Having remained stagnant at Rs 35 crore in the realty boom period for a decade, the price of New Moti Bagh Palace owned by former Punjab chief minister Capt Amarinder Singh has surprisingly doubled in the past two years, when most of the property in the state has nosedived due to recession.
Patiala MP Preneet Kaur, in the 2004 Lok Sabha elections, had declared the value of the palace at Rs 35 crore.
In the past 10 years, its value had not changed though the prices of land increased manifold.
In the 2012 assembly elections, the iconic palace was once again valued at Rs 35 crore in the asset declaration form submitted by Amarinder.
Strangely, at present, when the property sales have nosedived and prices have either stagnated or de preciated, the palace has seen a twofold increase in the past two years.
On Friday, filing his nomination at Amritsar, Amarinder mentioned the price of the royal palace at Rs 71.3 crore.
The 160-bigha iconic building has orchards, a stud farm, a mini shooting range and other lavish things. Similarly, the properties in Shimla, which were also stagnating at Rs 10 lakh for the past 10 years, have now been pegged at Rs 4 crore.
The Dubai flat has also seen an increase in value of Rs 12 lakh and is now valued at Rs 96 lakh. However, the 65,000 sq ft property in Hardwar (Uttarakhand) still has a value of Rs 13.8 lakh for the past 10 years.
In the 2012 polls, Amarinder, while declaring his assets, had again valued the palace at Rs 35 crore, which had raised many questions as the value declared was much less than the market price. Thus, they had decided to mention the prevalent market rates, said one of the legal advisers of Amarinder.