I was always of the opinion that real estate in Chandigarh was immensely overpriced as all the ratios went through the roof when one considered Chandigarh properties.
E.g. a 2 Bedroom flat in some place in Pune would cost Rs 30-35 Lakh but would fetch monthly rent of Rs 10,000 giving a monthly rent to property price ratio of 300 - 350. However in Chandigarh a property giving a rent of 10,000 may cost over 70 Lakh or more which is a ratio of 700. This clearly indicated a highly over prices real estate market. However to my surprise it still kept on going up for quite sometime.