Quality real estate in short supply in Chandigarh
Good quality real estate in Chandigarh is becoming a rare commodity in sectors with good infrastructure. There is practically no free ground in premium sectors like Sector 5, Sector 7, Sector 21 and Madhya Marg. These sectors are home to major government offices, central business districts, and prime residential and commercial properties. Most of the land has already been used for construction and other real estate development. Residential property here costs Rs 3,200-4,500 per square foot. Rents are as high as Rs 10,000-12,000 for a 3 BHK (1,350 sq ft flat area) and this is comparable to some areas of Delhi and Gurgaon.
After Chandigarh, it is becoming extremely difficult to find freehold land in Mohali and Panchkula. Nearby areas like Zirakpur, Baltana, Dhakoli, Dera Bassi and Mani Majra are in high demand now. Land prices here are almost half those in Delhi and therefore people flock to these new and upcoming areas, despite poor infrastructure and lack of maintenance. Investors are placing big bets in these areas. They are putting their money into upcoming projects and constructions and anticipate good returns in the near future.
Chandigarh-based property broker Manav Singla says that people are now buying property in suburban areas of Chandigarh not for residential purposes but for investment purposes. This attitude reflects a radical change in the mentality of users. People now want to buy flats and parcels that can be sublet, leased or redeveloped to pay for guest accommodation, hotels, hostels, retail stores.
Singla estimates that middle class and lower middle class users will flock to these areas. Therefore, it suggests that if one can save an amount between Rs 21-30 lakh, one should buy a 3-BHK here. The 1,350 square foot floor will ensure good returns in the near future. These market activities indicate that the upcoming real estate destinations around Chandigarh are becoming the investment zone.
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