+
Chandigarh Housing Board gets Rs 17.6 cr from residential auction
Real Estate

Chandigarh Housing Board gets Rs 17.6 cr from residential auction

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.

Image Source


Also read: IIFL home finance to raise Rs 1,000 cr via non-convertible debentures

Also read: Property registrations in Indore recorded a 60% jump in June

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. Image Source Also read: IIFL home finance to raise Rs 1,000 cr via non-convertible debentures Also read: Property registrations in Indore recorded a 60% jump in June

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code