With the tier-1 cities in India slowly moving towards jam-packed situation, in terms of real estate growth, tier-2 and 3 cities have emerged as cost effective alternative markets for buyers and investors. Chandigarh is one such city to where realtors are now turning towards. Buyers who are not keen to settle in over-congested areas like Delhi and Gurgaon have started immigrating to Chandigarh and other smaller cities.
One of the prime reasons why more buyers are now realizing the potential of this city is presence of affordable rates of Chandigarh properties. At a time when the rates of construction inputs is skyrocketing in Delhi NCR, Chandigarh has emerged as a budget location. Another strong point that goes in city’s favor is the high potential for office market. Availability of land for commercial development has rendered it with good prospects for future growth. According to market statistics, it ranks ninth in terms of Market Potential Index.
Property in Chandigarh also carries viability to become one of the major retail markets. According to a report by Jones Lang LaSalle, Chandigarh, along with Surat and Ahmedabad , is among the best markets in terms of retail attractiveness. Presence of good physical infrastructure, and increase in per capita income are the contributing factors for the same. Big investors too are eying it as their next destination.
For seekers of Chandigarh property, low housing rates over different localities is an additional bonus. At a time when prices in Delhi NCR have not see any correction over years, the rates are reasonable in this common capital of Punjab and Haryana. To elaborate this point, let’s consider rate of a 3 BHK apartment across city’s different regions. Some of the affordable localities, where a three-room flat is available in 25-35 lakh range are VIP Road, Ambala Highway, Dera Bassi, Ziarkpur, Peermachhala and Kharar Road. Chandigarh sectors 116, 126, 121, 115 and Mohali sectors 110, 115, and 125 too offer 3 BHKs in this bracket.
For higher rates, between 30-50 lakh, one can look a three room apartment in Chandigarh sectors 127, 66; Mohali sectors 11, 85, 66; Panchkula sector 20; Shimla Highway; and Sunny Enclave. Some of the pricey areas, with rates exceeding 60 lakh, are Mohali sector 121, 66 and Chandigarh sectors 114, 49, 32, and 40. In the later three, the starting rates for 3 BHKs stand at around 1 crore and even more than that.
Makaan.com is an innovative property search portal that lists furnished and unfurnished property in Chandigarh. Make a selection of Chandigarh properties on the basis of their rate, area, and age of construction. The price rates for Chandigarh property are published graphically, and can be looked into to get acquainted with market scenario.