Chandigarh Real Estate Recovering from Slowdown

Despite the news of property slump, the Chandigarh property market is still buoyant with activity. Property brokers and builders say that the number of transactions has come down but the market is still abuzz with property inquiry. They say that the condition of real estate segment in Chandigarh can be best describes as ‘stagnant’ and not ‘in a slump’.

Harshal Saparia from Maya Estatz, a property broker in Chandigarh, says that people are now inquiring about suburban areas and bordering areas instead of city centers. "The capital value for apartment in city centre is about Rs 2,800-5,500 per sq ft. This is far too much when compared to bordering areas where the comparable capital value for residential property ranges between Rs 1,500-3,000 per sq ft," informs Saparia.

Changed paradigm for property purchase

Property buyers are now interested in buying property in areas like Baltana, Kharar, Mohali, Greater Mohali, Mani Majra. However, most property buyers want to buy property for investment purpose. These areas are still semi-urban in terms of infrastructure. Hence the civic amenities are not very good. However, going forward these areas will host better lifestyle features. The government has lined up a number of transport and infrastructure projects for the region. Then many property seekers will flock to this area in search of property. Property buying and selling activity will spruce up. Then, investors will be able to reap in good returns on investment for their property.

More investments pouring in

Meanwhile, many new property projects have been lined up for Chandigarh and neighboring areas. The Uppal group has tied up with hotel chain Marriot to develop and manage a five star hotel in Chandigarh. This joint venture will build a hotel in Gurgaon too and these projects will cost Rs 500 crore.

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