Property In Chandigarh
Chandigarh has been amongst the first few planned cities of India and it is also the state capital of both Punjab and Haryana. This has made this city a vital area for expatriates, diplomats along with becoming a nucleus of NRI’s. Since Chandigarh had been a well planned city, all the constructions here had been at par with environmental norms. Apart from this pollution and unhygienic living conditions are not entertained and all the builders here had to adhere to these factors.
Chandigarh properties have been witnessing tremendous growth and this happened in spite of restrictions on the construction here. Chandigarh real estate is witnessing testing times. On one hand, there are more investments pouring in the segment and on the other side property buyers and sellers are not very enthusiastic about property transactions.
The overall, economic recession has caused stagnation in the country’s real estate segment. Chandigarh’s property segment, too, is witnessing a similar trend. Property brokers in Chandigarh say that real estate values have stagnated. Property prices for plots in suburban areas like Baltana and Kharar have stooped down to as much as Rs 100 – 200 per sq yard. This is almost 20% decline in prices when compared to corresponding quarter last year.
Property sellers in Chandigarh see this as a temporary phase and are holding on to their land assets. They hope that real estate prices will increase in next six months and this is when they will make profits. Property buyers, however, say that Chandigarh Property Prices are nominal still. They have few choices as there are not many sellers in the markets as of now.
Recent developments in Chandigarh properties segment are worth noticing. Delhi-based developer Parsvnath has bought 38% stake in Sabeer Bhatia’s Nano City Project. Nano City is a commercial and residential project in Chandigarh and will be completed by 2010. Market sources say that Bhatia is already scouting IT clients to open offices in his Nano City. This will bring more employment, and thus many more property users and home seekers to Chandigarh.
The booming real estate sector here has provided for benefits for both potential buyers and also for the property developers. The Chandigarh real estate market is expected to grow with the rise of demands in the northern sector. Chandigarh has also been the hub to some IT sectors and this industry is also expected to grow here. The property rates for the commercial sectors are expected to grow, if more multinational companies set up their bases here. Expansion of the city to districts and other areas, have given more scope for expansion of the real estate sector and more options for buyers.
