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Touted as India’s first planned city, Chandigarh is fast flourishing in the real estate sector of the country. One of the major factors contributing to the real estate growth in Chandigarh is the NRI investments pouring in the city. A large number of well-heeled Punjabi NRIs are pumping huge funds into Chandigarh property market.
Considering this, all the renowned real estate builders are largely launching premium residential projects in the city. Besides, it’s not only Chandigarh but also the nearby areas of the capital city are gaining popularity among the investor as well as the developer segments. In view of all the commercial developments taking place in Chandigarh the residential real estate of the city is also booming. Amidst the city’s ongoing industrial revival, the residential property market in Chandigarh is growing more swiftly.
Despite the lack of infrastructure and other facilities in the upcoming areas of Chandigarh, buyers from different parts of country are buying property here. Mainly, investments are made foreseeing the lucrative returns these properties will offer.
An additional advantage of investing in Chandigarh real estate is low investment when compared with the metros, yet an equivalent amount of rental returns, in case the buyer wishes to rent out the property. Chandigarh Property Prices are cheaper than the metros but an average 2 BHK can be rented out for Rs 5,000-8,000 per month.
Chandigarh is considered to be the place-to-be-in by most IT companies. Many IT firms have opened their offices in the city with a view to expand their horizons. The list includes the name of some IT biggies such as IBM, Dell, Cognizant, Mphasis and Satyam.
With property market stabilizing in almost all the parts of the country Chandigarh still offers opportunities to investors and end-users by way of varied realty projects. Moreover, 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, say industry experts.
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