City Beautiful’s property market has once again highlighted its exclusivity, with three one-kanal residential plots in Sector 19 fetching Rs22 crore each and a two-kanal plot in Sector 33 going for Rs33 crore in the UT estate office’s latest e-auction that concluded on Thursday. Sector 33 is known as a quiet residential pocket, largely inhabited by defence personnel, while Sector 19 is considered a hub of businessmen and is home to one of the city’s busiest markets.
The auction, held from September 2 to 4, generated a record Rs168.85 crore in revenue against a reserve price of Rs75.29 crore. In all, 20 sites were offered, out of which 13 residential plots and two commercial sites went under the hammer. The residential properties were offered on a freehold basis, while commercial ones were on leasehold.
The reserve price for the Sector 33 plot was set at Rs14 crore but it went for more than double the rate at Rs33 crore. The Sector 19 plots had a reserve price of Rs7.42 crore each. Among the commercial properties, a shop-cum-office (SCO) site, measuring 324 sq yards in Sector 8-C, was sold for Rs20 crore against a reserve price Rs14.52 crore, while a 25 sq yard booth in Sector 44 went for Rs2.25 crore, nearly triple its reserve price of Rs76 lakh.
UT estate officer-cum-deputy commissioner Nishant Yadav said that a total of 288 applicants submitted 587 applications for various sites. He added that while 15 sites were successfully auctioned at significantly higher prices than the reserve value, five commercial sites received only single bids and will be included in the next round of auction.
Explaining the sharp difference in demand, Kamal Gupta, president of the Property Consultants Association, Chandigarh, said, “These rates are unprecedented. Chandigarh has never seen such high prices. While the residential sites are selling at sky-high rates, making it out of reach for the common man, the commercial sites got a poor response because they are on leasehold.”
