Chandigarh Housing Board gets Rs 17.6 cr from residential auction
08 Jul 2021
2 Min Read
CW Team
The Chandigarh Housing Board (CHB) earned Rs 17.65 crore in an auction of 22 freehold residential properties in sectors 38 (West), 49, 51 and 63. A MIG flat in Sector 51 gained Rs 95.60 lakhs in the auction.
The total reserve price of all 22 units was Rs 16.77 crore, while the total highest bid won against these units was Rs 17.65 crore. Yashpal Garg, chief executive officer, CHB, informed that the board earned an average of more than 5% above the reserve price of these units. In the past three months, the board has carried out three e-auctions for its 109 freehold residential units.
Additionally, he said that a total of 76 properties have been sold so far, and the remaining will be covered in the next e-auction. Many more vacant properties have been distinguished, and the same will also be covered in the next e-tenders for the first time.
The CHB had made a list of 270 properties covering 109 residential (freehold), 11 residential (leasehold), and 156 commercial (leasehold) for auction.
To get a good response, the CHB had decreased the reserve price of the properties by 10%. No bidder showed interest in the auction of CHB properties conducted in 2019 as the reserve price was too high for both commercial and industrial units.
The CHB had decided to substitute the e-auction process of selling units with the e-tender process. The earnest money deposit (EMD) for participation in the e-auction, cannot be paid online.
Also read: IIFL home finance to raise Rs 1,000 cr via non-convertible debentures
Also read: Property registrations in Indore recorded a 60% jump in June
The Chandigarh Housing Board (CHB) earned Rs 17.65 crore in an auction of 22 freehold residential properties in sectors 38 (West), 49, 51 and 63. A MIG flat in Sector 51 gained Rs 95.60 lakhs in the auction.
The total reserve price of all 22 units was Rs 16.77 crore, while the total highest bid won against these units was Rs 17.65 crore. Yashpal Garg, chief executive officer, CHB, informed that the board earned an average of more than 5% above the reserve price of these units. In the past three months, the board has carried out three e-auctions for its 109 freehold residential units.
Additionally, he said that a total of 76 properties have been sold so far, and the remaining will be covered in the next e-auction. Many more vacant properties have been distinguished, and the same will also be covered in the next e-tenders for the first time.
The CHB had made a list of 270 properties covering 109 residential (freehold), 11 residential (leasehold), and 156 commercial (leasehold) for auction.
To get a good response, the CHB had decreased the reserve price of the properties by 10%. No bidder showed interest in the auction of CHB properties conducted in 2019 as the reserve price was too high for both commercial and industrial units.
The CHB had decided to substitute the e-auction process of selling units with the e-tender process. The earnest money deposit (EMD) for participation in the e-auction, cannot be paid online.
Image Source
Also read: IIFL home finance to raise Rs 1,000 cr via non-convertible debentures
Also read: Property registrations in Indore recorded a 60% jump in June
Next Story
Liebherr bets big on India鈥檚 kitchen market
Liebherr Appliances India, the subsidiary of the globally renowned 鈧�14.6 billion Liebherr Group known for its innovation & precision engineering. Liebherr Appliances India has announced the official launch of its first-ever Made in India Fully Integrated (FI) Fridge, Freezer & Combination. Liebherr Appliances, part of the globally renowned Liebherr Group, is present in over 100 countries, with five major production facilities located in Germany, Austria, Bulgaria, Malaysia, and India, serving both residential and commercial markets. Representing the next generation of refr..
Next Story
Adani Commissions India鈥檚 First 5 MW Off-Grid Green Hydrogen Plant
Adani New Industries (ANIL) has announced the commissioning of India鈥檚 first off-grid 5 MW Green Hydrogen Pilot Plant at Kutch, Gujarat, marking a key advancement in the country鈥檚 clean energy transition. The state-of-the-art facility is fully powered by solar energy and integrated with a Battery Energy Storage System (BESS), enabling uninterrupted off-grid operations. This development sets a new standard in decentralised, renewable-powered hydrogen generation and industrial applications. The pilot project features a fully automated, closed-loop electrolyser system, capable of dy..
Next Story
Greater Noida Film City to Begin with Rs 1.5 Billion First Phase
Greater Noida is set to host one of India鈥檚 most ambitious entertainment infrastructure projects with the upcoming International Film City in Sector 21, along the Yamuna Expressway. The Uttar Pradesh government, led by Chief Minister Yogi Adityanath, is expected to lay the foundation stone in late June, either in person or via video conference. While June 16 has been speculated, the final date is yet to be officially confirmed.The project is being developed by Bayview Bhutani Film City Pvt Ltd鈥攁 joint venture between filmmaker Boney Kapoor and the Bhutani Group鈥攊n collaboration with the ..
