Commercial Properties in Chandigarh Retain Charm, While Residential Real Estate Cools Off
While there is a slowdown in the residential properties in Chandigarh, the commercial property sector is at an all time high.
Brokers and real estate agents rubbish all hype of Chandigarh's residential real estate doing well. As per property agents, the current oversupply in the residential market, high property values and high rate of interest on housing loans have led to a tremendous slowdown in the transactions in the residential sector. In fact there has been a drop in property values, all over Chandigarh by approx 10-15 per cent.
According to Sandeep Uppal of Uppal Properties, "The property boom in the residential properties occurred from Oct 2004-06. What was available for Rs 22 lacs in 2004 escalated to Rs 52 lacs in 2006. However, after 2006 end, there has been a slowdown in the residential real estate sector."
While the average price of a 3BHK in Chandigarh is 70 lacs today, in peripheral areas such as Zirakpur one could manage a 3BHK for Rs 25 lacs. This trend led to many investors buying property in peripheral areas of Chandigarh. However, even the speculators, who had invested in the suburbs are now holding onto their investments as they are not getting the expected returns and there are few buyers available.
There is an oversupply in the residential sector what with many private developers entering Chandigarh. This includes national players such as Uppals, Emaar MGF, Parsvnath as well as local players such as Rishi developers. But the question is where are the takers, brokers ask, saying that the Chandigarh buyer has always been distrustful of private real estate developers though the investors are still investing in some of these national realtor's projects.
However the commercial sector is picking up like never before. Chandigarh is fast developing and has become the most sought after investment destination for companies in India. Both office and retail properties are hotting up in Chandigarh Real Estate, what with multinationals and retail chains entering Chandigarh. There is hardly any availability of space for commercial property development and the property values are soaring to over Rs 200 per sq ft per month for premium office space on Madhya Marg and city centre
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