May 29, 2024


Mad about real estate

Chandigarh property rates reach new heights

Being the state capital of Punjab and Haryana, Chandigarh is a crucial area for expatriates, diplomats and the hub of NRI’s. This is one of the few well planned cities in India and thus constructions here are at par with environmental norms. Hence, apt care has been taken to ensure that pollution and unhygienic living conditions are not made a part of the city. Most of the construction in this city is governed by strict government norms. However there has been a recent change in their construction norms and new developers are providing condominiums and apartments in many new areas of the city. The growing population rate in the city has led to the demand for taller buildings and apartments.

Many more new constructions are coming up in different areas of the city and these are extending to Mohali and Chandigarh-Patiala highway. Apart from the growing bungalows and penthouse constructions, one can also see a growth in plush apartments. All condominiums here are made keeping environmental norms in mind and hence the city has lush green surroundings. One can easily find economical interest rates and EMI options for buying flats and homes here.

This has been done to cater to the demand of the white collared and blue collared workers. Constructions are made in accordance with modern lifestyle standards. Thus one can find many amenities like swimming pools, community halls, etc. in the new constructions in Chandigarh. The properties here have witnessed tremendous growth, even though restrictions on constructions had existed here. Real estate developers here have found new means for trying to expand the property sector. Construction of modern condominiums and apartments, along with expansion in the suburbs has been seen.

Demands for properties in Chandigarh are high and many potential buyers are given reduced rates. The surge in demands and growth of both commercial and residential properties in Chandigarh has led to the boom of this industry. Plenty of condominiums are now being constructed here, which are in accordance with modern lifestyle standards. With the emergence of multinational companies and continuously expanding governmental sectors, this had also forced a lot of small developers to shift to other sectors.

Benchmark for rentals had risen here with most rentals going up by 100 percent in the past one year. Sector 8 and the other commercial sectors are also seeing this tremendous growth. The property market in Chandigarh has been emerging in the periphery with land registration deeds reaching an all-time high. Though slumps have gone and come here, Chandigarh is continuously reaching new heights in terms of property expansion, rise in prices and other related factors.

Chandigarh property market is only expected to grow further, with more demands for property in northern India. Also the city is a new hub for many IT sectors and this industry is expected to grow further. With multinational companies setting up their bases here prices for both commercial and residential Chandigarh property are only expected to reach new heights.