Selling 177 units has yielded Rs 120 crore for the Chandigarh Housing Board (CHB) in the last one year from April 2021, according to the board that has managed to dispose of properties lying vacant for the last many years in e-auctions.
Officials have claimed it to be a record revenue for the CHB through auction in a single year. Yashpal Garg, chief executive officer (CEO), CHB, said he and senior officials personally visited the vacant units and analysed reasons for their unpopularity.
“Shortcomings were removed and the units repaired. Reserve prices were even revised according to location of property. UT adviser Dharam Pal, who is also the board’s chairman, too visited these properties. The combined effort put in by board officials resulted in this historic revenue generation,” he said.
The coming days were likely to fill up the coffers of the board further. This is because the UT administration has given a nod to conversion of status of 24 residential properties from leasehold to freehold. These properties will be put up for sale in the next e-auction.
The change in status had enabled the board to sell five properties, including one residential (freehold) and four commercial (freehold), in the e-tender of vacant dwelling units in the recent e-auction, earning Rs 3.67 crore. A residential unit was sold for Rs 26 lakh and the four commercial units for Rs 3.41 crore.
Garg said reserve price of commercial units was increased from Rs 46 lakh to Rs 80 lakh and from Rs 53 lakh to Rs 90 lakh based on market survey and locational advantages. The units which could not be sold on leasehold basis with reserve price between Rs 46 lakh and Rs 53 lakh were sold on freehold basis for more than Rs 80 lakh and Rs 90 lakh. As compared to reserve prices till February, the highest bids received in the recent auction on freehold basis were almost 70% higher, he added.