The Evergreen Property Market of Chandigarh
Author: Sukhpreet Kaur Sawhney
Category: Real Estate
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Termed as the country's first planned city, Chandigarh is fast booming in the real estate sector India. One of the most prominent factors contributing to the real estate growth in Chandigarh is the NRI investments pouring in the city. There are a large number of well-heeled Punjabi NRIs who are pumping huge funds into Chandigarh property market.
Considering this, all the major real estate builders are largely launching premium residential projects in the city. The neighbourhood area of the city is also gaining popularity among the investor as well as the developer segments. 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.
Though the city and the neighbouring areas still lack infrastructure and other facilities, buyers from different parts of country are still buying property here. Investments are being made foreseeing the lucrative returns these properties will offer.
Other main advantage of investing in Chandigarh real estate is low investment as compared with the metros, yet the city offers an equivalent amount of rental returns, in case the buyer wishes to rent out the property. Property Prices in Chandigarh are cheaper than the metros but an average 2 BHK can be rented out for Rs 5,000-8,000 per month.
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.
With property market shaking in almost all the parts of the country Chandigarh still offers opportunities to investors and end-users by way of varied residential and commercial realty projects. Also, government of Chandigarh is bringing down the stamp duty charges in the city with a view to encourage more investments and property transactions in the real estate segment. The move will also help in preventing cover up of market value of the property, as per industry experts.
Investment in Chandigarh
As the local economy of Chandigarh is growing at a sustained pace, we can easily imagine the state of Chandigarh properties. Almost all the segments of real estate i.e. residential, retail, and commercial, are witnessing positive notions. Dozens of property deals are closed every week in the city.
In buyers' point of view, it is mostly the investors who want to take the advantage of boom in Chandigarh properties. So it can be said that Chandigarh real estate is largely an investor driven market, and the segment is far more active than the end-user segment.
The city's decent connectivity, low operational costs, and sufficient availability of land are some of the factors that make the properties in Chandigarh an attractive investment instrument.
In recent times, there have been many real estate developments and investments in Chandigarh that took place on in the suburban areas like Panchkula, Mohali, Zirakpur, and Dera Bassi.
The biggest and the most prominent real estate developers of India like Ansals, DLF, and Unitech etc have their project plans for Chandigarh real estate.
Recent developments in Chandigarh's property segment are worth considering. Delhi-based developer, Parsvnath has bought 38% stake in Mr. Sabeer Bhatia's Nano City Project. Nano City is a commercial and residential project in Chandigarh and will be completed by 2010. As per market resources, Mr. Bhatia is already scouting IT clients to open offices in his Nano City. This development in the city will bring more employment, and thus many more property users and home seekers to Chandigarh.
But right now, one will have to wait and watch. It is anticipated that property market will be buoyant in some months. This may be a respite for those investors who have put their money in properties at Chandigarh.
Chandigarh attracts NRI buyers:
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.
Some projects aiming towards NRI segment are:
Parsvnath's Prideasia, Omaxs Greens Royal Residency.
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Keywords: Real Estate, Property, Real Estate India, property broker, real estate brokerage, Appartments, Apartments, House, Buy House, Property Investment, Real Estate for Sale, Buying Home, Flat, Apartments, Residential, Commercial, Realestate, Homes, Villas, Bunglows, Property India, Developer, Builder
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Date Submitted: 9/15/2008
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