Chandigarh new hotspot as 10-kanal house listed at Rs 200 cr

Tribune News Service

Chandigarh, August 20

Close on the heels of a “mega Rs 100-crore realty deal” in the City Beautiful, the owner of a 10-kanal house has listed his property for a whopping Rs 200 crore. The most expensive residential property listing in the city has drawn the interest of realtors and prospective buyers and sellers. The house is located opposite Sukhna Lake in Sector 5.

With limited availability of property in the city’s posh northern sectors, the prices have gone through the roof, sources say, claiming a businessman recently purchased a 6-kanal house in Sector 9 for Rs 98 crore. A realtor said, “The owner of an old 8-kanal house in Sector 5 is demanding Rs 185 crore even as real estate experts have assessed its value at Rs 125 crore. The rising demand for high-end properties has sent the prices soaring to new highs.”

Kamal Gupta, president, Property Consultants Association, Chandigarh, said, “The owners have been quoting unreasonable prices, but there are hardly any deals at such price.” Nevertheless, the sources say the Rs 200-crore price tag has become a hot topic of discussion among realtors, who believe given the rare availability of property, the owner has a fair chance to strike a good bargain. A real estate agent says 4-kanal houses in Sector 9 are carrying a price tag of nearly Rs 60 crore. “Similarly, 1-kanal houses in Sectors 8, 9 and 11 can be sold for Rs 15-16 crore, but there is hardly any availability,” he says.

The scenario is no different for houses of smaller sizes, say 10 marla, which are sold for an average of Rs 7 crore.

Property experts say a boom in prices is being noticed in neighbouring Panchkula as well, although rates are stable in Mohali.