Chandigarh Housing board set up help desk for property auction

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The Chandigarh Housing Council (CHB) is setting up five help desks to help bidders bid on 79 housing units in different parts of the city through e-tender.

On 17 May, CHB began an auction process for the sale of 79 residential properties in various sectors of the city. The auction is done through an electronic bidding process, and bidders can submit their bids for properties before 31 May. The help desk can be found in sectors 38 west, 49 and 51 as well as two in sector 63.

In the last auction, the CHB was able to auction 36 freehold dwelling units. The highest bidders were required to deposit 25% of the bid amount within five working days. However, the six highest bidders could not deposit the 25% amount within the prescribed period. And accordingly, their earnest money deposit (EMD) amount of Rs 2 lakh each has been forfeited by the board.

Change in Reserve Price

Yashpal Garg, CEO of Chandigarh Housing Council, said, they listed the six properties at the next auction and that a total of 79 properties were up for auction. The board of directors adopted full secrecy at the last auction and that the same formula will be applied at the next auction. CHB has compiled a list of 270 properties, including 11 residential (rent), 109 residential (non-ownership), and 150 commercial (leasehold) for sale. CHB has started auctions for the sale of residential properties first. The rest of the properties are offered for sale at a later date.

Privacy to bidders identity  

In order to get response the CHB has reduced the property reservation price by 10%. Since the reserve price for residential and commercial properties was too high. Therefore none of the bidders showed interest in the CHB real estate auction in 2019. 

This time, CHB decided to replace the real estate e-auction process with the e-tender process. In the e-auction, the deposit money (EMD) for participation cannot paid be online. The applicant pays the same into the CHB account and provides proof. CHB officials will confirm the payment before allowing the auctioneer to take part in the e-auction process. Thus, the number of applicants for a particular property and their identity are not entirely confidential.

In e-tender, EMD can be paid for online and no approval is required, so the number of bidders and their identity is completely secret and confidential.

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Chandigarh Housing Board (CHB) to Auction 110 Residential Properties

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A CHB senior official said the property had been empty for years and deteriorating as well. Since CHB could not auction this property for many years, it was decided to auction this property in stages.

Chandigarh: Council officials have begun the auction process for 110 residential properties. Following the completion of the auction process for 110 residential properties (self-owned properties), the Board of Directors will begin the auction process for 150 commercial properties (leasing) and 11 residential properties (rental) next month.

Auction through E-Tendering-

According to the official, the property will only be put up for auction through e-tendering. CHB recently lowered the reserved price of this property by 9-20%. CHB’s proposal was also recently approved by the Chandigarh administration.

The reserve price was reduced by 10-20% after seeing the low response to CHB’s attempt to put the property for auction last year. These 270 properties are located in sectors 51, 63, 38 (west), 39 and Manimajra. Among the properties, 51 new apartments are being offered at auction, which has been part of the most expensive CHB housing project in the city. In addition, the commercial properties are also situated in Manimajra, Sector 51, 61 and Maloya that will be put up for auction.

A senior official said the property had been empty for years and its condition was also deteriorating. Since CHB could not auction this property for many years, it was decided to auction this property in stages.

Flats Offered at Varied Price Range-

After registration with CHB, interested parties have 10-15 days to apply for the auction.

For the real estate auction, the board has already set the base price of HIG apartment (rent) in sector 39 at Rs 1.05 crore. Likewise, the reserve price for the three-bedroom apartment in sector 63 was set at Rs 86.24 lakh. The price of a two-bedroom apartment in sector 51 is between Rs 80 and 84 lakh respectively. 

The reserve price for a 1 BHK apartment was set at 39.37 lakh and for EWS it was 24.35 lakh in Sector 49. Likewise, the reserve price for a 2 BHK apartment in sector 49 was set to vary from 69.86 lakh to 71.25 lakh. Taking into account the location of the floor.

The base price for a 2 BHK apartment in sector 63 is set at 67.29 lakhs. The base price for HIG (rental) apartments in sector 45-A is set at Rs 1.06 crore. Likewise, the price of a restaurant in Manimajra is also Rs 2.58 crore. The reserve price for a small corner stand (booth) is set at 97 lakhs.

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