2-bedroom flat fetches Chandigarh Housing Board Rs 1.03 crore

Chandigarh, March 7

The Chandigarh Housing Board (CHB) has again failed to attract buyers for its commercial properties put up for auction on a leasehold basis despite reducing the reserve prices by 10 per cent. However, its two-bedroom flat has fetched a price of Rs 1.03 crore.

The CHB had invited e-bids for the sale of its 44 residential units on a freehold basis and 92 commercial units on a leasehold basis. The bids were opened today as per the schedule and the board could sell only eight residential units on a freehold basis and two commercial units on a leasehold basis.

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

A two-bedroom flat in Sector 51-A went for Rs 1.03 crore against the reserve price of Rs 95.34 lakh. Similarly, a two-bedroom flat in Sector 51-A went for Rs 97.01 lakh, against the reserve price of Rs 95.34 lakh. Another two-bedroom flat in Sector 51-A went for Rs 93.52 lakh against the reserve price of Rs 92.78 lakh. Most of the residential units put up for auction were located in Sectors 51-A, 49-B and 38 (West) and Mani Majra.

Yashpal Garg, CEO, CHB, said during the past 11 months (April 2021 to February 2022), the board sold 170 units and netted a total of Rs 115.46 crore.

Garg said though the response was good for residential properties, despite slashing the reserve price of commercial properties by 10 %, people had not shown interest in commercial properties due to the leasehold factor. He said the highest bidder was required to make 25% payment by March 15 to avoid forfeiture of earnest money deposit and blacklisting from future tendering processes.