MOHALI: Industrial land prices in Mohali’s Phase 8-B have experienced a significant drop, with a 500 square yard plot being sold for Rs 4.5 crore in the recent Punjab Small Industries and Export Corporation (PSIEC) auction that concluded late Tuesday.
This price is almost half of the Rs 8.5 crore achieved for the same plot size during the auction in June of this year, indicating a shift in buyer sentiment and increased availability of industrial land.
The PSIEC auction included 26 plots of 500 sq yards each, offered on a 99-year leasehold basis. Participation in this round was steady but more cautious compared to previous auctions. The corner plot attracted the highest bid of Rs 5.5 crore, well above its reserve price of Rs 2.10 crore, while most other plots were sold for around Rs 5 crore.
Surbhi Malik, MD of PSIEC, attributed the results to natural demand-supply dynamics, stating, “It’s a market-driven process where prices fluctuate based on supply and demand at any given time.”
This marked the second auction of 500 square yard plots following the 2019 policy introduction. The corporation initiated a larger auction cycle on Sept 26, aiming to sell 177 industrial plots across Punjab, including locations like Amritsar, Ludhiana, Kapurthala, Mandi Gobindgarh, and Pathankot. The plots vary in size from 500 sq yards to 17 acres, with 55 already sold.
