Chandigarh is a developing city and serves as the capital of two Indian states- Punjab and Haryana. The city is a planned one and developed sector wise. It is a clean city and offers good quality of life. Recently the city has been subject to growth of the IT sector and many reputed companies are opening up branches and offices in the city. This is leading to an increase in residential property demand because more numbers of people are migrating to the city for the purpose of employment.
According to local realtors, the availability of land is limited in Chandigarh and so is its development which is why those looking for residential property would have to turn to Mohali for it. Mohali is already a well-known place to people for its cricket stadium. Along Chandigarh other areas which are witnessing development are Kharar and Zirakpur.
Chandigarh has been experiencing mixed development with both residential and commercial properties growing steadily. For the past few years, there has been substantial growth in Mohali for residential properties as many group based housing complexes have come up along with shopping complexes and malls and other commercial properties. Previously, residents were hesitant to buy apartments and preferred buying independent bungalows and houses. However, as the numbers of nuclear families increased and facilities available in grouped housing societies increased. Grouped housing complexes in Chandigarh and Mohali nowadays offer facilities such as electricity back up, maintenance on call, security, gated community, gym, swimming pool and club which have attracted a lot of buyer interest. The sudden increase in value of land has also prompted buyers to opt for flats over houses.
Almost 70 percent of the flats supplied by builders are of the 3BHK style which measure between 1500 sq. ft. and 1600 sq. ft. The rest of the 30 percent supply comprises of 5BHK, 4, 2 and 1 BHK flat in Chandigarh. Most of the apartments in Chandigarh are selling at a capital value of Rs 3500 to Rs 4500 per square feet. For some of the group housing projects, added charges between Rs 50,000 and Rs 1 lakh have to be paid for club house and also Rs 2.5 lakhs to Rs 4.5 lakhs for covered parking. Plotted units are also being offered by developers whose size ranges between 150 sq. yard and 500 sq. yard. The average price of plotted units is Rs 25,000 for a square yard. Even though these may seem lucrative, they are not much available.
Commercial development in Chandigarh is mostly coming up by Ambala Road, Highground Road and VIP Road. The values of residential plots and independent houses have decreased by almost 25 percent in the past one year in Chandigarh and Panchkula but surprisingly apartment prices continue to remain steady. The stability in prices may be because of the increased cost of construction such as that of materials and labour. Moreover, land prices were stable.
The government is also acting in the interest of affordable housing because it has enforced a upon builders a provision under which 10 percent units have to be constructed for the economically weak in a building which has more than 100 units. According to housing policy, sixty percent of EWS units have to be handed over to the authority while around 40 percent may be sold at the market price.
Brokers and builders do not expect prices to increase in the coming six months for apartments in housing complexes. In the past few years, Mohali’s Zirakpur area which is a neighbouring district of the city of Chandigarh has shown rapid development because of the international airport that is coming up almost 10km away from the area and also for the strategic location. Zirakpur is situated where three National Highways of 22 (Kalka-Ambala highway),21 (Ambala-Chandigarh NH) and 64(Patiala- Zirakpur) intersect one another. The area is coming as a destination for affordable properties which are replete with well-constructed infrastructure and seamless connectivity. Many retail and residential projects are coming up and it has been touted as one of the most potent markets of Chandigarh. The area’s connectivity with Chandigarh is outstanding and the social infrastructure is quite well maintained has fuelled residential demand for Zirakpur. Moreover, retail activity is developing in the area and almost 7 shopping malls have been planned in the area.
Numerous commercial, retail and residential projects have been launched in Zirakpur because of the rapid growth being experienced in the area. Because of the rapid development, property values have been rising steadily and the annual rise in property values of the area is to the tune of 10 percent to 12 percent. The developers who have planned projects in Zirakpur include SushmaBuildtech Ltd., DNA Infrastructure, Mona Townships Pvt. Ltd. and Maya Estatz among other builders. Most of the apartments being offered are 5, 4, 3, 2 and 1 BHK flat in Chandigarh and they would be available for occupation within one year or so.
Almost 70 percent of the apartments supplied in this region are 3BHK ones whose sizes are between 1400 sq. ft. and 1600 sq. ft. Of all the projects that are going on in Chandigarh, roughly 72 percent are concentrated in Zirakpur. For now, the capital values in Zirakpur are Rs 3000 to Rs 4000 for square feet. Therefore, the price of a 1000 sq. ft. flat in Zirakpur would be around Rs 30 lakhs to Rs 40 lakhs. Because the properties offered by Zirakpur are less expensive than other upmarket localities in Chandigarh, Zirakpur ranks high among buyer demand from foreign and local investors and high net worth individuals. Even though the demand for apartments is quite high in the area, the return on investment needs to be seen in Zirakpur. Chandigarh is a growing city and in all likeliness, Zirakpur would see an increase in capital values. In a few years, there would be a lot of increase in capital values of the area. This has also led brought in buyers and demanders to Zirakpur.
According to local realtors, the availability of land is limited in Chandigarh and so is its development which is why those looking for residential property would have to turn to Mohali for it. Mohali is already a well-known place to people for its cricket stadium. Along Chandigarh other areas which are witnessing development are Kharar and Zirakpur.
Chandigarh has been experiencing mixed development with both residential and commercial properties growing steadily. For the past few years, there has been substantial growth in Mohali for residential properties as many group based housing complexes have come up along with shopping complexes and malls and other commercial properties. Previously, residents were hesitant to buy apartments and preferred buying independent bungalows and houses. However, as the numbers of nuclear families increased and facilities available in grouped housing societies increased. Grouped housing complexes in Chandigarh and Mohali nowadays offer facilities such as electricity back up, maintenance on call, security, gated community, gym, swimming pool and club which have attracted a lot of buyer interest. The sudden increase in value of land has also prompted buyers to opt for flats over houses.
Almost 70 percent of the flats supplied by builders are of the 3BHK style which measure between 1500 sq. ft. and 1600 sq. ft. The rest of the 30 percent supply comprises of 5BHK, 4, 2 and 1 BHK flat in Chandigarh. Most of the apartments in Chandigarh are selling at a capital value of Rs 3500 to Rs 4500 per square feet. For some of the group housing projects, added charges between Rs 50,000 and Rs 1 lakh have to be paid for club house and also Rs 2.5 lakhs to Rs 4.5 lakhs for covered parking. Plotted units are also being offered by developers whose size ranges between 150 sq. yard and 500 sq. yard. The average price of plotted units is Rs 25,000 for a square yard. Even though these may seem lucrative, they are not much available.
Commercial development in Chandigarh is mostly coming up by Ambala Road, Highground Road and VIP Road. The values of residential plots and independent houses have decreased by almost 25 percent in the past one year in Chandigarh and Panchkula but surprisingly apartment prices continue to remain steady. The stability in prices may be because of the increased cost of construction such as that of materials and labour. Moreover, land prices were stable.
The government is also acting in the interest of affordable housing because it has enforced a upon builders a provision under which 10 percent units have to be constructed for the economically weak in a building which has more than 100 units. According to housing policy, sixty percent of EWS units have to be handed over to the authority while around 40 percent may be sold at the market price.
Brokers and builders do not expect prices to increase in the coming six months for apartments in housing complexes. In the past few years, Mohali’s Zirakpur area which is a neighbouring district of the city of Chandigarh has shown rapid development because of the international airport that is coming up almost 10km away from the area and also for the strategic location. Zirakpur is situated where three National Highways of 22 (Kalka-Ambala highway),21 (Ambala-Chandigarh NH) and 64(Patiala- Zirakpur) intersect one another. The area is coming as a destination for affordable properties which are replete with well-constructed infrastructure and seamless connectivity. Many retail and residential projects are coming up and it has been touted as one of the most potent markets of Chandigarh. The area’s connectivity with Chandigarh is outstanding and the social infrastructure is quite well maintained has fuelled residential demand for Zirakpur. Moreover, retail activity is developing in the area and almost 7 shopping malls have been planned in the area.
Numerous commercial, retail and residential projects have been launched in Zirakpur because of the rapid growth being experienced in the area. Because of the rapid development, property values have been rising steadily and the annual rise in property values of the area is to the tune of 10 percent to 12 percent. The developers who have planned projects in Zirakpur include SushmaBuildtech Ltd., DNA Infrastructure, Mona Townships Pvt. Ltd. and Maya Estatz among other builders. Most of the apartments being offered are 5, 4, 3, 2 and 1 BHK flat in Chandigarh and they would be available for occupation within one year or so.
Almost 70 percent of the apartments supplied in this region are 3BHK ones whose sizes are between 1400 sq. ft. and 1600 sq. ft. Of all the projects that are going on in Chandigarh, roughly 72 percent are concentrated in Zirakpur. For now, the capital values in Zirakpur are Rs 3000 to Rs 4000 for square feet. Therefore, the price of a 1000 sq. ft. flat in Zirakpur would be around Rs 30 lakhs to Rs 40 lakhs. Because the properties offered by Zirakpur are less expensive than other upmarket localities in Chandigarh, Zirakpur ranks high among buyer demand from foreign and local investors and high net worth individuals. Even though the demand for apartments is quite high in the area, the return on investment needs to be seen in Zirakpur. Chandigarh is a growing city and in all likeliness, Zirakpur would see an increase in capital values. In a few years, there would be a lot of increase in capital values of the area. This has also led brought in buyers and demanders to Zirakpur.
No comments:
Post a Comment