The Hangzhou Bureau of Land and Resources is experiencing a boom on the back of soaring property sales, sources said.

Property sales have risen sharply since the second half of 2012 in Hangzhou and transactions for newly built residential properties soared 68.9 percent in the first quarter year-on-year.

Property sales in general surged 75.8 percent year-on-year.

The rise in sales invigorated the land market. The value of land traded in the first quarter hit 20.1 billion yuan ($3.26 billion), soaring 383 percent from a year ago.

Earlier, the Hangzhou bureau of land and resources announced that 92 plots of land will be sold in 2013, with a combined land size of 3 million square meters, Xinhuanet.com reported.