Properties in Chandigarh: Top Residential Destinations

Ranking number 1 in emerging outsourcing and IT destinations, Chandigarh has definitely come out of age. A fully-planned city of India, it is home to several small, medium, and large scale industries. Regarding its real estate market, the city has been thriving largely on its burgeoning IT and tech sectors. Chandigarh IT Park has been the major booster for roping in more buyers and investors. Its areas like Zirakpur, Mohali, and Panchkula have proved to be carrying good potential for realty development. Let's have a look at top Chandigarh destinations that have been in the radar of buyers from quiet sometime now.

Ambala Highway: One of the high-growth ares for Chandigarh properties, the 4-lane Ambala Highway is known for huge traffic density that it carries on regular basis. The property rates aren't too high here. A 2 BHK flat is available at a price as low as 20 lakh.

Dera Bassi: It has got the strategic advantage of being located on Delhi-Chandigarh Highway. Dera Bassi is known for a number of educational projects. Residential sales has been on the upper side and this has made it an important hub of Chandigarh properties. Renowned builders have forayed here and launched their projects. To buy a two room flat in Dera Bassi, you need to shell out at least 15-17 lakhs.

Ziarkpur: Another important location that carries the tag of being an important center for properties in Chandigarh is Zirakpur.  The area has seen proliferation of luxury residences. Some big builders have launched their projects here. Proximity to Chandigarh's IT Park has rendered it a significant residential destination. Over past few years, the prices at Zirakpur have been on the upswing. The average price for a 2 BHK here is 20 lakh.

Mohali: Considered an upmarket, Mohali is a significant residential and commercial hub for buyers of property Chandigarh. Infosys, the IT giant, and Quark, the tech giant have successfully roped in buyers as well as investors.

Kharar: Located at about 15 km from Chandigarh, Kharar is an upcoming market. Greater Mohali Development Authority has taken plans for its full-fledged development. To buy a two-room apartments in Kharar, the prices begin somewhere near 15 lakh.

In the first quarter of 2014, Dera Bassi and Mohali underwent 21% and 3 % price appreciation respectively. Contrastingly, rates went down by 3% in Mohali. The prices remained almost stagnant in Kharar. Chandigarh, on the whole, witnessed a drop of 8% in price rates in the corresponding period.

Buying a Property in Chandigarh: Why you should go for it?

Chandigarh Property at Makaan.com

Chandigarh, the Union Territory, stands high on the real estate charts, most of the factors being in its favor. Ranking second highest in terms of per capita income, the city easily attracts people to invest in property here. In spite of not being exactly a metropolitan, the buying trends have shown positive results. Let's see what makes the city a lucrative option for property buyers.

Though the city has many rural and under-developed areas like Butela and Attawa, investment in property could be a nice option, the reason being that these localities have recently been incorporated into the jurisdiction of municipality, thus raising the living standard here . Buying a property in Chandigarh can give a leverage to you as the city's quality living standards and  relatively low levels of pollution.

The other factors that go in a buyer's favor while buying Chandigarh property include well-planned infrastructure, easy accessibility via roads, and upcoming projects that intend to bring tech parks, airports, hotels into being in the coming years. A few hotels have been planned to come up in places like Panchkula, thus adding to much desired amenities by a person living in Delhi, Haryana, Gurgaon and planning to relocate to the city.

The real estate scenario in Chandigarh over the last one year saw a marked shifting, with the price per square feet having grown by 8.84%. This upward surge is an indication that buyers as well as developers have shown interest in the city. In places like Mullanpur, the buyers can seem interested in investment in properties in Chandigarh. The proposed construction of an expressway and the proximity of the area to hospitals and educational institutes makes the condition all the more favorable.

Having a well-planned design of roads and houses, being carved by the intellects like Le Corbusier, Chandigarh real estate continues to tread a positive trend. Buying a plot here rather than a flat or apartment is more preferable: local residents find it more profitable to do buy a plot first and then construct the house as per their needs. The residents are more likely to have spacious house, so buying a plot first as a property in Chandigarh seems better to them. With the presence of  Rajiv Gandhi Chandigarh Technology park in Zirakpur, the number of companies that have come into being has increased manifold. Thousands of people work here, thus making Zirkapur a preffered location for buying a flat here.

In the nutshell, we can say that the ball is city's court as far as real estate is concerned. To buy properties in Chandigarh, surf a few real estate sites and search for the type of property you have been looking for. At Makaan.com, India's fastest growing property website, you can find residential and commercial complexes available for buying and hiring for rent.