Billion-rupee for a Chandigarh address: The City Beautiful joins India’s luxury realty league

A million-rupee premium is being paid for a coveted address in Chandigarh, India's City Beautiful. In the city's most sought-after neighborhoods, buyers are increasingly willing to part with vast sums of money to secure a plot of land, with one recent deal reaching the billion-rupee mark. The appeal lies not just in the house itself, but in the exclusivity of owning land in Chandigarh's well-established neighborhoods, where supply is limited, vacant plots are scarce and prized addresses have been passed down through generations.

High-profile individuals, including politicians, businessmen, NRIs, cricketers and Bollywood celebrities, have all sought a Chandigarh address, pushing the city's luxury housing market into a price league once confined to India's major metros. A property in Chandigarh recently sold for approximately Rs. 100 crore, nearly 69 percent above its collector value of Rs.

59.27 crore. This isn't an isolated incident; data shows a broader trend of skyrocketing prices at the top end of Chandigarh's housing market. Limited land availability, coupled with the city's fixed geographical footprint of 114 sq km, has created a classic supply-demand imbalance. The top 10 registered sale deeds this year alone generated over Rs.

400 crores in combined consideration value. Prices have surged, with properties fetching up to 121 percent above their collector values in prime sectors. Despite the hefty price tags, the premium for land in Chandigarh is seen as a reflection of the city's scarce and appreciating asset status.