Residential propety

chbto: 24 residential units of Chbto will be sold at auction in full ownership | Chandigarh News

Chandigarh: After witnessing a good response to properties being upgraded from leasehold to freehold, the Chandigarh Housing Board (CHB) has obtained approval to convert the status of 24 additional residential units from leasehold to freehold . The authorization was given by the UT administration on the proposal of CHB for these properties which are in sectors 40, 52 and Manimajra.
With the change in status of the freehold properties, the council was able to sell five of them at the recent auction. These included one residential unit and four commercial units in the Vacant Housing Electronic Tender, generating revenue of Rs 3.67 crore. One residential unit was sold for Rs 26 lakh and four commercial ones for Rs 3.41 crore.
CHB’s Managing Director (CEO), Yashpal Garg, said they will soon finalize the reserve price for these 24 properties and present them in the next online auction.
Of the five recently sold properties, Garg said, based on market research and unit location advantages, the reserve price of commercial units has been increased from Rs 46 lakh to Rs 80 lakh and Rs 53 lakh to Rs 90 lakh. The units, which could not be sold for lease with a reserve price of between Rs 46 lakh and Rs 53 lakh, were sold freehold for over Rs 80 lakh and Rs 90 lakh. Compared to reserve prices through February, the highest bids received at the recent freehold auction were almost 70% higher, he added.
The highest bidder is required to make payment by April 26 to avoid forfeiture of the earnest money deposit (EMD) and blacklisting from future council bidding processes.