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Increasing demand for residential real estate in Chandigarh

Increasing demand for residential real estate in Chandigarh

 

Chandigarh in north India is the capital of the states of Punjab and Haryana. While traditionally considered to be a tier II city, in recent times Chandigarh has become a hot destination for the IT and ITES sectors, with many companies setting up their base in this city. The city’s reputation as an upcoming IT hub was further cemented with the establishment of the IT Park at Mohali, the prestigious Chandigarh Technology Park (CTP) at Manimajra and the Rajiv Gandhi Technology Park that houses many companies like Infosys, Net Solutions, IBM Daksh and FCS Software Solutions Ltd.

Additionally the Punjab government has given the green signal for the metro rail covering Chandigarh, Panchkula and Mohali. This will greatly improve connectivity in the city.

While the past few months have seen a stagnation in the realty market in Chandigarh, the multi-fold infrastructural developments, planned localities and upcoming IT parks are today driving property values with a special demand for plots in Chandigarh.

For those looking to invest in apartments in Chandigarh, the areas of Mohali, Greater Mohali and Zirakpur which are close to IT industries have seen a great demand for flats from professionals flowing in from these cities. These flats are mostly concentrated in the affordable segment than the premium ones. New projects being launched are within the price range of INR 2100 – 4000 per sq. ft. Few of the ongoing projects in this segment include Nirvana Greens, Tuscan Residency, Sandwoods Opulencia, and D homes among many others.

Independent homes and luxury villas are the other growing segments in the residential market in Chandigarh, with many luxury homes veering above the one crore mark. These luxury villas in Chandigarh located in the newly developed New Chandigarh residential suburb (Mulanpur), on the outskirts of the city can be easily compared to the best luxury homes in any other tier I city in the country. They offer prospective homeowners a host of ultra modern facilities like landscaped gardens, round the clock security, power back-up, club houses etc. Mulberry villas by Omaxe, and Ireo Hamlet are some of the prominent luxury projects in Chandigarh. Another project that is receiving a lot of consumer interest is the Hyde Park Estate by DLF – Chandigarh’s first residential development and self-contained luxury township that is spread over 200 acres.

In addition to this, many more constructions are coming up in different areas of the city. Riding high on the upcoming infrastructural developments and with an increasing demand from IT professionals in the city, the residential property market of Chandigarh is only expected to grow in the future.

Lakshmi Datta Arun for IndiaProperty.com