Even after slashing the prices of its leasehold properties by 30 per cent to 40 per cent, there have been no takers for its commercial units. Even in residential freehold properties, after the reserve price cut, the buyer response has remained dismal. In the November auction, out of 116 freehold residential and leasehold commercial properties on offer, only three units of former were sold.