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The Chandigarh Housing Board (CHB) is set to initiate a fresh round of e-auctions for both residential and commercial properties starting in late August, with bids scheduled to be unveiled in late September. The offering comprises 28 freehold residential properties and 88 leasehold commercial properties.
Among the residential properties, the most valuable is a two-bedroom residence in Sector 51 A, with a base price of Rs 95.34 lakh. Notably, Sector 51 A boasts three such two-bedroom residences. Additionally, there are two Economically Weaker Section (EWS) units located in Sector 38 (West), each carrying a reserve price of Rs 27.08 lakh. Similarly, four EWS units in Sector 26 come with a reserve price of Rs 28.25 lakh each. The second-highest priced residential category is the category-IV dwelling units in Manimajra, priced at Rs 53.36 lakh each.
The auction will also feature 16 category-IV dwelling units in Indira Colony, Manimajra, with reserve prices ranging from Rs 24.89 lakh to Rs 26.01 lakh. The available residential units vary in area from 425.76 sq ft to 1055.7 sq ft, all of which are pre-existing structures. The oldest units hail from Indira Colony, built in 1992, while the newest ones in Sector 51 A were constructed in 2014.
In terms of commercial properties, 59 are situated in Manimajra, 10 in Sector 40 A, and 18 in Kajheri (Sector 61). Additionally, there is a restaurant site in Manimajra. The assortment of commercial properties includes booths, bay shops, convenient shops, and the aforementioned restaurant site. Reserve prices for these commercial properties span from Rs 19.48 lakh to Rs 2.77 crore.
Reflecting on recent auctions, CHB's track record indicates varying levels of success. In the most recent auction, only four properties out of the 120 available were sold. Among the residential units, merely four out of 32 were purchased. Surprisingly, no takers emerged for the 88 available leasehold commercial properties. Despite this, the CHB managed to generate a revenue of Rs 1.98 crore, surpassing the total reserve price of Rs 1.88 crore.
In the preceding month's auction, CHB fared somewhat better by selling eight out of 128 properties put up for auction. Notably, while eight out of 40 freehold residential properties found buyers, none of the 88 leasehold commercial properties garnered any interest. Previous auctions this year have been a mixed bag for the CHB. In May, only two out of 35 residential properties were sold, whereas in April, four out of 38 residential freehold properties found buyers. March's auction also presented challenges, with only eight out of 44 residential properties attracting bidders.
Overall, the upcoming e-auction offers a diverse array of properties, encompassing both residential and commercial sectors. The CHB will be hoping to build on past successes while addressing the challenges posed by properties that remain unclaimed in previous auctions.
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