Chandigarh is a prosperous city located in Northern India and is the capital of both Haryana and Punjab. This union territory enjoys a great deal of importance from both the states and also boasts a well-developed infrastructure. Over the recent years, the progress of Chandigarh has attracted many investors looking to benefit from its flourishing industries and sectors, real estate being one of them. The following article will discuss about the real estate scenario of Chandigarh and the investment options it offers.
Investors blessed with high business acumen have already taken a leap towards the real estate of Chandigarh. People seeking to invest and reap high returns from this emerging market can start by investing in residential plots. Among the various options of property for sale in Chandigarh, plotted lands are the safest and most promising.
The city is witnessing high demand and also ample availability of residential plots. The locations experiencing maximum activity of such type include Ambala Highway, Dhakoli, Dera Bassi, Mullanpur, Zirakpur and Sunny Enclave. The average prices of land in these areas range between Rs. 18 Lac and Rs. 70 Lac. The factors driving the demand for the real estate sector are the union territory’s high per capita income (3rd largest in India), larger disposable incomes, a strong focus on investment along with a major holding appetite. These have boosted the activities of buying and selling properties in this region.
There is a natural tendency among the buyers of Chandigarh to park their money in plots instead of flats. By buying land, they get the flexibility to build houses as per their own needs. They prefer lawns in independent houses and spacious rooms with balconies. Also, land is known to appreciate faster than apartments.
The Sources of Demand
Chandigarh city is internationally acclaimed for its urban development and high standards of living. A majority of investors and end users look for residential options with the latest amenities. And so they set flexible budgets for their abode.
The city is among the favorite investor destinations, especially for NRIs. Other than NRIs, the buyers of properties in Chandigarh are mainly those who hail from Chandigarh, while the flats are usually sought by those who come from outside the city.
To meet the rising demands for this type of real estate, there is also adequate supply of plots in Chandigarh. Apart from plots of land, another type of residential real estate coming up in a major way is the high-end group housing projects.
Apartments are emerging predominantly in localities adjacent to the IT clusters in Mohali, Zirakpur and Greater Mohali. This wave of development is mainly to tap the increasing demand from professionals that is generated from outside and are already accustomed to the flat culture. The long list of real estate developers who have set up township projects in Chandigarh includes Ansal Housing and Construction, Omaxe Ltd., DLF Group, Parsvnath Developers, Realtech Developers, Ansal API, Jaipuria Group, ATS Group and Chadha Realtors. These builders are setting up mega structures with multi-strorey buildings comprising apartments that will also offer world-class amenities to the dwellers. The upcoming projects will offer a combination of residential townships, retail malls, commercial spaces, hotels and also IT park projects at various stages of construction.
Property in New Chandigarh
The planned township of New Chandigarh covers about 15,000 acres in Mullanpur Garibdass in Mohali district. It has been majorly developed by GMADA (Greater Mohali Area Development Authority) along with select private developers like DLF and Omaxe.
The region offers plots at a price of Rs. 2,700 to Rs. 3,800 per square foot. Among the apartment units, there are mostly 2 BHK and 3 BHK flats covering areas between 1,640 and 2,140 square feet. These units are Rs. 2,600 to Rs. 3,700 per square foot. Apart from plots of land and apartments, buyers can also explore villas that are priced just a notch above and can be bought under Rs. 4,300 per square foot.
Author bio: Devika Arora is a professional writer dedicated to following the current real estate trends and writing guest posts and blog posts for the benefit of potential home buyers and investors. The above article analyzes the real estate for sale in Chandigarh.