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 th...