Chandigarh: The real estate market in Chandigarh is heating up fast. The UT estate office ended its latest auction on Thursday. Bids hit record highs. This shows strong trust from investors. Property prices are climbing sharply.
A home plot in Sector 33, size 1,014 square yards, drew the top bid. It sold for Rs 33.4 crore. That’s over twice the starting price of Rs 14.9 crore. The tiniest plot, only 126 square yards, still fetched Rs 4 crore. Its reserve was Rs 1.7 crore.
The full auction brought in Rs 168.85 crore total. The reserve amount was Rs 75.29 crore. People and investors feel more sure about Chandigarh’s housing scene.
From 20 sites up for grabs, 15 sold well. That includes 13 home plots and 2 business spots. Each went for much more than the reserve. The other five business sites got just one bid each. They head to the next auction round.
In all, 288 people filed 587 bids for the sites.
Key moments came from home plots in Sectors 19-B, 33-C, 37-D, 40-A and D, 44-A and C, plus 46-A. Bids there turned fierce. Many topped the reserve by over 200%.
Two business spots also saw big interest. One was an SCO in Sector 8-C. The other, a Booth in Sector 44-C and D. Bids on both nearly doubled the reserve.
The whole event ran on a digital setup. It gave everyone a fair shot. Competition stayed even. Joining in was simple for bidders. Nishant Kumar Yadav, deputy commissioner and estate officer, said this.
He stressed the Chandigarh administration’s push for tech-based steps. They aim for user-friendly tools and clear rules. This builds trust with the public. It also makes business easier.