Auction of commercial and residential property in Chandigarh on Thursday saw a steep rise in real estate prices leading to overnight boom in prices in Mohali and Panchkula.In a single day, the owners of plots had started quoting price, which was 25 to 30% more than which prevailed only a day before the auction.
Property prices in the city are considered a benchmark for the rest of the region, particularly the tri city and adjoining areas. First, it was the auction of residential property, which belied the recessionary trend with the UT estate office netting Rs 77.75 crore through the auction of 33 sites at Rs 74,820 per square yard. The auction of commercial sites accounts for Rs 20,000 per sq yard increase in the price of property in about one year. In the commercial segment, 89 SCOs and booths and 12 lounging-cum-restaurant sites had been put up for auction . The sectors falling in Panchkula extension were witnessing a huge jump in prices. However, maximum increase was being witnessed in sectors close to Chandigarh Information Technology Park that fall under the Mansa Devi Complex in Panchkula.
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