Property prices are now whopping Rs 9,000 per square foot in Sector 51-A, in the backdrop of bid money of Rs 89.5 lakh for the ground floor and Rs 87.5 lakh for the first floor under the assured allotment scheme in the Sector 51-A of the Chandigarh Housing Board (CHB).The CHB had come out with a housing scheme comprising 160 flats in Sector 51 late last year. In fact, the sale prices announced by the Board at Rs 50 lakh for the two bedroom flats having an area of around 1,075 square feet had come in for severe criticism from various quarters, who termed it as “highly-priced”.
Chandigarh
The prices for square feet of area in Chandigarh’s flats is quoted anywhere between Rs 8,000 to Rs 9,000 per square feet.
Zirakpur
This is in sharp contrast to Zirakpur, Chandigarh’s nearby suburb, where the going rate is in the range of Rs 2,000 to 3,000 per square foot depending upon the quality of construction and location.
Panchkula
On the other hand, property prices in the open market vary in the range of Rs 6,000 to 7,000 per square feet in Panchkula.
Mohali
property prices in the open market vary in the range Rs 5,000 to Rs 6,000 in Mohali.
CHB’s 2 BHK flat rates over recent years
UT Employees Special Housing (2007) Rs 24.3 lakh
General Housing scheme, Sector 63 (2007-08) Rs 29.14 lakh
General Housing Scheme, Sector 51 (2010) Rs 50 lakh
Assured allotment in Sector 63 scheme Rs 40 lakh
Assured allotment in Sector 51 Rs 89.5 lakh
The reason for the highly inflated price is because Chandigarh offers world-class standard of living at Indian prices, making it the most-sought-after destination of the people from neighbouring states and NRIs.
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