Chandigarh Properties Excel as Local Economy Zooms

By: George Gonigal

Chandigarh is among the fastest growing cities in India, and so does its property markets. With an year-on-year growth rate of 7.91 per cent since year 2000, the city has been positioned at number four among the fastest growing cities in India, in the recent report released by the International Institute for Environment and Development.

Now that the local economy of Chandigarh is flourishing at a sustained pace, we can easily imagine the state of Chandigarh properties. More or less all the segments of real estate i.e. residential, retail, and commercial, are witnessing positive notions. Dozens of property deals are closed every week in the city.

As for the profile of buyer, it is mostly the investors who want to take the advantage of boom in Chandigarh properties. And that's why we can say that Chandigarh real estate is largely an investor driven market, and the segment is far more active than the end-user segment.

Decent connectivity, low operational costs, and sufficient availability of land are some of the factors that make an attractive investment instrument.

Of late, most of the real estate developments and investments in Chandigarh are taking place on in the suburban areas like Panchkula, Mohali, Zirakpur, and Dera Bassi.

The most prestigious real estate developers of India like Ansals, DLF, and Unitech etc have their project plans for Chandigarh real estate. 'Demand for luxury housing in Chandigarh is strikingly high at least for the past couple of years. People demand for houses in townships equipped with facilities such as swimming pool, gymnasium, club and convention centre,' Abhinav Pal Singh, a Chandigarh real estate agent, informed.

In fact, folks have also started asking for golf centric properties in Chandigarh, he added. Meanwhile, as per MagicBricks reports, the capital values for apartments at Sector 5, 7 and 15 are between Rs 3,000 and Rs 3,250 per sq. ft. The locality of Panchkula command premium values between Rs 3,500 and Rs 4,500 per sq. ft. Apartments at Mohali and Zirakpur are selling from Rs 1,600 to Rs 2,000 per sq. ft.

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