Chandigarh Housing Board auction elicits lukewarm response

Tribune News Service

Chandigarh, January 25

The Chandigarh Housing Board (CHB) has failed to attract buyers for its residential as well as commercial properties as out of 140 units put up for auction, only nine units could be sold.

The CHB had invited e-bids for the sale of its 49 residential units on a freehold basis and 91 commercial units on a leasehold basis. The bids were opened on Tuesday. The board could sell only seven residential units and two commercial units.

A two-bedroom flat in Sector 51-A was auctioned for Rs 1.13 crore against its reserve price of Rs 97 lakh. Another two-bedroom flat in the same sector went for Rs 1.10 crore against the reserve price of Rs 92 lakh. A two-bedroom flat in Sector 63 fetched Rs 88 lakh against the reserve price of Rs 79 lakh. Another similar unit in Sector 63 went for Rs 83 lakh against the reserve price of Rs 79 lakh. The seven freehold residential units raked in Rs 5.62 crore against the total reserve price of Rs 5.01 crore.

Similarly, the CHB earned a revenue of Rs 72.39 lakh with the sale of two commercial units on a leasehold basis against the reserve price of Rs 70.96 lakh. In total, the board earned Rs 6.34 crore from the sale of nine units against the reserve price of Rs 5.72 crore.

Yashpal Garg, CEO, CHB, said from April 2021 to December 2022, the board had sold 275 units, including 200 residential units and 10 commercial units on a freehold basis, 16 residential units and 49 commercial units on a leasehold basis and netted a total of Rs 185.33 crore. He said the remaining units would be put on sale through e-tender soon.

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

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