Chandigarh: Real Estate Market Overview
The city of Chandi, Chandigarh is famous for its architecture and urban design. It is the first planned city in India. It is located near the foothills of the Shivalik range of the Himalayas in northwest India, which covers an area of approximately 114 sq km on the borders of Haryana and Punjab. It is a futuristic city with unique architecture, known for the Rock Garden, beautiful roads (wide tree line roads) and its citizens. The city is surrounded by forests which sustains many flora and fauna. The most amazing quality of the city’s landscaping is the tree plantation along avenues, open spaces, green belts and around building complex. Rajiv Gandhi Chandigarh Technology Park Phase-I, a special economic zone, has put Chandigarh on the international business scene, with IT companies like Infosys, Net-Solutions, Virsa, Taurusagile and IBM setting up shop there in the first year.
Connectivity
Domestic Airport connects Chandigarh to other major cities in India, and a new international terminal is being constructed will enable connectivity with the world. The Railway Network is a part of the Northern Railway zone of the Indian Railway network, and it links the city to major regions in the country. It is well connected by roads by buses operated from the Inter State Bus Terminals that are located in sectors 17 and 43 of the city. Chandigarh’s metro rail project is set to be completed by 2018, but the city does not independently qualify for a Metro for which a minimum population of 20 lakh has been recently mandated by the central government (earlier the minimum requirement was a population of 40 lakh).
|
Project/Locality |
Area |
Completion Date |
Conclusion |
|
Chandigarh Metro Phase-I |
Jan Marg, Mohali, Panchkula, Sarangpur, Mullanpur |
2018 |
|
Master Plan of Chandigarh
The master plan of Chandigarh is analogous to human body designed by Le Corbusier in which he defined head as the Capital-sector 1, heart as the city center- sector 17, lungs as the leisure valley, and so on. The basic concepts of the city are living, working, care of the body and spirit and circulation. The living part is dominated by residential sectors like capitol complex, City Centre, educational zone (Post Graduate Institute, Punjab Engineering College, Punjab University). Gardens,The Leisure Valley and Open Courtyards represents the care of the body and spirit.
Real estate overview of Residential Sector
The high per capita income in the region (Chandigarh city, Mohali and Panchkula) results in higher investment potential, thus the real estate prices are expected to continue on an upward trajectory. Local population will prefer to invest in plots rather than flats. The new investment destination for buyers in Chandigarh is Mullanpur, according to builders it is the New Chandigarh. Rs. 20,000 – 35,000 per sq. yd. is the selling price for plots in the region, whereas plots in the adjacent location called Kansal, the plots selling price is Rs. 50,000 per sq. yd. Along the Ambala expressway which connects Chandigarh to Delhi, Zirakpur has become a new development hub for residential apartments.
Compared to benchmark cities like Delhi, Mumbai and Hyderabad, it has a low percentage of the total population dwelling in slum areas. This reflects a development of the real estate and housing markets in Chandigarh through public as well as private projects.
Future Developments: Following projects will impact the infrastructural developments of the city and hence will impact the real estate as well.
- Jawaharlal Nehru Chandigarh Education City: Chandigarh Administration plans to set up a multi institutional Education City at Sarangpur institutional area, Chandigarh, for which 16 sites, measuring 6 acres each on long lease have been set aside. A total area of 130 acres has been made available for the Education City, by the Administration. Chandigarh Administration would also provide common facilities through the Chandigarh Housing Board.
- Modern Terminal Market: The Modern Terminal Market (MTM) project endeavors to integrate farm production with buyers by offering multiple choices to farmers for sale of produce such as electronic auctioning and facility for direct sale to exporter, processor and retail chain network under a single roof.
- State Level Energy Park: Chandigarh Energy Park is an initiative of Department of Science and Technology, Chandigarh Administration for increasing the awareness about the use of renewable energy. The Park is being set up at Botanical Garden, Village Sarangpur with financial assistance from Ministry of New and Renewable Energy, Government of India.
- Entrepreneur Development Centre: The Entrepreneur Development Centre (EDC) is a place that is conceived by the Chandigarh Administration in the prospering Rajiv Gandhi Chandigarh Technology Park (RGCTP) to enhance the export of the software export from Chandigarh and to assist young professionals in setting up their entrepreneurship by providing shell space or space with plug n play facilities in a state of the art environment friendly and an intelligent building.
