Chandigarh Housing Board gets Rs 17.6 cr from residential auction

08 Jul 2021 CW Team

The Chandigarh Housing Board (CHB) earned Rs 17.65 crore in an auction of 22 freehold residential properties in sectors 38 (West), 49, 51 and 63. A MIG flat in Sector 51 gained Rs 95.60 lakhs in the auction.

The total reserve price of all 22 units was Rs 16.77 crore, while the total highest bid won against these units was Rs 17.65 crore. Yashpal Garg, chief executive officer, CHB, informed that the board earned an average of more than 5% above the reserve price of these units. In the past three months, the board has carried out three e-auctions for its 109 freehold residential units.

Additionally, he said that a total of 76 properties have been sold so far, and the remaining will be covered in the next e-auction. Many more vacant properties have been distinguished, and the same will also be covered in the next e-tenders for the first time.

The CHB had made a list of 270 properties covering 109 residential (freehold), 11 residential (leasehold), and 156 commercial (leasehold) for auction.

To get a good response, the CHB had decreased the reserve price of the properties by 10%. No bidder showed interest in the auction of CHB properties conducted in 2019 as the reserve price was too high for both commercial and industrial units.

The CHB had decided to substitute the e-auction process of selling units with the e-tender process. The earnest money deposit (EMD) for participation in the e-auction, cannot be paid online.

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