Property in Chandigarh has become a sought-after investment option in the sectors that have good infrastructure. There is virtually no piece of land free in premium sectors like Sector 5, Sector 7, Sector 21 and Madhya Marg. These sectors host important government offices, central business districts and premium residential and shopping destinations.
Most of the land there has already been utilized for constructions and other real estate development. Residential property here costs about Rs 3,200 to Rs 4,500 per sq ft. Rents are as high as Rs 10,000-12,000 for a 3BHK (1350 sq. ft area flat) and this is comparable to some areas of Delhi and Gurgaon.
After Chandigarh, it is becoming exceedingly difficult to find land in Mohali and Panchkula. Near by areas like Zirakpur, Baltana, Dhakoli, Dera Bassi and Mani Majra are much in demand now. Land prices here are almost half of that in Delhi and thus people are flocking to these new and upcoming areas, for investment purposes. Non Resident Investors (NRIs) are also laying huge bets on these areas. They are putting their money in upcoming properties in Chandigarh and foresee good returns in the coming times.
People here are converting their traditional kothis into single flats, 2BHK and 3BHK apartments for subletting it. Also, ground floor flats are being remodeled to become perspective shops, stalls and retail outlets. These measures are helping people accommodate their real estate demands from the existing infrastructure.
This condition spills over to near-by Panchkula also. Panchkula is the hub of the riches of Haryana. Ministers, their relatives and the who’s-who of Harayana own flats and bungalows in Panchkula. It is extremely difficult to find a flat or plot there. The current land prices are Rs 2,200-Rs 2,500 per sq ft. An average 3BHK residential property can be rented out for Rs 8,000-10,000. Plots command a premium value of Rs 37,000 per sq. yard.