Chandigarh, the face of modern India is witnessing a boom in real estate zone these days. The demand for property in both residential and commercial sectors has risen manifold in the city and other nearby areas. As a result, prices of the property have catapulted high in this capital of the states of Punjab and Haryana. The tranquility and greenery of the place combined with the features of the city makes it one of the most sought after destinations.
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To establish the city as a major IT hub, huge amount of investments are being made. Various big companies are now competing with each other to get hold of the most prime locations to set their foot in the city. Other companies trying to move in now may find it difficult to set up their offices as the prices are soaring high and most of it is actually sold out. The prices in some of the major areas in Chandigarh have gone so high that they can now be compared with the property in metro cities like Delhi and NCR, etc. Those who invested in property in Chandigarh few years ago are reaping riches today. The property prices in posh areas of the city have more than doubled, offering huge benefits to the owners. There is, in fact, no free land available in these areas and the ones that are already built are very expensive. Their worth is so high due to the presence of some of the most important government offices, central business districts, high-end 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 3200 to Rs 4500 per sq. ft. The rent for a 3 bedroom house is anywhere from Rs 10,000 to Rs 12, 000.
The growth of real estate in Chandigarh has been phenomenal. Buying property in and around this city is the most happening activity of current times. Even high-end buyers like NRIs are putting in huge money in city’s infrastructure as an investment option. In areas like Mohali and Panchkula, the property is selling like hot cakes and is almost fully occupied now. The eyes of investors have now turned to residential and commercial properties in other areas like Zirakpur, Baltana, Dhakoli, Dera Bassi and Mani Majra. The rates of property in these areas adjoining Chandigarh are still affordable and thus property developers are making a beeline to make investments there. They are expected to make huge returns on these investments in near future with the considerable increase in commercial and infrastructure development activities taking place. In main city, owners are converting their spaces in into one, two and three bedroom apartments and giving them out on lease or rent. Also, floors are being refurbished into small shops and retail outlets to meet the demand for commercial property within the existing infrastructure.
The process of buying and selling property or flats in Chandigarh was earlier full of legal hassles but it has now been much simplified by Chandigarh Housing Board (CHB). Various steps are taken to make the process easier and to encourage the release of property lying blocked for years due to legal tangles. Also, it will help in minimizing the role of middlemen like property dealers and save the money spent on paying huge commissions to them.
Chandigarh, also known as The City Beautiful, is thus one of the best places to invest in with world-renowned architecture and an incomparable quality of life brought together. The convenient connectivity of the city with the national capital, Delhi also makes it a preferred destination for many business centers.