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The latest property auction by Chandigarh's UT Estate Office drew strong investor response, with total sales touching INR 168.85 crore against a reserve of INR 75.29 crore. A 1,014 square yard plot in Sector 33 stood out, colllecting INR 33.4 crore over double its reserve price of INR 14.9 crore. Even smaller plots such as a 126 square yard site sold at INR 4 crore, more than twice the base value. Out of 20 properties offered, 15 including residential and commercial were sold successfully, while five commercial plots will be re-auctioned. The process was fully digital, receiving 288 applications and 587 bids.
Chandigarh's UT Estate Office recently concluded an online property auction that generated a strong response from buyers. The event collected INR 168.85 crore in total, significantly higher than the reserve of INR 75.29 crore. Advertisement
The most notable sale was a residential plot measuring 1,014 square yards in Sector 33, which was auctioned for INR 33.4 crore. The reserve price for this site had been set at INR 14.9 crore, making the final bid more than double the base value. A smaller plot of 126 square yards also attracted keen interest, closing at INR 4 crore against its reserve of INR 1.7 crore.
In total, 20 properties were listed, including both residential and commercial sites. Out of these, 15 sites 13 residential and 2 commercial were successfully sold at prices far above their reserve values. The remaining five commercial plots, which received only single bids, are scheduled to be included in an upcoming auction round.
The auction saw healthy competition across multiple sectors, including 19-B, 33-C, 37-D, 40-A and 40-D, 44-A and 44-C, and 46-A. In several cases, properties were sold at prices more than 200% higher than their reserve values. Two commercial properties, a site in Sector 8-C and a booth in Sector 44-C/D also sold at close to double their base prices.
The process attracted strong participation, with 288 applications submitted and 587 bids placed. This auction also stands out when compared with past benchmarks. In 2019, a similar two-kanal plot of around 1,014 square yards in Sector 33 was sold for INR 15.3 crore. The latest sale value of INR 33.4 crore shows how property prices in Chandigarh have grown sharply in the last few years, reflecting rising demand and investor confidence in the city's real estate market.
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