Chandigarh is a beautiful city located in the foothills of great Shivalik range of Himalayas in northwest of India with small, but well maintained area of approximately 120 square kilometers. It borders two states Punjab and Harayana and also serve as capital of both still
maintaining status of union territory.
Real estate market has huge potential here because of small and limited area having the best transportation, beautiful well designed sectors, known internationally for its urban architecture, master planned by Le Corbusier. Very few know this fact that Chandigarh is the first planned city in India having population of 1 million only, but highest per capita income. Financial status of the city can be judged from the fact that, its has largest number of vehicles per person in India.
Chandigarh was ranked tenth largest credit centre nationwide as of June 2012 by Reserve Bank of India. Having every class of buyers who are ready spend crores to buy their dream house in city beautiful, this includes landlords, industrialists, NRI’s, professionals like doctors, engineers and lawyers who love to settle here and afford any amount in order to buy land of their choice.
Another factor fueling real estate prices is growing IT sector. Big shots like Infosys, Wipro, Converges and many more have already set up their campuses in IT park. Mohali is already having Quark city and Dell attracting professionals from all over India and abroad. IT professionals having handsome salaries are again adding price war.
Number of builders are coming up with big project in and around Chandigarh offering flats and developed land to potential buyers. With increasing demand business towers are also mushrooming. Builders are also buying old houses and constructing new at the same place by demolishing them.
With all these factors on and one can imagine prices of property in Chandigarh in the coming years are going towards sky making difficult for ordinary man to dream a home in city beautiful.