IT and ITES have played a critical role in the development of real estate in Chandigarh. Rated as the most prosperous state by real estate experts based on current trends, a large disposable income among the city's residents has prompted builders to draft commercial, retail and residential spaces in the city.

Stretching the Chandigarh real estate story to Mohali, Zirakpur, Dera Bassi and Panchkula, in particular, these cities have attracted entrepreneurs, resulting in an ever-deepening ring of industries all around the city.

According to Cushman and Wakefield, Chandigarh shares the platform with Mysore and Kolkata for a large share of commercial property development in the country in the next couple of years. As the IT industry expands, the demand for commercial space will only grow. Enjoying the highest per capita income in the country at Rs.67, 350, the retail business has great potential for expansion and hectic construction activity by real estate developers is taking place. Hotel projects and malls are on the anvil by most prominent builders.

Prominent builders from the NCR have set up base in Chandigarh and its fringe towns with mega projects and are confident of reaping fast returns. Omaxe, Ansals, DLF, Realtech, Parsvnath, Chadhas, Jaipurias and ATS have a mix of residential townships, commercial spaces, retail malls, hotels and IT park projects in various stages of construction in Chandigarh and its suburbs. DLF is offering 1.5 lakh sq ft of built up non IT space for commercial use, while four acres has been allocated for the hospitality sector.

Leading real estate developer Parsvnath has been awarded the Chandigarh film city project at a cost of Rs. 191 crore. The bid is for a 99-year lease on a 30 acre site in Sarangpur.

The DLF IT Park in Chandigarh on 7 lakh sq. ft area is fully operational, to be integrated with a retail arcade, entertainment centre, food court, banks and a health centre.

Appreciation

Chandigarh has all the ingredients for a perfect investment. A supportive government, an affluent and upwardly-mobile populace, abundant land, excellent infrastructure, a clean, non-polluting environment, and of course, the thriving IT industry, are all working in tandem to create one of the most modern cities of North India. Chandigarh has long been the favourite city for Punjabi NRIs for investment and continues to be so.

The demand and supply of residential units has reached equilibrium in Chandigarh and land rates have stabilized at Rs. 36,450 to Rs.64, 800 per sq. yard within the city limits. In Dera Bassi, flats are available between Rs. 1,350 to Rs.1,800 per sq. ft.

Mohali commands Rs. 2025 to Rs. 2700 per sq. ft., and for plots, the prevailing rates are between Rs. 8100 to 10,800 per sq. ft. In Zirakpur, residential apartments range between Rs. 1418 to Rs. 1890 per sq. ft., and plots are available at Rs. 10935 to Rs. 14580 per sq. yard.

The sustained demand from professionals employed in the BPO and IT companies is a genuine end-user one. With land rates more affordable in fringe towns of Baddi, Panchkula, Dera Bassi, and Zirakpur where builders have sophisticated townships under development, investment could prove lucrative once these projects are completed

For the quality of life the city offers, investment in Chandigarh real estate is a safe bet. A sustained demand from investors, both domestic and overseas, has, and will continue to, generate handsome gains on investments.

NRI Real Estate Trends

Penthouses in Chandigarh which meet international standards are the choice of MNC executives and NRIs, which could cost up to Rs 75 lakh. These luxury homes could feature anything from a rooftop swimming pool to a personal gym with daily conveniences within the residential complex.

Panchkula and Zirakapur in the south, Mohali to the west and Baddi are the hotspots for real estate developers. Integrated projects on townships upto 200 acres are being designed in these new towns to meet international standards.

These new townships offer a pollution-free, fully serviced environment and are good purchases, either for personal use or investment. Independent plots are available for building customized homes, with the added advantage of facilities within the township.

Among the new residential developments NRIs can look at, Ansal API's Orchard County on Kharar-Landran Road, with a vast green belt and water park provides an interesting option. Construction of aesthetically designed homes is on at Silver City on NH 22, and Omaxe, Sahara, Motia Constructions and Maethosho have designer homes coming up in Zirakpur, Dera Bassi and Baddi.

In Mohali, major national and international players - MGF Emaar and TDI among others are developing residential societies spread over 100 acres each.

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