Chandigarh housing board sets up five sites for inspection of residential units – ET RealEstate

CHANDIGARH: Leaving no stone unturned to ensure successful auction of residential freehold properties, the Chandigarh Housing Board (CHB) has set-up five site offices to facilitate inspection of residential units by bidders.

These offices are one each at sectors 38 west, 49, 51, and two site offices at Sector 63. The CHB has fixed all Saturdays of April (April 3, 10, 17 and 24) for inspection of units between10 am and 5 pm. In the first phase, the CHB has decided to put up 109 built-up residential units on freehold basis on sale through e-tender.

The e-tendering process will start on April 1 and the bids can be submitted up to 2 pm on April 30. The bids will be opened from 3 pm onwards the same day. The CHB has prepared a list of 270 properties, including 11 residential (leasehold), 109 residential (freehold) and 150 commercial (leasehold), for sale. The remaining properties will be put up for sale at later stages.

To get a good response, the CHB has reduced the reserve price of the properties by 10 per cent. Not even a single bidder expressed interest in the auction of the

CHB properties held in 2019 as the reserve price was too high for both residential as well as commercial properties.

This time, the CHB has decided to replace the e-auction process of selling properties with the e-tender process. In e-auction, the earnest money deposit (EMD) for participation cannot be paid online. The bidder deposits the same in the CHB account and submits a proof. The payment is confirmed by the CHB officers before allowing the bidder to participate in the eauction process. Hence, number of bidders for particular property and their identity is not fully confidential.

However, in e-tender, EMD can be paid online and there is no need for any approval and hence, there is complete secrecy about the number of bidders and their identity.

In e-auction, the prospective bidders are required to register themselves within a particular period. They can participate in the e-auction process after their registration is approved by the CHB officials. Once the prescribed period is over and approval is given by the CHB officials, the eauction takes place among the approved bidders only and there cannot be any new entrant in the e-auction.

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