New Development up roaring in Chandigarh tri-city

PRLog (Press Release) – Nov 20, 2007 – Chandigarh has been placed on the top of the list of cities preferred by the investors in a recent survey. Within last two years the city has witnessed enormous development in relation to real estate both commercial and residential. Chandigarh and the surrounding area is becoming most important destination for the developers, investors and end users. Developers from all over the country have flocked in here and have launched their projects around the city in areas like Kharar, Zirakpur, Baddi, Dera Bassi, Panchkula and Mohali.

The residential sector is showing a great amount of activity around the city. Demand for residential colonies is both investment and residential driven. Several residential blocks are coming up in the outskirts of the city. Major among these are sector grids of Mohali, Kharar road and towards Zirakpur.

Projects like Parsvnath Greens in Dera Bassi, Parsvnath Royale in Panchkula, Uppal's Marble Arch in Mani Majra, Ansals Golf Links in Mohali, Omaxe Greens in Dera Bassi, Emaar MGF in Mohali are a few projects to name a few. These projects are coming in the suburban areas of Chandigarh due  to land exhaustion in the city and a very limited options with exorbitant prices.

The various projects offer options of plots, villas and flats to the buyers to choose from. The prices have increased exponentially from 50% to 300% in last 3 years. The size of these colonies ranges from as low as 5 acres to as high as 300 acres. Moreover, the prices in these colonies differ according to the location, connectivity to the road, branding and market value of developer and area of the colony. The prices in these projects range from Rs 1700/ sq ft to Rs 2450/sq ft in Zirakpur, Rs 1270/sq ft to 2200/ sq ft in Dera Bassi and Rs 1300/ sq ft to Rs 1800/ sq ft in Baddi.

Good absorption rate in group housing projects indicates that the demand is now shifting towards group housing, with number of developers coming in this segment. In Chandigarh many kothis are getting converted in to apartments, that has further increased the price of land in the city.

Keeping all these factors in mind, it is the best time to invest in Chandigarh with several projects offering various schemes and festive discounts.