The Chandigarh Housing Board (CHB) is poised to auction 154 properties – 101 commercial and 53 residential -from August 16 in the city.
All the properties, mainly in Manimajra and southern sectors, will be sold through e-auction. “Those interested will be given ample time to apply for the e-bidding to purchase commercial and residential properties. Moreover, the wings of the CHB have made arrangements for prospective buyers to inspect the properties,” sources said.
Out of the 101 commercial properties, 99 will be auctioned on leasehold and the remaining on freehold basis. The reserve price and earnest amount will vary for property according to size, area and location.
On the other hand, all 53 residential properties will be e-auctioned through freehold basis. Thirty of them are new and the rest will once again try to find takers after failing to find any in the previous auction.
“As the residential properties are of freehold nature, chances are bright of selling them. We are hopeful of optimum bidders participating in the e-auction. The authority has also reduced 15% reserve price of leasehold commercial properties. This is likely to attract more bidders,” sources said.
15% price cut
As the leasehold commercial properties did not fetch bidders in the previous auction, the CHB recently decided to reduce their reserve prices. After consultation with the senior officers, they were cut by 15% for the upcoming e-auction.