Dull Response to Chandigarh Housing Board Property Auction
Chandigarh Housing Board (CHB) received a poor response to the auction held for commercial and residential properties on a leasehold basis on 1st July. The CHB had invited e-tenders for the sale of 11 built-up dwelling units and 156 commercial units on a leasehold basis. The last date for the submission of e-bids was June 30 and the bids were opened. A total of six e-bids were received against 11 dwelling units and the CHB could sell only two units to the highest bidders. Similarly, 16 e-bids were received against 156 commercial units and only 12 units could be sold to the highest bidders. The total reserve price of the two dwelling units was Rs 1.70 crore while the total highest bids received against these units was Rs 1.75 crore. For the 12 commercial units, the total reserve price was Rs 5.65 crore while the total highest bids received against these units was Rs 6.55 crore. One HIG flat in Sector 39 was sold to the highest bidder for Rs 1.06 crore while the highest bid for a commercial unit in Mani Majra was Rs 81.51 lakh. The CHB has received about 13 per cent above the reserve price of these units. In a previous auction of commercial properties on a leasehold basis held in 2019, not a single property could be sold. Similarly, there were no takers for nine residential properties on a leasehold basis. “Considering that there was total secrecy about the number of bids and the bid amount, the CHB could better competitive prices. Though single bids were received for many dwelling units, it was considerably higher than the reserve price. Hence e-tender resulted in better revenue for the CHB. A different e-tender for 55 dwelling units on a freehold basis is going on and the last date for submission of e-bids is July 5 by 6 pm. The remaining unsold units would be included in the fresh e-tender in the next few days,” said Yashpal Garg, Chief Executive Officer, CHB.
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