CHANDIGARH: The real estate market in Chandigarh is booming. The latest auction by the UT estate office concluded on Thursday, achieving record bids that indicate a rise in investor confidence and soaring property prices.
A residential plot in Sector 33, spanning 1,014 sq yards, commanded a striking Rs 33.4 crore—over twice its reserve price of Rs 14.9 crore. Even the smallest offered plot, at just 126 sq yards, sold for ₹4 crore against a reserve of Rs 1.7 crore.
The auction netted a total revenue of Rs 168.85 crore, significantly surpassing the reserve price of Rs 75.29 crore, showcasing increasing trust from both citizens and investors in Chandigarh’s real estate landscape.
Out of the 20 sites available, 15 (13 residential and 2 commercial) were auctioned off for amounts far exceeding their reserve values. The five remaining commercial sites received only single bids and will be included in the next auction round.
A total of 288 applicants submitted 587 applications for various properties.
Prominent highlights included residential plots in Sectors 19-B, 33-C, 37-D, 40-A & D, 44-A & C, and 46-A, which experienced highly competitive bidding, with many fetching over double their reserve prices. Two commercial sites, specifically SCO in Sector 8-C and Booth in Sector 44-C&D, also saw immense interest, with bids almost doubling their reserve prices.
“The entire auction process was conducted digitally, ensuring equitable opportunities, fair competition, and easy participation for all bidders,” remarked Nishant Kumar Yadav, deputy commissioner-cum-estate officer.
He reaffirmed the Chandigarh administration’s commitment to employing technology-driven strategies, user-friendly systems, and transparent practices to bolster public trust and enhance the ease of conducting business.
