Chandigarh, the face of modern India, is experiencing a boom in the real estate area these days. The demand for properties in the residential and commercial sectors has multiplied in the city and other nearby areas. As a result, property prices have skyrocketed high in this capital of Punjab and Haryana states. The tranquility and greenery of the place combined with the characteristics of the city make it one of the most sought after destinations.
To establish the city as a major IT hub, huge investments are being made. Several large companies are now competing with each other to get the most prime locations to set foot in the city. Other companies trying to move now may have a hard time setting up offices as prices are skyrocketing and most are out of stock. The prices in some of the prime areas of Chandigarh have gone up so much that they can now be compared to property in metropolitan cities like Delhi and NCR etc. Those who invested in property in Chandigarh a few years ago are getting rich today. Property prices in posh parts of the city have more than doubled, offering homeowners enormous benefits. In fact, there is no free land available in these areas and the ones that are already built are very expensive. Its value is so high due to the presence of some of the most important government offices, central business districts, high-end shopping malls, etc. Some of the privileged sectors include Sector 5, Sector 17 and Sector 21; the cost of property in these sectors ranges from Rs 3,200 to Rs 4,500 per square meter. ft. The rent for a 3-bedroom house ranges from Rs 10,000 to 12,000.
The growth of real estate in Chandigarh has been phenomenal. Buying a property in and around this city is the most active activity of the current times. Even high-end buyers like NRIs are pouring big bucks into city infrastructure as an investment option. In areas like Mohali and Panchkula, property is selling like hot cakes and is now almost fully occupied. Investor eyes have now turned to residential and commercial properties in other areas like Zirakpur, Baltana, Dhakoli, Dera Bassi and Mani Majra. Property rates in these areas adjoining Chandigarh remain affordable and hence property developers are making a beeline for investment there. They are expected to realize large returns on these investments in the near future with the significant increase in business and infrastructure development activities taking place. In the main city, landlords are converting their spaces into one-, two-, and three-bedroom apartments and leasing or renting them. In addition, flats are being converted into small shops and outlets to meet the demand for commercial properties within the existing infrastructure.
The process of buying and selling property or flats in Chandigarh was fraught with legal issues but now it has been simplified by the Chandigarh Housing Board (CHB). Various steps are taken to ease the process and encourage the release of assets locked up for years due to legal entanglements. Plus, it will help minimize the role of middlemen like property dealers and save money spent paying huge commissions to them.
Chandigarh, also known as The City Beautiful, is one of the best places to invest with world-renowned architecture and unparalleled quality of life. The city’s convenient connectivity to the national capital Delhi also makes it a preferred destination for many business hubs.