Chandigarh Realty Market Witnesses New Trends

By: George Gonigal

'India's first planned city' - Chandigarh - is witnessing a surge in the demand of new real estate segments like luxury homes, studio apartments and individual flats. Traditional residential sectors like 21, 22, 24 are witnessing remodeling of traditional 'kothis' into individual flats. People are preferring small, cozy homes to the huge bungalows and kohtis as has been the trend there in the past.

Single professionals and new couples prefer small, cozy homes that are easy on budget and have low maintenance costs. Elaborate housing usually spells huge infrastructure and high maintenance costs for them. New constructions are witnessing a boom in the demand for individual housing as compared to 2-BHK or 3-BHK apartment. This demand has been fuelled by the migratory population. The city is no longer a home of the retired army people. In fact young professionals and students from nearby areas of Punjab, Haryana, Himachal Pradesh and even Delhi flock to Chandigarh in search of better lifestyle and good infrastructure at low costs.

Most of the old residential properties in Chandigarh are kothis that are 2-3 storey tall structures. The owners are remodeling these kothis into single apartments, 2 BHK and 3 BHK and paying guest accommodations. In this way a single kothi can be converted into many apartments. This way, the owners can mint more money from rent and many family units can be accommodated within the same kohti. This formula seems to be catching on with the residents and many people are opting for such remodeled accommodations.

This trend is becoming popular with new settlements in peripheral areas like Zirakpur, Mohali, Mani Majra etc. Most of the new construction here is the single apartments as there are many takers to such accommodations.

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