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Chandigarh: Mohali plot prices drop nearly 50% in PSIEC auction
In the June auction, 15 plots of the same size in Phase 8-B were offered, each with a reserve price of ₹1.95 crore
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A 500-square-yard plot in Phase 8-B, which fetched a record ₹8.5 crore in June this year, saw a sharp fall to ₹4.5 crore in the auction conducted by the Punjab Small Industries and Export Corporation (PSIEC) on Tuesday evening, against a reserve price of ₹1.95 crore.
A total of 26 plots of similar size were auctioned, all sold on a 99-year leasehold basis, with the corner plot fetching the highest price of ₹5.5 crore against a reserve of ₹2.10 crore. Most other plots sold in the range of ₹5 crore.
In the June auction, 15 plots of the same size in Phase 8-B were offered, each with a reserve price of ₹1.95 crore. The highest bid then had touched ₹8.5 crore, while most plots fetched around ₹7 crore.
“It’s a market-driven process where prices depend on supply and demand at a particular point in time,” said Surbhi Malik, managing director, PSIEC.
This was the second auction of 500-square-yard plots since the policy’s launch in 2019. As part of a larger initiative, PSIEC began auctioning 177 industrial plots from September 26 across Punjab, including locations such as Amritsar, Ludhiana, Mandi Gobindgarh, Kapurthala, and Pathankot, with plot sizes ranging from 500 square yards to 17 acres. Of these, 55 plots have been sold so far.
Property expert Shalinder Anand, former president of the Mohali property consultants association, said the current trend indicates a market correction rather than a slump. “PSIEC and GMADA have been holding frequent auctions, and buyers now have more options. These rates are even lower than private offerings, making it the right time for investors to buy,” he said, adding that the FAR of 3 offered by PSIEC gives industries, especially IT setups, a significant edge.
