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Chandigarh: Riding high on the realty wave

Saturday , 30 January 2016
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Known as an affluent city, Chandigarh is riding high on real estate development

The city of Chandigarh offers a lifestyle that is at par or even better than that of a metro city. One of India’s planned cities; it has seen tremendous growth in real estate over the past few years. While the main city is saturated, there is a lot of development in places like Mohali, Panchkula and Zirakpur. Rising sectors like IT, pharmaceuticals and auto parts have further contributed to its economy. A survey by BBC ranked it as one of the best cities of the world. Here are some more details…

Connectivity

The city is extremely well connected by road, rail and air. There are trains to major cities like Mumbai, Delhi, Kolkata, Indore, Trivandrum, Lucknow etc. Chandigarh’s domestic airport is one of the best in the country. The new eco-friendly terminal was inaugurated by PM Narendra Modi in September 2015. The Chandigarh metro is expected to start by 2018. There are bus services to major cities of North India. Chandigarh boasts of some great roads. It is connected by NH 21 and 22 to Shimla, Kalka and Leh.

Education and medical services

The city attracts students from various parts of Punjab with its variety of educational institutions. Panjab University, which is one of the largest and most reputed institutes in North India, is located here. The Postgraduate Institute of Medical Education and Research (PGIMER), DAV College, Government Medical College and Hospital rank as the best institutes in the city. There are government polytechnics, homeopathy and Ayurveda colleges along with state-run schools. The famous hospitals are Mukat Hospital & Heart Institute, Ivy Healthcare, Alchemist and Inscol Tertiary Care Hospital.

Lifestyle

The residents of Chandigarh enjoy a healthy lifestyle with access to the best in terms of shopping, dining or entertainment. Elate Mall and North Country Mall are some of the top malls here. One of the city’s biggest attractions is the Mohali Cricket Stadium, which hosts international matches regularly. It also has a sprawling golf club. Le Corbusier Centre and Government Museum and Art Gallery are some of the cultural centres. It has a number of gardens like the Rock Garden, Zakir Hussain Rose Garden etc.

Realty trends

The year 2015 saw a price correction in the Chandigarh market. However, the market stayed active due to end-users, who wanted to buy a new home or shift to a bigger home. Some of the areas that saw increased buyer interest were Kharar-Landran Road, Panchkula Extension, Ghazipur and Dhakoli. Dera Bassi and Zirakpur-Kalka Highway were two spots where rates dropped by 20% or more. Property prices in Ajitgarh (Mohali) also came down, while Panchkula saw a slight appreciation. The maximum demand was for homes in the price bracket of Rs 30 to 50 lakh. Sectors 94, 115, 116 on Kharar-Landran road, in Mohali, are in great demand as they are well- developed. Some of the top developers operating in the city are Omaxe, IREO and DLF. Omaxe and DLF have two uber-luxury projects in New Chandigarh. Hyde Park by DLF is one of the best in the city. There is a huge affordable housing project being planned for economically weaker sections in Greater Mohali in SAS Nagar.

Best places to buy

Panchkula

It is close to the Chandigarh railway station and has all the basic amenities. Moreover, the government has eased legalities, making buying a lot easier. Parsvanath’s project Royale is in Panchkula. There are many villas available for sale as well. One can find apartment type projects in sectors 20 and 25. A 3BHK here can cost anywhere from Rs 75 lakh to 1 crore, for approx. 1,500 sq ft of space.

Mohali

The development of IT firms near Mohali has made it a great place to buy or invest in. It has excellent infrastructure as well. However, it is seeing over supply, which has led to a correction in price. Some of the best spots to buy in Mohali are Kharar, Sector 66, 110, 115 and Sunny Enclave. Sector 70, is the most expensive, with rates over Rs 5,000 per sq ft. Properties in Kharar-Landran are priced from Rs 2,000 to 3,500 per sq ft.

Mullanpur

It is close to the proposed Mohali and Anandpur Sahib Expressway. Though the infrastructure is below par at present; people are looking at it from a futuristic point of view. The rates are from Rs 3,500 to 4,000 per sq ft.

What ails the market?

According to some, the poor government policies have also affected the realty market. Raj Kumar, proprietor of Raj Estate, said, “The real estate market in Mohali and Chandigarh is not faring well, at present. It has 80% end users and 20% investors. I feel the state government is responsible for this stagnancy. They are not creating more business opportunities. We want a new government which will formulate real estate developer-friendly policies. People are scared to invest in real estate market. They allot only Rs 20 to 40 lakh for purchasing property, especially for investments.”

According to builders, the government control over the industrial and transport sector has impacted the realty sector in a negative way. One of the key issues is monopoly. Kumar added, “They are not allowing new people to enter. In Ludhiana, the smaller industries are shutting down. Unemployment has increased due to the wrong policies of the present government. This is affecting the real estate sector.”

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