A one-kanal freehold residential plot in Chandigarh's Sector 21 was auctioned for Rs 18.88 crore at the Estate Office's e-auction on Monday. The plot sold at a premium of over 14 per cent above its reserve price of Rs 16.52 crore.
Alongside this, a 10-marla site in Sector 15-B fetched Rs 8.33 crore against a reserve price of Rs 8.23 crore, a marginal premium of 1.21 per cent. Together, the two sites yielded Rs 27.21 crore, approximately Rs 2.45 crore above their combined reserve price of Rs 24.76 crore.
The Sector 21 kanal plot was the standout performer of the auction. According to The Tribune India, the plot carried a reserve price of Rs 16.52 crore and closed at Rs 18.88 crore, reflecting strong buyer interest in prime residential land in the city.
While the two plots sold well, the overall auction saw mixed results. Eight of the ten residential freehold plots put up for auction drew no bids. The Estate Office is expected to re-auction these unsold plots shortly.
The auction was conducted by the Estate Office, Chandigarh, as part of its ongoing e-auction process for residential properties.
This auction shows a clear divide in Chandigarh's real estate market. Premium plots in well-established sectors like Sector 21 continue to attract strong bids, with buyers willing to pay a significant premium. But the fact that eight out of ten plots received no bids suggests that demand is highly selective. Buyers are only interested in the most desirable locations, while less prime plots struggle to find takers. This is a sign of a mature market where location trumps everything else.
