Chandigarh’s real estate market is witnessing positive trends during the past year with residential values noting an average appreciation of 10% across the city. There has been tremendous growth in the city’s suburban localities such as Panchkula, Mohali, Zirakhpur and Dera Bassi in terms of upcoming projects, growing demand and appreciating values.
There are very few new projects coming up in the central business district areas of the city. Chandigarh has reached a saturation point in terms of prevailing prices and land availability for new developments. “Housing options within the city are too expensive for the common man due to limited supply. Hence, the demand has shifted to the outskirts of the city where developers are able to provide affordable options,” says local realtor Anil Saini.
Upcoming residential projects in Chandigarh are more concentrated in the affordable segment than the premium ones. New projects being launched within the price range of Rs 20-40 lakh are witnessing good number of transactions, as mentioned by Saini. Few of the active developers who have launched affordable projects are Ansal API, Omaxe Ltd, Ind-Swift Land Ltd, DLF Ltd and Pearls Infrastructure Projects Ltd in localities such as Dera Bassi, Zirakhpur, Shimla Highway, Kasauli Road, Panchkula and Kharar-Landran Road.
Apartment projects within a higher price range of Rs 50-200 lakh by Uppal Housing, Ansal API, Parsvnath Developers Ltd offer 3 and 4 BHK apartments with all the luxury features located at Manimajra, Kharar-Landran Road, Panchkula, Silicon Hub and Zirkpur.
Suburbs have developed because of overcrowding within the city. However, Anuj P Singh of Pearl Group said that provision of adequate infrastructure to support the residential development is still a concern. He further added that these localities have witnessed 30-50% appreciation in the past couple of years and are expected to grow further once the government provides adequate infrastructural facilities such as sewage, roads, water and other civic amenities.
Source: MagicBricks.com Bureau