What Prevents Real Estate in Chandigarh from Becoming a Big Name?

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Ever wondered why Chandigarh is not  still the bigwig of real estate, given that it has well-developed infrastructure and all the prerequisites that are necessary for competing with top players like Delhi, Mumbai, or Gurgaon? The city was predicted to tread the same path as these metros have covered, but it failed to do so. Let's have a peep into the issue.

The real estate in Chandigarh saw a few IT giants foray to the city, by setting up their centers, Still, Indian population carries the tendency to go for other hotshots of software like Bangalore, Chennai, and Hyderabad. The reason for this is very clear. The software companies that have opened their branches in the city continue to operate from their well-established bases in South. As a result, Chandigarh could never really get the impetus that could bring it among the forerunners of the IT industry in India.

The city, being a tier II, faces stiff competition from the tier I cities, as far as growth of corporate sectors is concerned. The real estate Chandigarh ranks much below in terms of corporate culture. The job opportunities, therefore, are very not high. And the local people continue to thrive on small-scale industries for seeking employment. Those who want white-collared jobs, have to move out of the city. Low number of jobs does not let the inquiries for residential and commercial spaces to rise to any substantial level.

One of the other reasons that may be held responsible for lack of interest of investors in the city is the non-competitive prices. The realty rates in the city continue to remain low. Though his trend is favorable for end-users, from investors' point of view, Chandigarh is not an option where one can expect high ROI(Return on Investment). Big developers and builders, seeing the dismal demand, hesitate from venturing into the city. To know more about properties in Chandigarh view at Makaan.com

Hot Localities to find a Property in Chandigarh

Chandigarh Property at Makaan.com

With contaminated air taking a toll of health, over-congested roads getting on your nerves, and not an inch spared to move about freely, living in metropolitan cities like Delhi/NCR is more of a problem than a luxury. So, people have started looking for other options: Chandigarh, with its fresh air and serene climate, is one of the cities that people are now considering as their investment destinations. Buying a Chandigarh property incan be both lucrative as well as affordable. Let's see why.

The property rates are lower here, much below than that in Delhi, Gurgaon, or Noida. This makes buying a house or villa affordable in terms of prices. Invest on low rates and expect good returns a few years after. In fact, the recent hike in demand has already led to the escalation of prices. If this continues, real estate Chandigarh shall be seen as a lucrative market, both for developers and end-users. With prominent names like DLF and Omaxe gaining good footing here, the buyers can expect houses with the same facilities as that available in a world-class project. Still, the infrastructure is not up to the mark in many localities.

Let's have a look over Zirakpur, the satellite town located in the Shivalik foothils. As far as real estate Chandigarh is concerned, Zirakpur stands out among other cities: decent infrastructure, availability of luxury houses, and low cost of operation make it a city worth trying for, though most part of it is now already occupied. The price rate in the April-June, 2013 stood at an average rate of Rs. 3011/ sq. feet.

Buying an apartment at VIP Road gives you good connectivity with important commercial centers. The property price in the current quarter is Rs. 3028/-, relatively higher than what you find at places like Dera Bassi, Ambala Highway, and Patiala Road.

Panchkula, another satellite city, reflects an entirely different scenario. The rates are quiet high here; buying a flat here could cost you anywhere between 40 lakhs  to one crore, and even more. It is one of those Chandigarh properties that are out of the gamut of a common man. With an average rate of Rs. 5893/ sq. ft., it is not possible to look out for affordability, specially within sector 20. The other thing to note is that the prices here can increase drastically even within a few days.

Makaan.com is a Indian real estate portal that showcases properties from top-class builders and land owners. Here, buyers can look out for flats, plots, bungalows, office spaces, shops, and warehouses that come in different price ranges and types.