Chandigarh is a leading example of how meticulous planning and development with the right infrastructure can transform a once-desolate land into an ultramodern city. The capital of Punjab and Haryana, Chandigarh is fast garnering the attention of both property developers as well as investors. International companies are also adding to the union territory’s accelerated progress. While areas like Mohali, Dera Bassi, and Mullanpur are popular for their multi-storeyed residential and commercial complexes. Various luxurious projects in Chandigarh are coming up but there’s still space for much more.
Here’s why Chandigarh makes for a great investment in real estate:
A City of the Future
Vast swathes of dry land used to be the only distinguishing feature of this northern city. Master planned to perfection by Swiss-French architect and designer Le Corbusier in 1960, Chandigarh now enjoys the highest per capita income and is known for having clocked a consistent 7.9% economic growth rate ever since the year 2000. Today, owing to good transport connectivity and low operational costs, a once-ignored region of North India is highly coveted by property developers and investors alike.
Room for More
Chandigarh continues to thrive with numerous projects already underway – from a metro to connect the Secretariat and Aerocity, an upcoming habitat centre, and a brand new World Trade Centre (WTC) to a Knowledge City akin to Silicon Valley and a golf course. And not to forget the Chandigarh Tri-city – a Special Economic Zone (SEZ) – and the new international airport at Mohali being promoted by the state government.
With world-class infrastructure and state-of-the-art amenities on offer by real estate firms, both national and international, it’s no wonder that the price per square feet for flats in Chandigarh hovers around the range of Rs. 3,000 to Rs. 6,000. As for residential plots, they go for anywhere between Rs. 7,000 to 70,000 per square yard.
Enjoying Plenty of Praise
While Chandigarh has always been celebrated internationally for its architecture, the city is now gaining fame for its IT parks and SEZ. Plus, it was recently chosen as the cleanest city in India according to a central government survey, which is a major achievement. In July 2016, UNESCO declared its Capitol Complex, designed by Le Corbusier, as a World Heritage site at the World Heritage Conference. A well-known known consumer electronics firm also ranked it as the happiest city in the country.