Sample this: A three-bay shop-cum-office space in Sector 17 (near Neelam cinema) is today valued around Rs 35 crore to Rs 40 crore. The last auction in Sector 17, which was held around two years ago, got more than Rs 5 crore for a 2700-2800 square ft area.

It’s not just limited to Sector 17. Two-bay commercial sites in Sector 8 and 9 on the Madhya Marg, are valued anywhere between Rs 18 crore and Rs 20 crore.

So it didn’t surprise many when a three-SCO space in Sector 43 went for Rs 14.2 crore in an auction last month.

“The auctions reflect the market rate, which is around Rs 15 crore for a similar space in Sector 43-B. It could have even fetched more had the stipulation of payment within three months (earlier three years) not been there, which was done to break the pool of property dealers and rationalise property prices,” said sources in the UT Administration.

The asking rates for upcoming malls in the city are not comparable to Sector 17 but hover around Rs 25,000 to Rs 31,000 per square feet.

The per square feet rate for the ground floor in Parsvnath mall at the IT Park is around Rs 31,200 while the ground floor in City Emporio mall is valued between Rs 25,000 to Rs 26,000 per square feet.

Meanwhile, an eight-acre site in Panchkula’s city centre in Sector 5, is all set to go under the hammer on January 15. The reserved price for this 24-storeyed five-star hotel site has been fixed at Rs 260 crore (Rs 32.5 crore per acre). This rate has been fixed on the basis of market rates, said Haryana Urban Development Authority Estate Officer Monica Malik . “But we are expecting the auction to fetch above Rs 300 crore,” she said.