Barren tracts of land and underdeveloped social infrastructure were a few aspects that defined Chandigarh a few decades ago. But today the city boasts of having good infrastructure coupled with state of the art office campuses that are pulling in a good chunk of the migrant population. The city is dotted with many multistorey buildings and SEZs. The positive signs are encouraging many reputed MNCs to enter the market here and expand its IT sector. The foreign investments have stabilized the realty market and have lured many property developers to come up with a good number of projects here.
Major real estate developers with both national and local presence have announced many upcoming projects in Chandigarh that cover the affordable and mid segment. Some of the upcoming realty corridors that are brimming with realty developments include Mohali, Dera Bassi, Mullanpur, Zirakpur and Ambala Highway. The fast-paced demand for housing along these corridors has given a boost to property prices which has in turn attracted many investors to invest in properties here.
Another important element that has helped bring Chandigarh on the realty map is its rapidly developing infrastructure. The proposed metro rail project linking Secretariat and Aerocity have fuelled the realty demand. The upcoming habitat centre, golf course and the Knowledge City too have increased the worth of many properties in Chandigarh. Improvements done to road connectivity has helped ease access to neighbouring cities like Delhi which has thereby expanded the city’s commercial belt.
These prevailing factors have had a positive impact on the real estate trends in Chandigarh. They have made the city a favourable destination for both local investors and end users. Property developers too are offering a fair share of affordable housing units that lure end users and local second time home buyers. Property values of apartments in areas like Ambala Highway, Dera Bassi, Mullanpur and Zirakpur are cited to hover between the price bracket of INR 2,200 and INR 3,700 per square feet. Residential plots in neighbourhoods like Mohali are estimated to cost anywhere between INR 2,450 and INR 6,400 per square feet.
The developing satellite cities in and around this market has had a positive influence and are attracting a lot of foreign capital. And with the local government now taking many initiatives to make Chandigarh the country’s first smart city, capital values of homes here will escalate further.
Nidhi C Thacker for IndiaProperty.com
Image: “Chandigarh Sports” by Raakesh Blokhra – Flickr. Licensed under CC BY-SA 2.0 via Wikimedia Commons – https://commons.wikimedia.org/wiki/File:Chandigarh_Sports.jpg#/media/File:Chandigarh_Sports.jpg