The Chandigarh Housing Board (CHB) earned Rs 3.81 crore from the e-auction of two 2-bedroom flats in Sector 63. However, the sale was far from a clean sweep — 12 of the 14 residential properties offered on a freehold basis failed to attract any bidders.
CHB e-auction results: What sold and what didn't
The two flats that did sell were both located in Sector 63. One fetched Rs 1.92 crore, while the other went for Rs 1.89 crore — well above its reserve price of Rs 1.29 crore.
The rest of the auction was a different story. The board offered 11 properties in Manimajra, including nine in Indira Colony and two in the Modern Housing Complex (MHC), but received no bids for any of them. An independent HIG house in Sector 46-C, which had a reserve price of Rs 7.33 crore, also failed to attract a single bidder.
Freehold basis fails to boost interest in CHB properties
Despite the properties being offered on a freehold basis — which typically makes them more attractive to buyers — the auction received a lukewarm response. This outcome raises questions over the reserve prices fixed for the unsold properties.
To put it plainly: the board managed to sell only two units out of 14, and both were in the same sector. The lack of interest in the Manimajra properties and the high-value HIG house suggests that either the prices were set too high, or buyers simply did not see enough value in those locations.
Our Take: Reserve prices need a closer look
In our view, the CHB needs to examine why so many properties went unsold. When 12 out of 14 units fail to attract bids, the problem is not with the buyers — it is with the pricing or the terms of the auction.
The fact that the two Sector 63 flats sold above their reserve price shows there is demand for well-priced properties in good locations. The board should use this data to reassess its reserve prices for future auctions, especially for the Manimajra properties and the Sector 46-C HIG house.
For potential buyers, this auction sends a clear signal: there are opportunities in the market, but only when the price matches the value. The CHB's next move will determine whether these unsold properties find takers or continue to sit idle.
