Indian Real Estate: Special Property Zone

By: Propertiesmls

After a brief lull, the realty sector is once again in an uproar! Initially, Chandigarh and its periphery were the best investment options, however, skyrocketing property prices in the area has investors looking, further beyond the Silver City. No longer, do they mind going as far as Ambala for the purpose of investment, as the city is fast emerging as Haryana's business and development hub.

After Lalru, Derabassi and adjoining villages, now it is the turn of Ambala to leave its mark on the map of Indian real estate. According to experts, there have been gradual ups and downs in property prices, but it's a hot realty scenario now.

Certain advantages that come with the location of Ambala, means investors will begin reaping benefits, within just a few years. The rates are not only going to increase, but the city and its peripheral limits will see massive development, avers Kamal Monga, a partner in Rama Estates. Development is on the cards, as the government is firm about setting up a Special Economic Zone (SEZ) in the region.

Apart from generating direct and indirect employment, the SEZ will directly affect Ambala's real estate market. At the moment, Ambala is in the throes of being carved up into plots, where colonies will be developed for sale. Monga confirms the rates have almost doubled and chances are bright they may increase, further. Insiders claim one can get a 10-marla plot in a prime location for Rs. 25 to 30-lakhs, while a buyer will have to shell out approx. Rs. 50-lakhs for a 1-kanal plot.

Apart from the SEZ, other factors are instrumental in the rising property prices, such as, the four-laning of the national highway connecting Ambala and Chandigarh's business hub and industrial development activities, and which will decrease the travel time and allow daily, a smooth ride.

Then too, Mohali's Fashion Technology Park has roped in Ambala based artisans, and as the floating population increases, many employees are bound to make the area their home base. Ambala, as it turns out is the best deal in terms of realty, and with the state's firm desire to develop the area, property rates will only continue to increase.

Meanwhile, investors are making a beeline to invest for lucrative returns, with many inquiring about property rates. Rates might be stable right now, but one never knows when they might spin upwards, says a property consultant. Apart from prime locations, such as, Army Cantonment and Ambala City, land prices are also on the rise in villages falling within Ambala limits.

While, agricultural land prices are increasing, Ambala City and Cantonment areas continue to remain the core areas, buyers are interested in. Experts feel it is the right time to invest here, as development is in its initial stages. Once the area is developed, prices will reach for the sky, as well, the Chandigarh real estate market has begun to impact property prices in Ambala, due to easy commuting.

Tripathi, an investor consultant predicts the completion of Rajiv Gandhi Chandigarh Technology Park (RGCTP) will be one of the biggest IT specific SEZ Park in the country. And, after its completion, Chandigarh property prices will increase, going beyond the average person's reach. Real estate agents are anticipating a rise in the housing demand for IT employees, who are sure to move here from the hi-tech cities of Bangalore, Hyderabad, etc.

Today, with distances no longer an issue, it is why Ambala for property investment. The other development on the cards is the Zirakpur Derabassi belt, which is also providing a thrust to property prices. Mid-point the distance is the same, if covered from either Chandigarh or Ambala. As Chandigarh prices are at an all time high, those with a limited budget might think it far better to invest in Ambala.

Completion of the four-lane Ambala Chandigarh highway, and the 2.7-km. Zirakpur flyover in the next two years has the builders and colonisers of Ambala eyeing businessmen, professionals and prospective clients, who are ready to shell out big money. A good investment, prices have already spiralled sky-high in Chandigarh and adjoining areas. Better now than later, it's a good time to invest before the spill over effect reaches Ambala!

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