The Chandigarh real estate market has attained new levels of escalations through, one of the city’s listings (a 10 Kanal house), which costs about Rs 200 crore. This turns out to be the highest price for any residential property that has ever been listed in Chandigarh. Notably, the abode is positioned close to Sukhna Lake, an attractive site.
This listing comes after the sale of a 6-kanal property in Sector 9 for ₹98 crore. The rising prices in Chandigarh’s upscale northern neighbourhoods, where houses are in short supply, have lifted valuations to new highs.
According to real estate insiders, the surge in demand for high-end residences is driving the sharp increase in prices. A businessman recently purchased an 8-kanal property in Sector 5, with the owner initially wanting ₹185 crore. Real estate analysts estimated the property’s value at roughly ₹125 crore, showing a rising pattern of high asking prices in the neighbourhood.
Kamal Gupta, president of the Property Consultants Association in Chandigarh, noted that while property owners are quoting exorbitant prices, successful deals at these rates are rare. Despite this, the ₹ 200 crore price tag for the Sector 5 property has become a hot topic among realtors. Many believe that, given the scarcity of such premium properties, the owner may still secure a lucrative deal.
A local real estate agent commented on the soaring prices, stating that 4-kanal houses in Sector 9 are now listed at nearly ₹60 crore. Similarly, 1-kanal houses in Sectors 8, 9, and 11 are being sold for ₹15-16 crore, though availability remains extremely limited.
This trend is not confined to large properties; even smaller homes are experiencing a significant price hike. For instance, 10-marla houses are now being sold for an average of ₹7 crore. The booming real estate market in Chandigarh is also impacting neighbouring regions, with a noticeable rise in property prices in Panchkula. However, the market in Mohali has remained relatively stable by comparison.
The Chandigarh real estate market is still shattering records; people are watching closely, both realtors as well as hopeful buyers who wonder if those skyrocketing prices will be the future or if once again it will become stable.
