Chandigarh Housing Board may reduce reserve price of commercial units
After receiving a poor response to a recent auction held for commercial properties on a leasehold basis, the Chandigarh Housing Board (CHB) is mulling over reducing the reserve price of the properties.
The CHB had invited e-tenders for the sale of 151 commercial units on a leasehold basis. The bids were opened on August 10. Against 151 units, only five bids were received. Further, the CHB could sell only three units to the highest bidders.
The total reserve price of the three commercial units was Rs1.54 crore, while the total of the highest bids received against these units was Rs1.57 crore. In an e-auction on July 1, the CHB had received 16 bids against 156 commercial units and only 12 units could be sold to the highest bidders.
In March, the CHB had decided to reduce the reserve price by 10 per cent while auctioning 269 properties, including 11 residential (leasehold), 108 residential (freehold) and 150 commercial (leasehold). Not even a single buyer had expressed interest in an auction held last year as the reserve price was too high.
Chandigarh Housing Board may reduce reserve price of commercial units
As response to the auction of commercial properties on leasehold basis was dull, it was decided to take up the issue of reducing the reserve price in a meeting of the Board of Directors to be held on September 8, said a CHB official.
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Only five bids were received for 151 units
The CHB had invited e-tenders for the sale of 151 commercial units on a leasehold basis. The bids were opened on August 10. Against 151 units, only five bids were received. Further, the CHB could sell only three units to the highest bidders.
