One of the biggest commercial property deals in Chandigarh has taken place at Nexus Elante Mall, where office spaces on the ground and first floors have been sold for over ₹196 crore and the deal is notable because the final price is around 127% higher than the official collector rate of ₹86.17 crore. As per reports, the buyer is a well-known automobile business family from the city while the seller is a local real estate company that owns and manages the mall complex and the nearby Hyatt Regency Chandigarh.
The total area involved in the deal is about 55,948.84 square yards of premium office space located inside the mall building in Industrial Area Phase 1 and the transaction was completed through three separate property registrations:
First deal:
Around 24,800 square yards on the ground floor sold for ₹125.44 crore which is much higher than its collector rate of ₹38.68 crore.
Second deal:
Another 24,800 square yards on the ground floor was sold at the collector rate of ₹38.68 crore.
Third deal:
About 6,348.84 square yards on the first floor sold for ₹32.11 crore significantly above its collector rate of ₹8.79 crore.
The buyer paid nearly ₹9.81 crore as stamp duty and a small registration fee to the administration.
Officials say such high-value deals show strong confidence in Chandigarh’s business environment and the rising property prices usually mean that more investors see the city as a good place for business and growth.
There are only a few large, high-quality malls in the Chandigarh–Mohali–Panchkula region and because of this demand for premium commercial spaces especially for luxury retail stores, high-end restaurants and electronics brands is increasing quickly.
Spread across about 1.15 million square feet Elante Mall is one of the largest shopping destinations in North India and it houses more than 260 Indian and international brands along with a hotel, cinema and food court.
Efforts were made to contact the Deputy Commissioner Nishant Kumar Yadav for a response but he could not be reached at the time and the story will be updated as soon as we receive a reply.
