Chandigarh Housing Board gets Rs 17.6 cr from residential auction
Real Estate

Chandigarh Housing Board gets Rs 17.6 cr from residential auction

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

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
Infrastructure Transport

HMRTC to Extend Metro from Gurugram to Jhajjar

The Haryana Mass Rapid Transport Corporation (HMRTC) is progressing with plans to extend the Gurugram Metro from Basai to Bhadsa in Jhajjar, with the ridership survey expected to be completed by the end of January, according to HMRTC officials. In March, the authority had requested Railway India Technical and Engineering Services (RITES) to conduct a ridership survey, which will play a crucial role in finalising the project. The proposed route, covering 23.1 km from Basai to Bhadsa, will alleviate heavy traffic on this stretch. The ridership survey will determine whether the extension should p..

Next Story
Building Material

Siam Cement BigBloc Construction bags Tata Project’s order

SIAM Cement BigBloc Construction Technologies, a joint venture between Gujarat based BigBloc Construction and Thailand’s SCG International Corporation, has secured a work order from Tata Projects for supply and installation of AAC Panels for India’s first Semiconductor unit of Micron India in Sanand, Gujarat. The work order of approx. 2 lakh square feet is for supply and installation of 100 mm AAC panels for Micron India’s semiconductor factory at Sanand. The work order was finalized after several rounds of meetings, thorough due diligence, and factory visits, including review of mock-u..

Next Story
Infrastructure Urban

Zoomlion Releases World's Tallest Straight Boom Aerial Work Platform

Zoomlion Heavy Industry Science & Technology has released a series of groundbreaking aerial work platform (AWP) products, including the world's tallest straight boom aerial work platform, the ZT82J, with a height of 82.3 m. These innovative products further solidify Zoomlion's leadership in the AWP sector and underscore its commitment to global market development. The ZT82J marks Zoomlion's third instance of setting a world record in straight boom AWP following the 68-meter and 72-meter products. The 82.3-meter AWP boasts a platform amplitude of 34.1 meters, a maximum working load of 454 kilog..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000