Chandigarh has been amongst the first few planned cities of India and it is also the state capital of both Punjab and Haryana. This has made this city a vital area for expatriates, diplomats along with becoming a nucleus of NRI's. Since Chandigarh had been a well planned city, all the constructions here had been at par with environmental norms. Apart from this pollution and unhygienic living conditions are not entertained and all the builders here had to adhere to these factors.
Chandigarh properties have been witnessing tremendous growth and this happened in spite of restrictions on the construction here. The strict government norms continue to exist, but the real estate developers here have found new means to expand the property sector. All the new developers have focused here on construction of modern condominiums and apartments. All of these constructions have expanded too many new areas of the city.
The booming industry for properties in Chandigarh has been largely to meet the rising demands of population in Chandigarh. Most of the emerging constructions here have been in sectors like Mohali and Chandigarh-Patiala highway. The property expansion here has been focused on building plush apartments and bungalow. But these constructions are providing the best possible facilities to the potential buyers.
Most of the apartments in Chandigarh are offered at economical interest rates and EMI options. Hence the demands for properties in Chandigarh are offered to potential buyers at reduced rates. These apartments are made in accordance with modern lifestyle standards. These homes provide for amenities like swimming pools, community halls, gymnasiums and other related benefits to potential buyers.
Also the commercial property rates have soared in these areas because of the emergence of multinational companies and the expanding governmental sectors. This has forced many of the small developers to shift to other sectors. Over the past few years the benchmark for rentals has increased with most rentals going up by 100 percent in the past one year. Sector 8 and the other commercial sectors have witnessed this boom the most.
Property market in Chandigarh has been emerging in the periphery and the number of land registration deeds has reached an all-time high. Even though this sector had witnessed a slump in between, it has successfully reemerged and regained its lost momentum. The state Government had gained Rs 88.38 crore as stamp duty and registration fee in Chandigarh periphery.
The booming real estate sector here has provided for benefits for both potential buyers and also for the property developers. The Chandigarh real estate market is expected to grow with the rise of demands in the northern sector. Chandigarh has also been the hub to some IT sectors and this industry is also expected to grow here. The property rates for the commercial sectors are expected to grow, if more multinational companies set up their bases here. Expansion of the city to districts and other areas, have given more scope for expansion of the real estate sector and more options for buyers.