1-kanal residential plot in Sector 19 auctioned for Rs 22.67 crore in UT

The UT Estate Office today raked in about Rs 168.85 crore from the auction of 13 residential and two commercial sites in the city.

Three one-kanal plots were sold for more than Rs 22 crore each and a two-kanal plot fetched more than Rs 33 crore.

The Estate Office had invited bids for 13 residential sites on a freehold basis and seven commercial sites on a leasehold basis. A total of 288 persons had submitted 587 applications. While 13 residential and two commercial were auctioned, the remaining five commercial sites, which received only single bid each, will be included in the next round of auction.

Deputy Commissioner-cum-Estate Officer Nishant Kumar Yadav said the auction generated a remarkable revenue of Rs 168.85 crore against a reserve price of Rs 75.29 crore, “reflecting the growing confidence of citizens and investors in Chandigarh’s robust property market and the Administration’s transparent governance”.

The Estate Office earned a total revenue of Rs 146.22 crore the auction of 13 residential sites against the reserve price of Rs 59.93 crore and Rs 22.63 crore from the auction of two commercial sites against the reserve price of Rs 15.36 crore, he said.

There was highly competitive bidding for residential plots in Sectors 19-B, 33-C, 37-D, 40-A & D, 44-A & C and 46-A, with several sites fetching over 200% more than the reserve price. Two commercial sites — an SCO in Sector 8-C and a booth in Sector 44 — also received bids almost double the reserve price.

The highest bid of Rs 33.41 crore was received for a 1,014 sq yard plot in Sector 33-C against the reserve price of Rs 14.96 crore, registering an increase of 123%. Three 503 sq yard plots in Sector 19-B received the highest bids of Rs 22.67 crore, Rs 22.22 crore and Rs 22.01 crore, a hike of 205%, 199% and 196%, respectively, over the reserve price of Rs 7.42 crore.

An SCO of 324 sq yard size in Sector 8 was auctioned for Rs 22.37 crore against the reserve price of Rs 14.59 crore.

“The entire process was conducted through a fully digital and transparent platform, ensuring equal opportunity, fair competition and ease of participation for all bidders,” said the DC.

“The Estate Office auction has reaffirmed the city’s premium status, with bids soaring nearly 200% above the reserve price. While this shows strong investor confidence, it also raised concerns over affordability for the middle class as prices set new benchmarks,” said Kamaljit Singh Panchhi, president, Property Federation Chandigarh.