Auction of 79 Chandigarh Housing Board Residential Units

The Chandigarh Housing Board (CHB) sets up five help desks for the assistance of bidders, for the e-tender of 79 residential units in different parts of the city. The CHB on May 17 had started auction process of 79 freehold residential properties in different sectors

BY Realty Plus
Published - Tuesday, 25 May, 2021

Auction of 79 Chandigarh Housing Board Residential Units

The Chandigarh Housing Board (CHB) sets up five help desks for the assistance of bidders, for the e-tender of 79 residential units in different parts of the city. The CHB on May 17 had started auction process of 79 freehold residential properties in different sectors of the city through e-tender process and bidders can submit their bids for properties by May 31. The help desks are in sectors 38 West, 49 and 51, and two at Sector 63. In the last auction, the CHB was able to auction 36 freehold dwelling units. The highest bidders were required to deposit 25% of the bid amount within five working days. However, six highest bidders could not deposit the 25% amount within the prescribed period and accordingly their earnest money deposit (EMD) amount of Rs 2 lakh each have been forfeited by the board. Yashpal Garg, CEO of Chandigarh Housing Board, said they have included these six freehold properties in the upcoming auction and in total 79 freehold units have been put up for auction. He further added that the board had adopted complete secrecy in the last auction and the same formula will be implemented in the upcoming auction. The CHB has prepared a list of 270 properties, including11 residential (leasehold), 109 residential (freehold) and 150 commercial (leasehold), for sale. The CHB has started with auction of freehold residential units. The remaining properties will be put up for sale at later stages. To get a good response, the CHB had reduced the reserve price of the properties by10%. Not even a single bidder expressed interest in the auction of CHB properties held in 2019, as the reserve price was too high for both residential and commercial properties. This time, the CHB had decided to replace the e-auction process of selling properties with the e-tender process. In eauction, the earnest money deposit (EMD) for participation cannot be paid online. The bidder deposits the same in the CHB account and submits a proof. The payment is confirmed by the CHB officers before allowing the bidder to participate in the e-auction process. Hence, number of bidders for particular property and their identity is not fully confidential. However, in e-tender, EMD can be paid online and there is no need of any approval and hence there is complete secrecy about the number of bidders and their identity.