Real estate prices shoot up in Punjab

Ludhiana, June 28: Belying the apprehensions of a downward tend in the prices of real estate, rates of commercial properties have touched an unexpected and unprecedented mark as indicated during an auction of shop-cum-flats (SCFs) and booths in the commercial capital of Punjab, The auction was conducted by Punjab Urban development Authority (PUDA). The auction was held under the supervision of Mr S R Kaler Additional Chief Administrator of PUDA here today.

Giving details, Mr Kaler informed that around 250 bidders from different parts of the state participated in the auction. He said that during the auction 11 SCFs and 20 booths were sold.

Mr Kaler said that the highest price of Rs 1.66 lakh per square yard and minimum of Rs 1.03 lakh per sq yard was fetched for the booths. This was three-four times of the reserve rate of Rs 42,250 per sq yard for the booths.

He said that the bidders also showed enthusiasm for the auction of SCFs. The highest price for the SCF was recorded at Rs 1.33 lakh per sq yard and minimum was Rs 1.01 lakh per sq yard .

This was around 10 times of the reserved price.Six booths were auctioned today.

The auction fetched PUDA a revenue of above Rs 20.57 crore as revenue from the auction, against the fixed price of a little over Rs 3.16 crore. This was considered as all time record.

UNI