Mohali, Feb. 27 -- The rates of industrial plots in Mohali's Phase 8-B have nearly doubled in a span of three months, with 500-square-yard plots now fetching up to Rs.8.5 crore compared to Rs.4.5 crore in November last year. As many as 16 plots, each measuring 500 square yards, were sold for a period of 99 years on leasehold basis, in an auction conducted by the Punjab Small Industries and Export Corporation (PSIEC) late Wednesday evening. PSIEC is the Punjab government's nodal agency for promoting small-scale industries and developing industrial infrastructure across the state. While the reserve price for the plots was fixed at Rs.1.9 crore, the highest bid touched Rs.8.5 crore and the lowest successful bid stood at Rs.6 crore, more than three times the base price. Most plots were secured in the Rs.6 crore to Rs.8.5 crore range. In a similar auction held for 15 plots of the same size in June last year, the highest bid had reached Rs.8.5 crore, with most plots selling at around Rs.7 crore. PSIEC managing director Surbhi Malik termed the response encouraging. "It was a good response, and we are trying our best to promote industrial growth," she said. This was the third auction of 500-square-yard plots since the industrial plot policy was introduced in 2019. The auctions are part of PSIEC's broader initiative launched on February 5 to auction around 350 industrial plots across Punjab, including in Mohali, Ludhiana, Nabha, Faridkot, Kapurthala, Muktsar Sahib, Pathankot and Rajpura. A total of 77 plots have been sold so far. Plot sizes range from 240 square yards to as large as 44 acres, aimed at accommodating both small and large industrial units. Property expert Shalinder Anand, former president of the Mohali property consultants association, said the trend signals a strong revival in the region's property market. "Mohali is witnessing a boom, with investors coming in from Haryana and Delhi. The floor area ratio (FAR) of three offered by PSIEC makes these plots especially attractive for IT and industrial projects," he said....