Chandigarh, Dec 16 (IANS) Chandigarh’s residential property market seems unaffected by the global financial slump. A 500 square yard plot was Wednesday auctioned for Rs.4.06 crore, more than double the reserve price of Rs.2 crore.
Similarly, a 125 square yard plot went for Rs.1.4 crore against the reserve price of Rs.43 lakh.

“The administration had put 42 plots of varying sizes - ranging from 125 to 500 square yards - on auction today (Wednesday). So far we have sold 30 plots. The auction is still on and so far the response is very good,” said an official of the Chandigarh administration.

“Most of the plots have gone for more than double their reserve price. We have observed that many factors like location and surrounding community decide the final price,” he added.

A 250 square yard plot here went for around Rs.2.10 crore against the reserve price of Rs.84 lakh.

Designed by legendary French architect Le Corbusier in the 1950s, Chandigargh is considered one of the most well-planned cities in the country.