All 88 of CHB’s leasehold biz properties go unsold

Tribune News Service

Chandigarh, May 31

The Chandigarh Housing Board (CHB) has failed to find buyers for its 88 leasehold commercial properties put up for auction.

The CHB had invited e-bids for the sale of 35 residential units on a freehold basis and 88 commercial properties on a leasehold basis from May 11. The bids were opened today and the board could sell only two residential units.

The two units fetched Rs 1.26 crore against the total reserve price of Rs 1.23 crore. A two-bedroom flat in Sector 51-A was auctioned for Rs 98.50 lakh against the reserve price of Rs 95.34 lakh, while an EWS unit in Sector 26 was sold for Rs 28.35 lakh against the reserve price of Rs 28.25 lakh.

During the previous auction held on April 25, the CHB had managed to sell only four of 38 residential units on a freehold basis and two of 90 commercial units on a leasehold basis.

The four freehold residential units had fetched Rs 3.16 crore against the total reserve price of Rs 3.06 crore. Similarly, the CHB had earned a revenue of Rs 68 lakh with the sale of two commercial units on a leasehold basis against the reserve price of Rs 63.86 lakh. In total, the board had earned Rs 3.84 crore from the sale of six units, against the reserve price of Rs 3.70 crore.

In the March 7 auction, the CHB had sold only eight of 44 residential units on a freehold basis and two of 92 commercial units on a leasehold basis despite reducing the reserve prices of commercial units by 10 per cent.

The eight freehold residential units had fetched Rs 4.26 crore against the total reserve price of Rs 4.11 crore. Similarly, the CHB had earned a revenue of Rs 93.02 lakh with the sale of two commercial units against the reserve price of Rs 86 lakh. In total, the board had earned Rs 5.19 crore from the sale of 10 units against the reserve price of Rs 4.97 crore.

In another auction held in February, the CHB had dispose of only nine out of 140 commercial and residential units put up for auction.

In January, bids had been invited for 49 residential and 91 commercial units, but only seven residential and two commercial units could be sold.

In an e-auction held on December 20 last year, the CHB had sold only one of the 92 commercial units on a leasehold basis.

From April 2021 to December 2022, the board had sold 275 units, including 200 residential and 10 commercial on a freehold basis, and 16 residential and 49 commercial units on a leasehold basis, netting Rs 185.33 crore. The remaining units would be put on sale through e-tender soon.

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