Chandigarh Housing Board to auction 191 properties from Sept 15

The board of directors of the Chandigarh Housing Board (CHB) approved a reduction of reserve prices, issued the order for e-tender on Friday for 163 leasehold properties, both residential and commercial, and 28 residential freehold properties. For participating in the e-tendering process, the bidder should be a resident of India and above 18 years. However, non-resident Indians (NRI's) can also participate in the bidding to buy a residential property. Eligible bidders will have to submit their bids from 15 September to 8 October from 10 am. The bids for the total 191 properties will be opened on 8 October at 10:15 am. Due to poor response to e-tender of commercial and residential properties based on leasehold, CHB, in a directors meeting, has decided to reduce the reserve price of vacant properties. It will be valid for commercial and residential properties on a leasehold basis by 20% and 10%, respectively. The e-tender issued for the properties includes 28 residential properties on a freehold basis, 31 residential properties on a leasehold basis, and 132 commercial properties on a leasehold basis. Recently in an auction, the board of directors of CHB received a poor response for residential and commercial properties on a leasehold basis. On a freehold basis, the property auction was better, selling 34 units. On the leasehold basis, people are not showing much interest, due to the ground rent, which has to be paid on it. CHB has sold 118 properties in the last five months and received a bidding amount of Rs 88.23 crore. Image Source Also read: Chandigarh administration begins talks about Rs 1,200 cr land