Chandigarh, the capital city of two states, Haryana and Punjab is an Union Territory, but not a part of either state. It is a well planned city and is known for its urban design and architecture. Chandigarh is also referred as “The City Beautiful” by many, owning to its greenery and beautiful locations.
This city is among the top cities that contribute towards country’s economy. It enjoys highest per capita income and is also the top city to achieve a year-on-year growth rate of 7.91 per cent since 2000. Recently, in a report (released by International Institute for Environment and Development), Chandigarh has been placed at number four for being an active and fast developing city. The prosperous economy and lucrative offerings have brought in great demand for apartment flats in Chandigarh.
The reason behind the flourishing real estate in Chandigarh is attributed to infrastructure development undertaken by the government. The Chandigarh Tricity, a Special Economic Zone (SEZ) is adding limelight to Chandigarh real estate. Apart from that, the good connectivity, availability of land bank and low operational costs are attracting home buyers and investors.
Real estate in Chandigarh
Experts say that Chandigarh real estate is an investor market when compared to the end-user segment. As there is no dearth for the land bank, many IT and ITES companies are targeting Chandigarh as they can start their operations at a lower cost. These IT companies have generated demand of Flats & Apartments in and around Chandigarh like, Mohali & Zirakpur, Manimajra etc . These are the most promising locations now a days, for immigrant working professionals from other part of the country.
Chandigarh has always been a top most cities in North India with constant construction activities happening at all times. With the emergence of IT and ITES companies, there have been establishments of many IT Parks, namely, Chandigarh Technology Park (CTP) at Manimajra which has world class infrastructure and amenities that are available in cyber cities like Hyderabad and Bangalore. With development taking a big leap, there is good demand for Apartment flats in Mohali, Manimajra & for Plots in Zirakpur. Many local & reputed builders have launched several housing projects in Chandigarh to encash this growth in demand.
Real Estate Scenario
Even when the real estate in India was showing signs of a slowdown, Chandigarh property segment was active with action with property enquiries. Areas that are still in demand are Kharar, Greater Mohali, Manimajra, Mohali and Baltana. Witnessing the demand, the governing bodies have decided upon many infrastructure projects that will be worked on shortly. Many prestigious developers like Ansal, Unitech, Omaxe, Parsvnath and DLF have already started working on their housing projects in Chandigarh. Today Chandigarh is populated with many apartments, townships and residential complexes.
Chandigarh land expert said that residents of Chandigarh look for luxury homes in the recent times with all the world class amenities like club, swimming pool, terrace garden, kid’s area etc. Today, in Chandigarh, an apartment can be purchased at Rs. 3000 to Rs. 6000 per square feet, while residential plots can be acquired between Rs. 7000 to Rs. 70,000 per square yard.
The upcoming new International Airport in Mohali is an added advantage for real estate developers, as it encourages many investors to invest in the Chandigarh real estate.
Investment in Chandigarh is a good prospect as it is identified as the one of the best cities for potential real estate growth. Investments made in such a burgeoning city will lead to an excellent outlook for all home buyers.