in

Chandigarh housing board, Real Estate News, ET RealEstate

Chandigarh housing board, Real Estate News, ET RealEstate
CHANDIGARH: After witnessing poor response to the auction of commercial and residential properties on leasehold basis, the Chandigarh Housing Board (CHB) in its board of directors meeting decided to reduce the reserve price of the vacant properties.

In the meeting ,which was held under the chairmanship of UT adviser Dharam Pal, who is also the chairman of the CHB, it was decided to reduce reserve price of commercial units on leasehold basis by 20% and residential units on leasehold basis by 10%. In the next e-tenders, the reserve price will be kept after reduction.

The board in its recent auction had received a poor response for its commercial as well as residential properties on a leasehold basis. The CHB had invited e-tenders for the sale of 149 commercial units and 33 residential units on a leasehold basis. Out of 149 commercial units, the CHB could sell only two units to the highest bidders.

The total reserve price of the two commercial units was Rs 1.06 crore, while the units were sold for Rs 1.09 crore. Similarly, out of 33 residential units, only two units could be sold to the highest bidders. The total reserve price of the two units was Rs 89.83 lakh, while the highest bids received against these units was Rs 90.85 lakh.

A senior CHB official said that despite putting leasehold properties (commercial and residential) on auction on three occasions, there was a poor response. With the reduction in reserve price, they are now hoping good response in next e-auction, he added.

Not a shop sold, revisit plan

CHB chairman Dharam Pal said the market in Sector 61 (Kajheri) where all commercial units are lying vacant need to be got assessed from some experts from exploring different options. Since the entire market is lying unsold for more than 20 years, the board need to revisit the whole plan and there may be many options like converting it either in a single plot or to redevelop it as office complex, he said.


What do you think?

Written by Realty Beat

Leave a Reply

Your email address will not be published. Required fields are marked *

Nagpur Improvement Trust terms building plans passed by NMC as illegal, Real Estate News, ET RealEstate

Nagpur Improvement Trust terms building plans passed by NMC as illegal, Real Estate News, ET RealEstate

Apartment prices in Greece rise 4.6% in Q2 2021, Real Estate News, ET RealEstate

Apartment prices in Greece rise 4.6% in Q2 2021, Real Estate News, ET RealEstate