Withstanding to its reputation of India's first planned urban development, the city of Chandigarh is popular as a sophisticated property market of the northern India.
This capital city of Punjab, a state which enjoys one of the highest per capita incomes in the country, also holds the distinction of achieving a year-on-year growth rate of 7.91 per cent since year 2000. The city has been positioned at number four among the fastest growing cities in India, in the recent report released by the International Institute for Environment and Development.
Definitely, the flourishing local economy of Chandigarh augurs well for nearly all the segments of real estate i.e. residential, retail, and commercial, are witnessing positive trends.
Industry veterans also claim that Chandigarh real estate is largely an investor driven market, and the segment is far more active than the end-user segment. Decent connectivity, low operational costs, and sufficient availability of land are some of the factors that make Chandigarh properties an attractive investment instrument.
Growth Engines
Lately, Chandigarh real estate caught the attention of IT and ITeS companies with the development of 375 acre Chandigarh Technology Park (CTP) at Manimajra, north-east part of Chandigarh, and IT Park in Mohali. The projects brought state-of-the-art infrastructure and facilities equivalent to those available in the cyber cities of Bangalore and Hyderabad. Furthermore, DLF has set up its Infocity within the CTP zone, in view of extending world-class facilities to these techno-giants.
Meanwhile, the capital values and rentals in the commercial property segment have been consistently rising in the past 3-years, though a bit of slowdown is noticed in the residential real estate, due to oversupply.
Property Values and Rentals
With the foray of IT and ITeS majors in Chandigarh, commercial properties offering Grade A office space to the clients are in demand. At present, rentals at Sector 19 are floating at Rs 90 per sq. ft a month, while the same hovers from Rs 20 to Rs 35 at Sector no. 17 and 22.
The capital values at Sector 17 and 19 are recorded at Rs 10-11,000 per sq. ft. the same, however, are quite moderate at Rs 6-7 per sq. ft, at Sector 22.
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