The Year ahead for Chandigarh Real Estate: 2013

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Author: Saurabh Tyagi

Author writes on behalf of 99acres.com, a leading online portal thriving to solve the consumer’s requirements in real estate segment. The site offers a galore of information regarding the real estate property such as flats and houses to buy, sell or rent at different locations like Mumbai Property, Bangalore Properties etc.

Chandigarh is the most well planned city of India and the only city which is a capital of two states, Haryana and Punjab. Developed in three phases, the city is famous worldwide for its immaculate planning and modern architecture. The road network is highly efficient and is divided as per its functions. The lead designer of Chandigarh, Le Corbusier designed the road plan as such that all the vertical roads intersected with horizontal roads leading to an exceptional hierarchy of movement and ensuring that the residential areas remain segregated from the noise and pollution of traffic. Besides, it has been chosen as the cleanest city of India, and has the highest human development index. All these factors make for a perfect case of a real estate explosion and that’s what Chandigarh is going to experience in the coming year.

First let us have an idea about the different trends of real estate in Chandigarh:

Mullanpur emerging as the favorite of plot buyers

Mullanpur has found favor with buyers in a big way and developers are already calling it the New Chandigarh. Driven by close proximity to the PGI hospital and Punjab University, the place provides easy access to most of the locations of Chandigarh. The government sponsored Anandpur Sahib Mohali-4 expressway will further improve the prospect of real estate in the region. The prices are stable in the range of INR 20K to 35K per square yard, which is quite affordable in comparison to plots in adjacent location Kansal which are selling for INR 50k. A well laid out road network and stellar infrastructural facilities make this place the <a href="http://www.99acres.com/Chandigarh-Real-Estate.htm">shining star of real estate in Chandigarh</a>. Like in most part of the Chandigarh Plots are preferred over flats.

Derra Bassi, the next bustling township

Located at a distance from 20 kilometer from Chandigarh city, Derra Bassi has registered as amost sought after realty destination. A number of enterprising real estate developers and builders have come up with new residential project in the once-sleepy town of Derra Bassi. Considered as an extension of Zirkapur by most realty players, there are many factors that make the city pro-real estate investors. Proximity to both Panchkula and Chandigarh and optimum connectivity make for the top two reasons in the list. One trend reversal that is observed in Derra Bassi is the steady demand of flats over that of free-hold plots. This is due to the glitch-free approval process and the affordable price range that developers have managed to maintain quite miraculously.

Growth Stimulators for Chandigarh Real estate in 2013

Chandigarh is the administrative, economic and political center of two states. This fact is enough to prove the underlying importance the city holds. Well planned sectors with a network of wide roads and high quality infrastructure have been a trademark of the city, propelling its real estate sector to new heights. The new age reasons include the rise in dominance of IT/ITeS sector, which can be related to the development of Rajiv Gandhi Chandigarh Technology Park which alone employs 14,500 professionals. This growth of IT/ITeS sector in Chandigarh brings the city in the same ranks as other IT hubs like Gurgaon, Noida and Bangalore. It is but obvious to expect the city of Rock Garden to replicate the same success in real estate as other cities.

Chandigarh, which is primarily a city with open spaces & large and expansive homes, is still catching up with the apartment culture prevalent in other metros. Apartments in Chandigarh are limited to areas having close proximity to IT clusters like Derra Bassi. Proposed metro project and an international airport in Chandigarh has furthered raised the hopes of realtors of the city.

Author writes on behalf 99acres.com, India’s leading online property portal. Log on to 99acres.com to find affordable property in Kochi.

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