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Tuesday, September 21, 2021

Chandigarh: CHB pockets Rs 9.81 crore with auction of 12 dwelling units

A three-bedroom in Sector 63 went for Rs 1,07,81,113, while a two-bedroom in the same sector fetched Rs 76,65,000 and the one-bedroom units fetched Rs 44,50,499 and Rs 45,75,101.

Written by Hina Rohatki | Chandigarh |
August 6, 2021 6:21:22 am
The total earlier reserve price of the 12 dwelling units was Rs 8.34 crore, which was revised to Rs 9.22 crore. The CHB pocketed Rs 9.81 crore for these units. (Representational Image)

A two-bedroom dwelling unit of Chandigarh Housing Board (CHB) in Sector 49 went under the hammer for a whopping Rs 1.01 crore, while a three-bedroom unit in Sector 63 went for Rs 1.07 crore in the e-auction of built up residential units that concluded on Thursday.

The CHB had invited e-tenders for the sale of 46 built-up dwelling units on free-hold basis. The 12 units auctioned on Wednesday were included in the bid for the first time and a total of 30 e-bids were received for them. The units were available in Sector 38 (West), Sector 49, Sector 51 and in Sector 63, for which the e-bids could be submitted till 6 pm on August 4, and the same were opened on Thursday.
The housing body had decided to resort to dynamic reserve prices for some of the units, on experimental basis, in accordance with their location and availability. “This experiment has resulted in good revenue to CHB,” the officials said.

A two-bed room in Sector 49 was sold for Rs 101,01,100, against a reserve price of Rs 100,00,000, and a middle income group (MIG) unit in Sector 51 went for Rs 95,63,000 and four others in the same category went for Rs 96,00,000; Rs 1,07,11,117; Rs 97,11,111; and Rs 90,11,000. Another dwelling unit in Sector 51 MIG, which had a reserve price of Rs 90,00,000, was auctioned for Rs 95,40,000.

A three-bedroom in Sector 63 went for Rs 1,07,81,113, while a two-bedroom in the same sector fetched Rs 76,65,000 and the one-bedroom units fetched Rs 44,50,499 and Rs 45,75,101.

The total earlier reserve price of the 12 dwelling units was Rs 8.34 crore, which was revised to Rs 9.22 crore. The CHB pocketed Rs 9.81 crore for these units.

Even after considerable increase in the reserve price of some dwelling units, the CHB received over 6.50 per cent above the reserve price on an average. However, if the highest bid is compared with the reserve prices as per the earlier e-tenders, the CHB has received 17.59 per cent above the earlier reserve prices.

A senior official said, “Considering that there was total secrecy about the number of bids and the bid amount, the CHB could get better competitive prices. Even though single bid were received for many units, the same was considerably higher than the reserve price.”

The highest bidder will have to a deposit of 25 per cent of the bid amount (after adjusting EMD) within five days of the bid’s closure, or the EMD is forfeited and the bidder does not have any claim to it. Such bidders are also blacklisted from bidding for CHB’s properties in future.

Free-hold properties sold so far
During the last four months, the Chandigarh Housing Board has conducted four e-auctions for its 121 free-hold residential properties and a total of 87 properties have been sold so far.

On-going and Probable tenders
The e-tender for 151 commercial units and 38 residential units on lease-hold are going on, for which the e-bid can be submitted till 10 am on August 10. Meanwhile, for the 34 residential free-hold units which could not be sold in the first three tendering process, the e-tender may be invited after about 15 to 20 days.

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