Quality Real Estate Scarce in Chandigarh

By: George Gonigal

Good-quality real estate in Chandigarh is becoming a scarce commodity in the sectors that have good infrastructure. There is virtually no piece of land free in premium sectors like Sector 5, Sector 7, Sector 21 and Madhya Marg. These sectors host important government offices, central business districts and premium residential and commercial properties. Most of the land there has already been utilized for constructions and other real estate development. Residential property here costs about Rs 3,200 to Rs 4,500 per sq ft. Rents are as high as Rs 10,000-12,000 for a 3 BHK (1,350 sq ft area flat) and this is comparable to some areas of Delhi and Gurgaon.

After Chandigarh, it is becoming exceedingly difficult to find freehold land in Mohali and Panchkula.

Near by areas like Zirakpur, Baltana, Dhakoli, Dera Bassi and Mani Majra are much in demand now. The prices of land here are almost half of that in Delhi and thus people are flocking to these new and upcoming areas, despite poor infrastructure and lack of maintenance. Investors are laying huge bets on these areas. They are putting their money in upcoming projects and constructions and foresee good returns in the coming times.

Chandigarh-based property broker, Manav Singla says that people are now buying property in Chandigarh sub-urban areas not for residential purposes but for investment purposes. This attitude reflects a sea-change in the mentality of users. People now want to buy flats and plots that can be sub-let, leased or remodeled into paying guest accommodations, hotels, hostels, retails outlets.

Singla estimates that middle-class and lower middle class users will flock to these areas. Hence he suggests that if one can spare amount between Rs 21-30 lakh, he should buy a 3-BHK here. The 1,350 sq ft flat will assure handsome returns in near future. These market activities indicate that the upcoming real estate destinations around Chandigarh are now becoming the investment zone.

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