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Prices of Real Estate in Chandigarh India are Surging!

Editor’s Note:

Today we are presenting a unique article on Real Estate in India. In the past we have covered Housing and Real Estate  in general, MortgagesHome Owners Insurance,  refinancing, foreclosure, Overseas Investing and Dubai Real Estate Market Trends.

Over the last few days I’ve been locked in a room with HGTV and watched several episodes of House Hunters International. So I thought I’d bring you this article about a unique city in India called Chandigarh. It has the highest per capita income in India. And  in 2010 it was also determined by the government to be the “Cleanest City” in India. It is a very modern city with more than a dozen malls with 4 or 5 screen multiplex theaters. Two water parks, universities, hospitals, museums, art galleries, a Cricket stadium and many beautiful gardens. ~Tim McMahon, editor

Chandigarh is ranked as one of the best places in India in terms of real estate and business development. The real estate builders and developers have found a hub for investments in Chandigarh. The city is the first planned city of India, which makes it a top ranking place for real estate growth.

Chandigarh-IndiaChandigarh serves as the capital of two states – Punjab and Haryana, and this makes it an ultimate destination in terms of real estate. If we analyze the general price trend in Chandigarh, the property prices have gone up by around 10.52 % in the posh localities. Chandigarh is welcoming IT, ITES, BPO and many other sectors and in order to accommodate them, not only commercial space but also residential space is required. Chandigarh has promoted increased investment from corporate giants such as Infosys Technologies Limited, IBM Daksh, Cognizant Technology Solutions, ICICI Prudential, Dell India Private Limited, IndiWork Software Solutions Private Limited, etc, and thus has generated a plethora of job opportunities as well.

The need for sound infrastructure, various facilities and amenities, better connectivity with Delhi, and good location is of paramount importance. Since all these parameters are being fulfilled by this city to a certain extent, property values are set to scale new heights. The number of real estate and property developers in Chandigarh is steadily growing in anticipation of escalation of land prices. Since job opportunities are also surging in this city, the commercial property sector in Chandigarh is developing at a fast pace. Simultaneously people migrating here for jobs and wishing to settle here have also increased the demand for residential property in Chandigarh.

The tremendous population growth rate in the city, has resulted in the increase in prices of residential property in Chandigarh. The realty industry has experienced significant growth in both the residential and commercial domain which has led to an increase in real estate prices.

Major builders and developers have been working for the construction of residential as well as commercial properties in Chandigarh are:

  • Yash Birla Group Infrastructure Company
  • Chandigarh Royal City. Zirakpur
  • Sandwoods infratech Pvt. Ltd.
  • Yours Property Consultants
  • Ireo management private limited
  • Maya estatz
  • Anand Properties

A number of residential and commercial real estate projects are being developed in the locations near Chandigarh, which include Zirakpur, Panchkula, Mohali, etc. Panchkula and Mohali have seen tremendous increase in the residential projects, and Zirakpur has emerged as the new commercial center with the opening of a number of shopping malls as well as wedding venues. This has thereby led to a sudden steep increases in the prices of these locations.

Investments in properties in and around Chandigarh have good potential because in future, the prices could easily be at par with the properties in New Delhi and Mumbai. The details of properties in these regions can be found on online real estate portals such as 99Acres.com.

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