Business

Hot Property: Chandigarh City, Big Business

By : Robin	Previous \| Next
Posted on : 14 Feb, 2007	Total Views : 547

CHANDIGARH: A dozen property deals are clinched every day in the city and about 3,500 in a year as per Estate Office records. These, however, do not include the registries taking place in Panchkula and Mohali.

Sources in the Estate Office say at least 10-12 registries take place daily including buying of land, flats, houses and commercial establishments.

Of all the deals, the maximum are of flats being bought and sold,three-bedroom flats followed by two-bedroom ones say property consultants in the city. Among commercial establishments, booths are the most sought after.

This boom in property has also attracted those in other trades to the business, which is why in a city as small as Chandigarh over 300 real estate agents are working overtime.

The most obvious reason for this property boom is that the city has become a sought after place for IT professionals who have fuelled the rise in property values in the city.

Also big land developers and builders like Uppals, DLF, Talwar etc have spread out in to the city. The successful auctions in Chandigarh over the last three years have also contributed to the booming property prices.

There has been a whopping 50-100 per cent rise in prices, taking the reserve price as the base. Home loans with single digit rates of interest have also contributed to the price rise.

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