Dushyant Singh Pundir Tribune News Service Chandigarh January 27 To make buying a property more affordable the Chandigarh Housing Board (CHB) has proposed to reduce the reserve prices for the auction of its residential and commercial properties by nearly 10 per cent. Yashpal Garg Chief Executive Officer CHB said the recommendations of a committee to reduce the reserve prices by at least 10 per cent for auction of residential and commercial properties in the city had been sent to the CHB Chairman for approval. After getting the approval from the Chairman a proposal would be put up before the Board of Directors for finalising the date for auction of the selected properties he added. He said 269 properties including 11 residential (lease hold) 108 residential (free hold) and 150 commercial (lease hold) would be put up for auction. The residential properties to be put up for sale are in Sector 51 Sector 63 Sector 38-W Sector 39 and Mani Majra. Garg said the commercial properties that would go under the hammer are in Mani Majra Sector 51 Sector 61 and Maloya. Last year not even a single bidder expressed interest in the auction of CHB properties as the reserve price was too high for both residential and commercial properties. Thus to get a good response the CHB had proposed to reduce the reserve price of the properties by 10 per cent this time in comparison to the last year. The properties to be auctioned include 212 listed for auction last year and nearly 51 new flats in Sector 51. Several properties of the board both commercial and residential have been lying vacant in Mani Majra Sector 45 41 47 39 38-West 49 and 51 for quite a long time. Last year the CHB had put up 64 residential and 148 commercial properties for auction. The reserve price for a freehold three-bedroom flat in Sector 63 was Rs1.07 crore and the reserve price for the Sector 39 leasehold HIG flats was Rs1.31 crore. Nine leasehold and 55 freehold properties were put up for auction last year. The board had fixed the reserve price of two-bedroom flat in Sector 51 at Rs99.92 lakh. The reserve price of the EWS flat was fixed at Rs30 to Rs32 lakh. The reserve price for one-bedroom flat in Sector 63 was fixed at Rs54.80 lakh. Similarly the reserve prices of commercial properties ranged from Rs50 lakh to Rs2 crore.

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