CHANDIGARH: The Chandigarh Housing Board (CHB) will start the auction of 79 freehold residential properties in different sectors of the city through e-tender from May 17. Bidders can submit their bids by May 31.

In the last auction, the CHB was able to auction 36 freehold dwelling units. The highest bidders were required to deposit 25% of the bid amount within five working days. However, six highest bidders could not deposit the amount and their earnest money deposit (EMD) of Rs 2 lakh each was forfeited.

Yashpal Garg, CEO of Chandigarh Housing Board, said they have included these six freehold properties in the upcoming auction and in total 79 freehold units would be put up.

He added that the board had adopted complete secrecy in the last auction and it would be implemented in the upcoming auction too.

The CHB has prepared a list of 270 properties, including 11 residential (leasehold), 109 residential (freehold) and 150 commercial (leasehold), for sale. The CHB has started with auction of freehold residential units. The remaining properties will be put up for sale at later stages.

To get a good response, the CHB had reduced the reserve price of the properties by 10%. Not a single bidder expressed interest in the auction of CHB properties held in 2019 as the reserve price was too high for both residential and commercial properties.

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