3BHK flat in Sector 63 goes for Rs 1.05 crore

Chandigarh Housing Board earns Rs 29.41 cr through the auction of 36 flats

3BHK flat in Sector 63 goes for Rs 1.05 crore

The Chandigarh Housing Board (CHB) has received an overwhelming response to an e-auction of vacant dwelling units on a freehold basis. - File photo

Tribune News Service

Chandigarh, May 3

The Chandigarh Housing Board (CHB) has received an overwhelming response to an e-auction of vacant dwelling units on a freehold basis.

The CHB received the highest bid of Rs1.05 crore for a three-bedroom flat in Sector 63 against the reserve price of Rs86 lakh. Similarly, two more three-bedroom flats in Sector 63 went for over Rs1 crore against the reserve price of Rs86 lakh.

Yashpal Garg, CEO, CHB

For many of the dwelling units, though a single bid was received, it was considerably higher than the reserve price. The e-tender resulted in better revenue for the CHB. This is the first time that such a good response has been received.

The board had invited e-tenders for the sale of 109 built-up dwelling units on a freehold basis. The units were available in Sector 38 (West), Sector 49, Sector 51 and Sector 63. The CHB received 105 financial e-bids for 36 dwelling units.

“For many of the dwelling units, though a single bid was received, it was considerably higher than the reserve price. The e-tender resulted in better revenue for the CHB. This is the first time that such a good response has been received,” said Yashpal Garg, Chief Executive Officer, CHB.

Due to the high cost of flats, in December 2019, the CHB had failed to evince interest in buyers for its 212 properties. To attract buyers, the CHB had to reduce the reserve price of the flats by about 10 per cent.

The board earned a total revenue of Rs29.41 crore against the total reserve price of Rs26.58 crore of the 36 dwelling units. The CHB received an average of over 10 per cent above the reserve price of these units. Garg said many units got a single bid, but still the highest bid was Rs8 lakh to Rs11 lakh higher than the reserve price.

Many units got the highest bid of Rs12 lakh to Rs15 lakh higher than the reserve price and the maximum difference between the reserve price and the highest bid was Rs18,88,991 for a three-bedroom flat in Sector 63. The minimum difference between the reserve price and the highest bid was Rs74,160 for a two-bedroom flat in Sector 51.

A single bid each was received for 12 dwelling units, two bids each for eight units, three bids each for seven units, four bids each for four dwelling units, six bids each for two dwelling units, eight bids each for two dwelling units and 12 bids for one dwelling unit.

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