UT estate office is set to put 23 residential and 92 commercial sites under the block early next year the property scene the tricity, will hot up.
Property prices in the city will soar if past auctions are any indication. In the December 2009 auction the average price per square yard of residential property was pegged at Rs 74,820 - up from Rs 55,299 in 2008. Similarly, commercial property fetched a price of Rs 2.74 lakh per square yard. In fact, a 5 marla plot sold for Rs 1.4 crore at a whopping price of Rs 1.06 lakh per square yard. And, the launch of ` 50 lakh two bedroom flats by the Chandigarh Housing Board is set to make freehold property out of the reach of the common man. There would be rise of at least ten per cent in the reserve prices of residential and commercial property. This is being done as there was a huge difference between the reserve price and the price at which the property was ultimately sold in an auction.
In fact, the upcoming auction holds interest for another reason. It would be for the first time that it would be held after the upward revision of collector rates for residential property from Rs 24,960 in 2007 to Rs 39,936 per square yard in June this year.
The new collector rates for commercial property, which the administration notified last June, varied between Rs 1.24 lakh to Rs 3.49 lakh per square yard as compared to the previous rates ranging from ` 93,000 to Rs 1.56 lakh per square yard. This revision will bring more revenues to the administration.
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