Chandigarh, often referred to as ‘The City Beautiful' has emerged as the cleanest city in India in a recent study conducted by Ministry of Urban Development. It belongs to two states of Punjab and Haryana but is known globally for its architecture and urban planning. Real estate in Chandigarh is witnessing major expansion owing to the ever increasing demand for property in India.
Chandigarh realty market is the hottest as it can boast of well planned infrastructure, strategic location and upcoming large scale developments. The architecture, infrastructure and environment of the city are commendable as they constitute excellent planning. Moreover, it being the twin political and cultural center of the two states, it has the magnanimity of a big city. This highly important city attracts a lot of attention from business leaders and is, thus, developing at a rapid pace. Real estate in Chandigarh is especially experiencing a boom with large number of industries and businesses setting up in the city. It is interesting to note that despite being an important commercial hub, it retains the essence and tranquility of a small city.
REAL ESTATE MARKET IN CHANDIGARH:
According to leading global property consultants firm Knight Frank, the Chandigarh real estate market has unexpected growth over the last few quarters. From last 20 years Property bazaar Chandigarh booming with attractive destination. Chandigarh has a big mall, shopping complex, multiplex, IT parks, Modern theaters, ITES companies and much more.
PROPERTY RATES REACH NEW HEIGHTS IN CHANDIGARH:
Being the state capital of Punjab and Haryana, Chandigarh is a crucial area for diplomats and the hub of NRI’s. This is one of the few well planned cities in India and thus constructions here are at par with environmental norms. Most of the construction in this city is governed by strict government norms. However there has been a recent change in their construction norms and new developers are providing condominiums and apartments in many new areas of the tri-city. The growing population rate in the city has led to the demand for taller buildings and apartments.
Chandigarh has always been a hot favourite of Non-Resident Indian (NRI) buyers as a a huge number of the city residents immigrate to countries abroad like Canada, New Zealand and Australia. Keeping this thing in mind, the taste and purchasing power of this segment, the real estate developers in Chandigarh have molded their projects in accordingly.
Demands for properties in Chandigarh are high and many potential buyers are given reduced rates. The surge in demands and growth of both commercial and residential properties in Chandigarh has led to the boom of this industry. Plenty of condominiums are now being constructed here, which are in accordance with modern lifestyle standards. With the emergence of multinational companies and continuously expanding governmental sectors, this had also forced a lot of small developers to shift to other sectors.
Benchmark for rentals had risen here with most rentals going up by 100 percent in the past one year. Though slumps have gone and come here, Chandigarh is continuously reaching new heights in terms of property expansion, rise in prices and other related factors.Chandigarh property market is only expected to grow further, with more demands for property in northern India. Also the city is a new hub for many IT sectors and this industry is expected to grow further. With multinational companies setting up their bases here prices for both commercial and residential Chandigarh Properties are only expected to reach new heights.
Many IT companies consider Chandigarh the place-to-be-in. They have opened their offices in the city with a view to expand their horizons. These firms include big names like IBM, Dell, Cognizant, Mphasis and Satyam.
Besides the many commercial taking place in Chandigarh, the residential real estate of the city is also booming. Against the city's ongoing industrial revival, the residential property market in Chandigarh is growing more swiftly.
It is hard to believe but property prices in the city, a town mainly comprising of salaried class people, are almost double than what was in the past. The city can be rightly called the Residential & Commerical hub of Punjab. So if you are also looking for an option where you want fast growth of money, invest in real estate in the city of Chandigarh or its surrounding areas.
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