Chandigarh Flats Properties Unsold Auction

A Chandigarh Housing Board (CHB) flat in Sector 63 fetched Rs 1.92 crore — nearly Rs 63 lakh above its reserve price of Rs 1.29 crore in an auction held on Tuesday. The bid, however, failed to translate into a wider response, with only two of the 14 freehold residential properties offered by the board finding buyers.

Two freehold residential properties of the Chandigarh Housing Board (CHB) in Sector 63 have brought a combined Rs 3.81 crore in the latest e-auction, with each selling for at least Rs 60 lakh above its reserve price. However, despite the premium bids, the auction has received a lukewarm response, with buyers picking up only two of the 14 properties put on the block.

While one unit, 2173-C in Sector 63, was sold for a final bid of Rs 1.92 crore, 2170-B fetched Rs 1.89 crore. Both 1106 square-foot properties had a reserve price of Rs 1,29,43,827.

The strong bids for the two Sector-63 properties, however, contrast with the overall response to the auction. The properties put up for auction were spread across Indira Colony, Manimajra, Modern Housing Complex, Sector 63 and Sector 46-C, with reserve prices ranging from Rs 41.46 lakh to Rs 7.33 crore.

As many as nine residential units in Indira Colony, Manimajra, were offered with reserve prices between Rs 41.46 lakh and Rs 50.99 lakh. Two flats in Modern Housing Complex were also part of the auction. A Category IV flat had a reserve price of ₹1.05 crore, while a Category I flat carried a reserve price of Rs 2.64 crore.

The highest-priced property in the auction was an independent HIG house in Sector 46-C, with a reserve price of Rs 7.33 crore.

The CHB had invited prospective buyers to bid for the properties on a freehold basis, with allotment to the highest eligible bidder quoting above the reserve price. The board had recently also invited bids for 79 commercial properties on a leasehold basis, but the exercise failed to gain traction.