Just 3 out of 116 residential properties sold in CHB auction

November 17, 2023: In the latest auction held by the Chandigarh Housing Board (CHB), only three out of the 116 properties put up for auction were sold. The CHB on October 19, 2023, had invited e-bids for the sale of 116 properties, including 88 leasehold commercial and 28 freehold residential properties. The bids were opened today and only three freehold residential properties were sold, while none of the 88 leasehold commercial properties found any takers.

The total reserve price of the three residential properties sold was Rs 79.12 lakh. The sale of these properties earned the CHB a sum of Rs 80.12 lakh. The sold properties include one EWS flat in Sector-38 West and two category-4 flats in Indira Colony. The EWS flat in Sector-38 West was sold for Rs 27.41 lakh as against its reserve price of Rs 27.08 lakh. The category-4 flat at Indira Colony at Mani Majra was sold for Rs 26.5 lakh against the reserve price of Rs 26.01 lakh. Similarly, the other category-4 flat at Indira Colony went for Rs 26.21 lakh against the reserve price of Rs 26.01 lakh. The highest bidders of the sold properties will have to deposit 25% of the amount within the specified time-frame.

The CHB has been facing poor response quite often now. In July 2023 as well, of the 128 properties put up for auction, only eight found buyers. Similarly, in May 2023, the CHB only sold two residential properties out of the 123 properties being auctioned. Not a single bid was received for the 88 CHB commercial properties on a leasehold basis.


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