3 flats of Chandigarh Housing Board go for over Rs1 cr each

Tribune News Service

Chandigarh, August 5

The Chandigarh Housing Board (CHB) has earned Rs9.81 crore from the auction of 12 dwelling units. The total reserve price of these units was Rs8.34 crore, which was revised to Rs9.22 crore.

The CHB received the highest bid of Rs1,07,81,113 for a three-bedroom flat in Sector 63 against the reserve price of Rs1 crore. It was followed by an MIG flat in Sector 63, which was sold for Rs1,07,11,117 against the reserve price of Rs90 lakh. The third highest bid of Rs1,01,01,100 was received for a two-bedroom flat in Sector 49 against its reserve price of Rs1 crore.

The CHB had invited e-tenders for the sale of 46 built-up dwelling units on freehold basis in Sector 38(West), Sector 49, Sector 51 and Sector 63. However, a total of 30 e-bids were received for 12 dwelling units. The bids were opened today.

“Even after a considerable increase in the reserve price of some dwelling units, the CHB has received consideration of an average 6.5 per cent above the reserve price. However, if the amount of the highest bid is compared with the reserve prices as per the earlier e-tenders, the CHB has received 17.59 per cent above the earlier reserve prices,” said Yashpal Garg, Chief Executive Officer, CHB.

Based on location, view and number of available units, it was decided to go for dynamic reserve prices for some units and accordingly, the reserve prices were enhanced on experimental basis, he added.

For many dwelling units, though single bid was received but it was considerably higher than the reserve price, he said. Garg said, “The highest bidder will have to deposit 25 per cent of the bid amount after adjusting the earnest money deposit within five working days of the closure of the bid. In case the bidder does not deposit the required amount within the stipulated period, the earnest money will be forfeited and the bidder will not have any claim to it, whatsoever. Further, the bidder will be blacklisted from bidding for any CHB property in future.”

During the past four months, the CHB has sold 87 residential properties on freehold basis in four e-auctions and earned total revenue of Rs70.60 crore, he said, adding that the board had also earned Rs4.73 crore from the sale of nine commercial properties on leasehold basis.

Garg said e-tendering for 151 commercial units and 38 residential units on leasehold basis was underway and the last date for submission of e-bids was August 10, till 10 am. For the remaining 34 residential units on freehold basis, the next e-tender could be invited after about 15 or 20 days, he said.