Indian Real Estate: Chandigarh – Peripheral Investments

Real Estate Giants Inject Rs. 2,200 Crore in Tri-City
After Mumbai and Bangalore, it is the turn of Chandigarh and its
peripheral areas to become the most sought after destination for
integrated townships. From all over the country, real estate giants i.e. DLF, PACL, Ansal, Janta, Unitech, Omex, Eldeco and numerous others are flooding the area vying to construct quality residential complexes to the tune of Rs. 2,200-crore.

Property markets in the area, spurred by IT growth and a shortage of real estate are some of the hottest in the market, but it is expected increasing availability of residential and commercial property is bound to bring real estate price down as colonisers and others pour in. Already, many of the housing projects have gained the Punjab Government’s clearance while others are slated to get it soon.

The growing demand for high-quality entertainment and leisure facilities has prompted several builders in Zirakpur, Mohali and Mullanpur Garibdas to plan multiplexes in the area, and the government has reserved 1,431-acres of Mohali land for commercial use. Mohali, located on the Chandigarh-Samrala-Ludhiana road has most of the proposed projects within its grid framework, and a railway station on the Kambala railway line is scheduled to come up in the near future.

The next destination of choice for housing developers is the
Zirakpur-Patiala road, also a hot spot for investors due to its
strategic location and direct linkage with Chandigarh, Ludhiana, Ropar, Patiala, Ambala, Ropar and Simla. Fast emerging as an important tourist centre and the electronic city of Punjab, with a number of MNCs setting base here, it is important residential requirements of people be met. High prices and low availability of real estate in the tri-city and peripheral areas made it difficult to buy property in the area, but availability of 10,000 housing units is likely to bring them down.

To suit the pocket of buyers, both plots and flats are on offer, and already, 29,000-acres of land in Sector 107, 30,000-acres for group housing, and 10,200-acres for housing plots in the Mohali sectoral grid have been ear-marked for the same. Apart, from housing projects with an investment of Rs. 100-crore, there are smaller ones of less than 10-acres that have been cleared by the town planners, and could well be a better option.

The government too has set aside Rs. 32.24-crore for augmenting city infrastructure, widening and strengthening roads, besides setting up canal water and sewerage treatment facilities.

All those who wish to settle in the region, are likely to see these new townships bring down property prices within reach of the common man. Only a matter of time, quality housing will be available for those willing and with the pocket to buy.

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Bernice E. Middleton

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