Chandigarh: Notwithstanding the adverse impact of global financial crisis on the real estate sector, property rates here to move upwards with the UT administration realising Rs 95.31 crore against the reserve price of Rs 52.01 crore in the auction of residential and commercial properties.

During the auction, residential properties remained favourite among the buyers as Estate Office of administration was able to generate Rs 79.21 crore against the reserve price of Rs. 44.63 crore while average price calculated as Rs 55,299 per square yard.

Surpassing the expectation of Chandigarh administration, the auction process saw the selling of 34 residential properties out of total 48 sites.

"We never thought that we would be getting such a response to the auction of residential properties considering the fact that real estate market is depressed," said a senior official of Estate Office.

Among the highest rates, a one kanal plot in sector 36 fetched whopping Rs 4 crore against the reserve price of Rs 1.81 crore.

Similarly, a two kanal plot in same area received a highest bid of Rs 5.42 crore against the reserve price of Rs 3.15 crore.
Source : PTI