On the face of it there is no scarcity of land. A lot of it can be seen unbuilt upon and unused within the periphery of Chandigarh. Much more such land can be seen in Panchkula and Mohali. Yet when anybody wants to acquire land for genuine use — residential, commercial, recreational — the price is astronomical. It is not within the reach of an honest well-to-do citizen.
There was a time in the fifties and sixties when a part of land could be had at (what may appear today) throwaway price. Rs. 4000/- for a one kanal (500 sq yd) plot Rs, 6000/- for 2 kanal. But in there days, people like us could not afford to buy the land even at such prices.
The state was willing to extend the facility of loan to us, but we were scared of having our take home salaries drastically reduced in retrieving the loan money. However, even now the land transactions are there, indeed more than over before, as in evident from the large number of prosperous of property dealers who have established themselves everywhere.
What has happened? Is the rise in the price of land real or artificial?