Chandigarh Housing Board auction draws a poor response, again

Tribune News Service

Chandigarh, February 25

The Chandigarh Housing Board (CHB) has failed to find buyers for its residential properties put up for auction on a leasehold basis.

The CHB had invited e-bids for the sale of its 10 residential units on a freehold basis, 24 residential units on a leasehold basis and 109 commercial units on a leasehold basis. The bids were opened today as per the schedule and the board could sell only two residential units on a freehold basis and three commercial units on a leasehold basis. There were no takers for the residential units on a leasehold basis.

The two freehold residential units fetched Rs1,88,26,100 against the total reserve price of Rs1.8 crore. Similarly, the CHB earned a revenue of Rs1,35,53,000 with the sale of three commercial units on a leasehold basis against the reserve price of Rs1,32,72,558. In total, the board earned Rs3,23,79,100 from the sale of the five units against the reserve price of Rs3,12,72, 558.

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 Rs115.46 crore. He said the remaining units would be put to sale through e-tender in March.

In an e-auction held on December 27 last year, the CHB could sell only five of the 113 commercial units on a leasehold basis. Similarly, only three of the 27 residential units were sold on a leasehold basis. The CHB also received a lukewarm response to its residential properties on a freehold basis as it could sell six of the 19 units put up at the e-auction.

In an e-auction held on September 1 last year, the CHB could sell only two of the 149 commercial units on a leasehold basis, two of the 33 residential units on a leasehold basis and eight of the 34 residential units on a freehold basis.

On August 10 last year, the CHB had received five e-bids against 151 commercial units on a leasehold basis and could sell only three units. Similarly, 15 e-bids were received against 38 residential units and only five units could be sold to the highest bidders.

The CHB is selling those properties on a leasehold basis that are constructed on land allotted by the UT on lease. Similarly, residential properties constructed on land allotted on a freehold basis are being sold on a freehold basis.

About The Author

Tribune News Service

The Tribune News Service brings you the latest news, analysis and insights from the region, India and around the world. Follow the Tribune News Service for a wide-ranging coverage of events as they unfold, with perspective and clarity.

Join Whatsapp Channel of The Tribune for latest updates.

#chandigarh housing board