Property in Chandigarh has become a coveted investment option in sectors with good infrastructure. There is practically no free ground in premium sectors like Sector 5, Sector 7, Sector 21 and Madhya Marg. These sectors are home to major government offices, central business districts, and premium residential and shopping destinations.
Most of the land has already been used for construction and other real estate development. Residential property here costs Rs 3,200-4,500 per square foot. Rents are as high as Rs 10,000-12,000 for a 3BHK (1350 sqft flat area) and this is comparable to some areas of Delhi and Gurgaon.
After Chandigarh, it is becoming more and more difficult to find land in Mohali and Panchkula. Nearby areas like Zirakpur, Baltana, Dhakoli, Dera Bassi and Mani Majra are in high demand now. Land prices here are almost half of those in Delhi and therefore people flock to these new and upcoming areas for investment purposes. Non-resident investors (NRIs) are also betting big in these areas. They are investing their money in upcoming properties in Chandigarh and foresee good returns in the coming times.
People here are converting their traditional kothis into individual apartments, 2BHK and 3BHK apartments for subletting. In addition, the ground floor flats are being redeveloped into shops, stalls and outlets. These measures are helping people to accommodate their real estate demands from the existing infrastructure.
This condition also extends to nearby Panchkula. Panchkula is the center of wealth in Haryana. The ministers, their relatives and the Harayana people own apartments and bungalows in Panchkula. It is extremely difficult to find a flat or plot there. Current land prices are Rs 2,200-Rs 2,500 per square foot. An average 3BHK residential property can be rented for Rs 8,000-10,000. The plots have a premium value of Rs 37,000 per square meter. yard.