With the commercial and residential property rates still much less in comparison to that in Mohali and Chandigarh, Panchkula is expected to take more time before it could come out of its image of being a “poor cousin” of Chandigarh.
While the Greater Mohali Area Development Authority (GMADA) has gone ahead with several successful auctions in the recent past, most auctions in Panchkula has proved to be a total flop show. The property dealers of the area blame lack of basic facilities and new opportunities in other areas as some of the reasons behind the poor show. Sample this: While luxury apartments being developed by private builders are priced over a crore-and-a-half in Chandigarh and nearly Rs 75 lakh to Rs 90 lakh in Mohali, the highest Panchkula has seen so far in luxury housing is Rs 60 lakh.
While there was a lukewarm response in the December auction of the Haryana Urban Development Authority (HUDA), the city failed to attract even a single bidder for the auction of the eight-acre freehold five star Delux hotel site at Indradhanush Auditorium, Sector 5 in January. Not only this, the first phase of the Panchkula IT park failed to attract big private players.
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