For quite some time Chandigarh real estate has been gaining a lot of attention from top-notch developers as well as end-users. With reputed developers spreading their wings into the city by offering a varied range of properties, Chandigarh is becoming the next big thing in the country’s real estate domain.
One more factor that is acting positively for the city’s realty market is the development of the new planned self-sustaining smart city – New Chandigarh. It is planned by Greater Mohali Area Development Authority (GMADA) as an extension to the existing city to cater its projected growth in the 20 years.
New Chandigarh aims to offer quality living by preserving nature. Lands are kept separately to develop ample open spaces, recreational areas and for residential use. it is easily accessible from Anandpur Sahib, Baddi and other locations as well. The main developers in this new region are Omaxe, DLF, Innovative Housing Infrastructure Private Limited and Altus Space Builders, who have come up a varied range of properties starting from 2 to 3 bhk apartments in new Chandigarh to much bigger ones.
Further, the Education City (Knowledge Zone) and the Medicity (Health Zone) are the two different ends, segregating the traffic as well as providing a better environment for jobs and housing. The Education city is spread across 1700 acres land to develop universities institutes in future. Whereas the Medicity consist of Tata Memorial Centre’s Homi Bhabha Cancer Hospital and Research Centre, spread over 50 acres of land. Moreover, a Stem Cell Centre is under construction and affordable medical college cum hospital are in the pipeline.
As this new city gets developed there will be more settlement of migrating population, creating demand for housing. Hence the end-users will have the opportunity to buy their preferred properties whether its 2 bhk apartments in new Chandigarh to large villas depending on their pocket size.
New Chandigarh is also good to earn some extra money through rental income. With education, health and other sector coming together, the rental housing will be high in demand especially the small size units like 1 or 2 bhk apartments in new Chandigarh. So investing in such properties can be a fruitful option.
Also, New Chandigarh has all the qualities to become the next IT hub as it is close to Chandigarh. Modern youth and NRIs are already moving to this newly extended city to enjoy a modern lifestyle in the lap of greenery and a healthy environment.
However, the top localities in Chandigarh for investing are Panchkula, Zirakpur, Dera Bassi, Mullanpur and now New Chandigarh is also considered among these names. So if you are looking to invest in a serene environment then do consider buying 1,2 or 3 BHK apartments in New Chandigarh.
Talking about the price points, a 2 BHK apartment in Chandigarh is priced around Rs 45 lakh that can go up to crores depending on the configuration of a property and also the amenities, localities, construction quality and other factors.
If you ask whether it’s the right time to invest in Chandigarh? Then as per the real estate experts, you can think of investing in Chandigarh as the prices are rational as compared to previous years. But do also consider the peripheral region like New Chandigarh around the city as these localities are well-planned, well-equipped and offer a serene environment to reside.