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Rising Real Estate Prices In Chandigarh India

By : Robin Talwar	Previous \| Next
Posted on : 16 Mar, 2007	Total Views : 307

Rising Real Estate Prices in Chandigarh India

Chandigarh (India)is Beautiful city of the World. The name Chandigarh was derived from the famous temple called 'Chandi Mandir'. 'Chandi' is the Goddess of Power and 'Mandir' means temple. 'Garh' or fort beyond the temple, the beautiful city 'Chandigarh' name was derived.

Chandigarh is the capital of two states i.e Punjab and Haryana. After independence, India had invited the great architect, Le Corbusier to design the new capital of Punjab, as the earlier capital Lahore had gone to the Pakistan after partition. But, the city does not belong to any of the two states. Now, it is a UT (Union Territory) which means city is administered by the Government of India.

The structure of Chandigarh is divided into sectors or blocks of houses. Each sector has its separate shopping center and well planned parking system. The city is well known for its lush green gardens, parks, well-constructed roads. There are no. of , picnic spots, places to visit and enjoy like Rock Garden, Rose Garden, Sukhna Lake, Museums, Art Galleries and many more.

Chandigarh is the India's fastest growing city in the Northern India. The transport and communication facilities in the city are good and effective. The sectors are connected by means of planned transport system and well-constructed roads.

As we all have a brief introduction of the city, Now a question comes in our mind that if one city provides these facilities then what would be its land or real estate prices?. Do you know, these prices are now rising very fast. Why these prices are rising?, What are the reasons behind these risings?, How long will they rise?, What would be the real estate prices in the coming years?. Following are the points that give answers to all these questions:

1) Why real estate prices are not affordable by most of the people? In Chandigarh, there is every class of buyers like big landlords, industrialists, NRI's, traders, well settled doctors and lawyers etc. who are ready to spent 60 lakhs to crores for their dream lands. After purchasing these lands, they have to spent additional amount of 40 - 50 lakhs on construction and renovation to build their dream houses. When these people are ready to buy real estate in any price, they are not bothering the money, then what happens to the ordinary man?

2) Chandigarh is growing very fast in IT field. Chandigarh Technology Park (CTP) is a boom for IT professionals in the city. Many big and multi-national companies like Infosys, Wipro, Convergys, EDC etc. are set up their centers in IT park. Quark is also planning to establish their separate IT city called 'Quark city' in Mohali. Earlier, many professionals had to shift to other places in search of high employment. But, due to advancements in IT sector, the city has become the magnet for professionals. This not only provides high level employment to many professionals but also helps in increase the economy and quality of life in the city. This trend is likely to increase the value of property still more.

3) Increase in the foreign investment has actually fuelled the rising in the real estate prices. Foreign companies in the Chandigarh IT Park are one of its examples. Again, more advance people, less will be the land and more will be the real estate prices.

4) Chandigarh is connected to Punjab, Haryana and even Himachal. The city is greatly influenced by the culture and people of Punjab. Also, It is on the route to the hilly regions of Himachal and towns of Punjab. In daily life, the city is visited by many people. Chandigarh provide all facilities, which can also be one of the reason for adopting more and more people. As the effect, property values in the city are rising.

5) Adjoining areas of Chandigarh like Mohali, Panchkula, Manimajra are developing very fast. They also provide every facility like in the city. People are moving to these places as these are well connected to the city with effective transport facility. More Shopping malls and multiplexes are constructed in various areas. People become broad-minded and more advanced. Their status of living has changed a lot in the past years. They do not prefer to settle in other places.

6) Don't forget the education department of the city. The city has a vast facility of education and every kind of institute. Punjab University and Chandigarh Engineering College are the boom for the local students as well as students from nearby areas. Students have wide opportunities to opt for any institute and make their dreams come true. These students are getting more at one place than what they required or expected.

7) There is no doubt in the fact that it is fastest growing city. Whether engineer, accountant, lawyer, doctor or any professional, they all are attracted by their respective fields as city is providing them full fledge opportunity to show their skills. This professionalism has changed the thinking of the people. If a person is getting full opportunity to show his talent and to explore him at one place, then why would he prefer other places?

8) India's capital, Delhi has developed in every field. With its fast life, Delhi is becoming more and more polluted and crowded day by day. It has easy access to Chandigarh via. road of only 5 hrs drive. People resides in the capital(Delhi), prefer to shift and settle in the city(Chandigarh). More and more people arrival in the city means less and less land is available every year. In the answer, land prices are rising.

9) Chandigarh is well-planned, well-organized and well-maintained city. As this city is full of gardens and pollution free, People who resides here for few months or years and due to some reasons like transfer etc., they have to left the city and find it difficult to reside and settle somewhere else. They not prefer to reside in other place as they feel inferior quality of life as compared to that in UT.

10) Trading is also one of the reason of increasing the land prices. Today, there are around 600 factories, large, medium and small scale units in the city. The industries like electronic goods, food products, plastic products, leather goods and many more can be found in every scale. Obviously, People involved in these types of businesses wants to explore their business. Due to this, they prefer to settle here and in the answer land prices are rising.

Many builders stepped in the real estate business, as an investment they are buying old houses and now selling them at huge profits. High land prices are getting out of reach of the common man. How a man can buy these lands of high prices, which has to work hard to meet three times meals?

If all these things are continuing in the way they are, then you can well imagine what will be the property prices in the coming years? Ordinary man could not even think of purchase the property with unexpected high prices. As a result, Chandigarh will become the city of rich people only.

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