Panchkula Real Estate Leverages Chandigarhs Success

By: George Gonigal

Chandigarh's ever growing infrastructure has paved way for development of real estate in neighbouring areas like Panchkula, Mohali, Mullanpur, Zirakpur and DeraBassi. Although, Dera-Bassi and Mullanpur are still sleepy towns lying on Chandigarh's national highway but land prices here are comparable to those prevalent in Chandigarh's prime areas.

Panchkula is another case-study in point. Till recently, Panchkula's only reference was that of being a suburban locality on the outskirts of Chandigarh. The region changed its profile very quietly. Small houses have given way to plush apartments and kothis; villages are fast evolving themselves to become suburban towns. Most villagers have sold their agricultural land to individual buyers or local property builders at skyrocketing prices. Today, who's who of Haryana owns an abode there. Haryana's politician, industrialists and rich traders own land banks in most parts of Panchkula.

The capital value for an apartment ranges between Rs 2,600-3,500 per sq ft. The rental values for 3 BHK (Bedroom Hall Kitchen) apartment there range between Rs 8,000-10,000 per month.

Some prominent real estate developers have announced property projects there. Recently, realty giant DLF announced its Garden City Project near Panchkula. This project will spill over 200 acres. The company has claimed to occupy 34 acres and the rest is underway. This residential project would offer 2, 3 and 4 BHK apartments along services like school, club house etc. DLF had earlier built the IT Park in Chandigarh and is thinking of taking on more projects in the region.

Panchkula's proximity to Chandigarh is its biggest assets. Panchkula is a novel business location for corporate houses and retailers who find it difficult to rent out commercial property in Chandigarh, owing to high rents there. It also offers decent residential options and is easily accessible from Chandigarh.

Property builders are very jubilant with the development there. Suresh Aggarwal, a property broker operating in Panchkula region, says that property segment has never witnessed this boom as it has in present times. He says that the buyer sentiment has changed in the region. Earlier, people bought a house for lodging purposes. Now, people buy flats, apartments or plots for investment purposes as well.

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