A recently conducted Chandigarh Housing Board (CHB) auction showed that property prices in the city have skyrocketed. In the auction, two Middle Income Group (MIG) flats located in Sector 47 were sold at the rate of Rs 2.31 crore per flat. This was way above the price of these two bedroom flats which was Rs 1.78 crore earlier. Thus buying a house in Chandigarh is no longer within everyone’s reach.
A total of 111 properties were listed in the recently held Chandigarh Housing Board e-auction, but only 13 were sold. Of these, seven were residential units and six were commercial. Despite the auction being the first in eight months, buyers did not show much enthusiasm, resulting in a low sales rate.
The Chandigarh Housing Board successfully auctioned seven freehold residential units, from which it received approximately Rs 6.58 crore.. A flat located in Sector 26-E was sold for Rs 30.7 lakh, exceeding its reserve price of Rs 28.25 lakh. A Category IV flat in Manimajra was sold for Rs 56.11 lakh, surpassing its reserve price of Rs 53.36 lakh, while another flat was sold for Rs 57 lakh against a reserve price of Rs 53.93 lakh.
A Category IV unit in Indira Colony, Manimajra, was sold for Rs 26.12 lakh against its reserve price of Rs 26.01 lakh. Another flat with a reserve price of Rs 25,65,100 was sold for Rs 25,65,111.
Over the past year and a half, property prices in Chandigarh have surged dramatically. Prices in residential areas have increased two to threefold. This has made property ownership in the city largely unattainable for an average person.
The sharp rise in property prices is attributed to increased investment by outsiders in the Tricity and a ban on share-wise property. Notably, property values have risen more in residential areas from Heritage Sector-1 to Sector 30 compared to the southern sectors.
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