Chandigarh Admn to hold monthly auctions of over 700 residential plots

In a major push to revive Chandigarh’s real estate market, the UT Estate Office has decided to auction more than 700 residential plots in the city. For the first time, the Estate Office will release an annual e-auction schedule, allowing buyers to participate in monthly auctions according to their convenience.

The Estate Office has already prepared a month-wise plan for the entire year, said officials of the Estate Office. They said those unable to participate in a particular month’s auction will have the opportunity to bid in subsequent ones.

All plots being offered are freehold, and officials expect the move to not only generate hundreds of crores in revenue but also to give a fresh boost to the city’s property market. Chandigarh’s real estate rates are already among the highest in the Tricity, with prices often two to three times higher than those in neighbouring Panchkula and Mohali. Many of the plots slated for auction are located in prime sectors.

Record-breaking last auction

The administration’s decision follows the success of its September auction, in which 13 residential plots fetched a record Rs 168.85 crore, more than double the reserve price of Rs 75.29 crore.

In that auction, three one-kanal plots were sold for more than Rs 22 crore each and a two-kanal plot fetched more than Rs 33 crore.

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. The highest bid of Rs 33.41 crore was received for a 1,014 sq yd plot in Sector 33-C against the reserve price of Rs 14.96 crore, registering an increase of 123%. Three 503-sq yd 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. Among other key sales, a 281-sq yd (11 marla) plot went for Rs 7.5 crore against the reserve price of Rs 4.15 crore, and a 126-sq yd (5 marla) plot in Sector 40-D fetched Rs 4.03 crore.

Buoyed by the response, the administration has now decided to make monthly e-auctions a regular feature, enabling consistent participation and transparent sale of residential properties throughout the year.

A property consultant said rising collector rates and the recent halt in share-wise property registrations had fuelled Chandigarh’s property prices.

“Everyone wants to own property in Chandigarh. Its planned infrastructure, greenery and global reputation attract buyers from across India and abroad,” he said. “The administration’s decision to hold monthly auctions will not only enhance transparency and boost government revenue but also inject fresh momentum into the city’s real estate sector,” he added.

Sec 9 property set new record at Rs 126 cr

In another record-setting transaction, the Estate Office recently registered the sale of a bungalow in Sector 9, measuring 8.5 kanal, for an unprecedented Rs 126 crore — the highest-ever property registration value in Chandigarh’s history. The deal alone earned the administration Rs 6.3 crore in stamp duty.

The collector rate for a 4.5 kanal property in the same sector was Rs 78 crore, but the market-driven price soared much higher, underlining the city’s continuing real estate demand.