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.

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

Equipment

12 Dec 2025

Schwing Stetter India Unveils New Innovations at Excon 2025

Schwing Stetter India unveiled more than 20 new machines at Excon 2025, marking one of its most significant showcases and introducing several India-first technologies to the construction equipment sector. The company launched the country’s first 56-metre boom pump designed and manufactured in India, the first fully electric truck mixer, the first CNG mixer variant and the first hybrid boom pump. Executives said the launch portfolio was engineered to support India’s move toward faster, greener and more vertically oriented infrastructure through advanced engineering, clean-energy solutions a..

SEPC Resolves Hindustan Copper Dispute, Wins Rs 725 Mn Order

Engineering, procurement and construction firm SEPC Ltd has recently settled a dispute with Hindustan Copper Ltd (HCL) and secured a mining infrastructure order valued at Rs 725 million from the state-owned company. SEPC informed the stock exchanges that it has executed a settlement deed with HCL, bringing closure to all inter-se claims and counterclaims arising from arbitration proceedings. As part of the settlement, SEPC will receive Rs 304.5 million as full and final payment, marking the resolution of all pending disputes between the two entities. The company also stated that Hindustan Co..

20% Ethanol Blending Cuts India’s CO2 Emissions by 73.6 Mn Tonnes

Union Road Transport and Highways Minister Nitin Gadkari recently said that India has reduced carbon dioxide emissions by 73.6 million metric tonnes due to the adoption of 20 per cent ethanol blending in petrol. He made the statement while replying to supplementary questions during the Question Hour in the Lok Sabha. Describing ethanol as a green fuel, the minister said it plays a key role in reducing pollution while also supporting higher incomes for farmers. He underlined that ethanol blending contributes both to environmental sustainability and rural economic growth. Nitin Gadkari also po..