The e-auction of residential freehold sites conducted by the UT estate office on Monday saw a tepid response, with only two out of 10 properties finding buyers.Real estate observers note that while premium sectors continue to draw some interest due to their location advantage, aggressively fixed reserve prices leave little room for competitive bidding. (HT File)According to official data, bids were received for just two sites. A 250-sq-yard plot in Sector 15-B was auctioned for ₹8.33 crore against a reserve price of ₹8.23 crore, reflecting a marginal increase of around 1.21%. Another 500-sq-yard site in Sector 21 fetched ₹18.88 crore against a reserve price of ₹16.52 crore, about 14.25% higher.Together, the two properties generated ₹27.21 crore—approximately ₹2.45 crore above their combined reserve price. However, the remaining eight sites failed to attract any bidders and will now be put up for re-auction.The high reserve prices are said to be behind the dismal response. The base rates ranged from ₹3.30 crore for 100-sq-yard plots to over ₹16.5 crore for 500-sq-yard sites. Even mid-sized plots of around 198-sq yards were priced at approximately ₹6.54 crore, while 250-sq-yard properties were listed at over ₹8.23 crore.Such pricing effectively raises the entry barrier, restricting participation to a narrow segment of high-net-worth buyers. Real estate observers note that while premium sectors continue to draw some interest due to their location advantage, aggressively fixed reserve prices leave little room for competitive bidding.In several previous auctions across the tricity, a large number of properties had remained unsold, prompting authorities to revisit their pricing strategy. Kamal Gupta, a property dealer, said that reserve prices often do not align with prevailing market conditions, particularly for non-prime sectors, leading to repeated auction failures.Deputy commissioner Nishant Yadav said the unsold sites would be re-auctioned shortly. The estate office will examine the reasons behind the muted response, particularly the limited participation despite the offering of freehold residential sites. However, officials indicated that there is no immediate plan to revise the reserve prices for the upcoming re-auction. A reduction in base prices may be considered only if the properties fail to attract adequate bids even in a subsequent round.A total of 10 residential freehold sites across key sectors, including 15-B, 20, 21, 23, 27-D, 30-A, 37-A and 44-B, were put up for e-auction, with plot sizes ranging from 100 sq yards to over 500 sq yards.CHB asks allottees to verify duesThe Chandigarh Housing Board (CHB) has directed allottees and transferees of its residential and commercial properties to verify their outstanding dues online and get discrepancies rectified within a stipulated period.The advisory applies to properties allotted or transferred under leasehold, licence, hire purchase, rental and tenancy schemes, excluding freehold properties. Allottees can access their account statements through the board’s online portal. In case of discrepancies, allottees have been asked to visit the CHB office with original payment receipts and supporting documents for reconciliation. To facilitate the process, the board will organise a public camp as per a prescribed schedule.The move comes amid CHB’s efforts to recover pending dues. In recent years, the board has repeatedly warned defaulters of strict action, including cancellation of allotments for non-payment. In 2024, the CHB cancelled multiple flat allotments and flagged that significant dues were still pending from defaulters.The board has urged all allottees to take advantage of the reconciliation camp, warning that once the stipulated period expires, outstanding dues will be finalised as per official records and notices for recovery will be issued accordingly.