Latest Property News on 'Chandigarh'

Chandigarh Realty Market Witnessing New Trends

India’s first planned city, Chandigarh, is witnessing a surge in the demand of new real estate segments like luxury homes, studio apartments and friend flats. People prefer small, cozy homes to the huge bungalows as has been the trend there in the past. And so, these are being converted to flats. Single professionals and new couples lift small, cozy homes that are easy on budget and have low maintenance costs. Elaborate housing usually spells immense infrastructure and high maintenance costs for them. New constructions are witnessing a boom in the demand for partner housing as compared to 2 BHK or 3 BHK apartments.

This demand has been fuelled by the migratory population. The city is no longer a home of the retired scores people. In fact young professionals and students from nearby areas of Punjab, Haryana, Himachal Pradesh and even Delhi commune to Chandigarh in search of better lifestyle and good infrastructure at low costs. Most of the old residential properties in Chandigarh are bungalows that are 2 - 3 storey gangling structures. The owners are remodeling these bungalows into single apartments, 2 BHK and 3 BHK and paying guest accommodations. This way, the owners can mint more money from rent and many family units can be accommodated within the same bungalow. This formula seems to be catching on with the residents and many people are opting for such remodeled accommodations. Read More »

Chandigarh developers to sell land to cope with slowdown

As the real estate sector in Chandigarh is witnessing a slowdown, realtors are even planning to sell their land, which they had bought out of the profits they earned from the earlier projects, to fund their ongoing projects. The multiple interest rates coupled with inflation have slowed down the residential sales around the city, worsening things for realtors who are grappling with financial crisis. The realtors of the area are bearing the brunt of the liquidity crisis and are not able to fund their existing projects.

“Last few months have not been good for the market. The liquidity cannot be generated through the stock markets and even the banks have got strict over loans. In order to generate liquidity many developers around Chandigarh are ready to sign off their land holdings to generate liquidity for their ongoing projects,” General Manager of Berkley Realtech Kamal Jindal said. Explaining the cycle, Jindal said that when the real estate market was in a boom most developers with the huge profit margins created land banks around Chandigarh. But as the real estate entered into the correction phase, liquidity became an issue for the developers who are ready to sign off their land holdings in order to clear the debts and fund their existing projects.

Real estate prices shoot up in Punjab

The property prices of prime locations in Punjab have shot up by 40-55% in the last two years. The cash-strapped state, which desperately needs to push the growth of industrialisation, is facing shortage of land, which has pushed the prices upwards. “Property prices in Mohali, Jalandhar, Bathinda, Amritsar, and Ludhiana are scaling new heights. We have been fetching more price than the reserved cost from our previous auctions. A maximum price has been fetched from Ludhiana as it is an industrial belt. Now we have kept a reserve price of Rs 165 crore for the forthcoming auction of a 5 acre site scheduled to be held on August 26 in Amritsar”, chief administrator, Punjab Urban Development Authority (PUDA), Som Parkash stated.

The state government recently acquired 300 acres for the proposed Mohali international airport for which the government paid compensation of Rs 1.5 crore per acre to farmers whose land was possessed. This was the highest ever compensation paid for acquisition by the state government to farmers which has certainly set a benchmark. Lately Greater Mohali Area Development Authority (GMADA), a one kanal seven Marla plot in sector 69 fetched a whopping Rs 3.11 crore against its reserve price of Rs 2.3 crore. The reason this plot went for such high prices could be that Mohali is all set to develop a state-of-the-art town centre in Sector 62, which is near Sector 69. Real estate experts have projected that with the upcoming international airport, Knowledge City and the rapid development in Mohali will keep the reality prices upward only. Read More »

Land on Samrala Road fetches Rs 8.38 Crore

More than 100 bidders from Ludhiana, Chandigarh, Delhi and Chennai take part in auction. The live example of property boom was seen today in the auction of the Greater Ludhiana Area Development Authority (GLADA) where the highest bid of a shop-cum-office (SCO) fetched Rs 2.75 lakh per square yard against the reserve price of Rs 1.10 lakh per square yard. The booth measuring 305.25 square yard, which is in Sector 32 on the Samrala Road, was sold off at Rs 8.38 crore.

This SCO has been purchased by Deepak Land and Developers, a city-based real estate dealer. The GLADA had planned to auction more than 40 sites but after looking at the huge response they got from today’s auction, they have put the auction of the remaining sites on hold. Read More »

CITCO Plans to Set up a Five-Star Property in Chandigarh

The Chandigarh Industrial and Tourism Development Corporation (CITCO) plans to set up a five-star hotel on a prime three-acre plot on the Chandigarh-Ambala road in the Industrial Area, Chandigarh. The corporation is also in talks with major hotel chains, including Hilton, ITC, Marriott and Radisson to explore the possibility of the private-public partnership for the project. CITCO run Hotel Mountview is the only five-star hotel in the city.

According to sources in the corporation, the Chandigarh administration is likely to approve an alternative site for the shifting of CITCO’s iron and steel store from the Industrial area (where the hotel is to be set up) to village Hallo Majra. Many big hotel chains and real estate companies are planning to set up big hotels for the high-end tourists. The DLF is already constructing a five-star hotel in the IT Park, while the Uppal Group are coming up with a five-star hotel in Sector 35, Chandigarh.

Malls to be constructed on Chandigarh Bus Stands

Bus stands would be the latest venues for modern multiplexes and glitzy shopping malls in Punjab. Realizing that most bus stands are usually located at prime locations in Chandigarh and other cities in Punjab and would be an attractive proposition for realtors, the Punjab Industrial Development Board (PIDB) has planned multi-storey structures, where the ground-floor would function as bus stand and the levels above would house showrooms, offices, restaurants and cinemas.

Top names of Indian real estate have already submitted their expressions of interest for this project. Bids have been invited for development of bus stands at Mohali, Patiala and Bathinda on PPP model. Applicants include DLF Ltd, Gammon Infrastructure, Nagarjuna Constructions, GMR, Unitech, TDI, India Bulls Real Estate, Parsvanath and Omaxe. Bids have also come from far off places like PD Aggarwal Infrastructure Limited (Indore), Akruti City, Oberoi (Mumbai), IDEB (Bangalore) and Bengal Silver Spring (Kolkata). Read More »

Multiplexes & Malls opening up at Chandigarh

Starved of multiplexes and malls, residents of the tricity can now look forward to at least three such complexes in the next couple of months and double the number by the end of the year.

City Beautiful, which currently has just one multiplex to boast of, will get a second this week. DLF’s DT Cinemas will open at the Rajiv Gandhi Chandigarh Technology Park (RGCTP) on Friday with Saif Ali Khan-Kareena Kapoor starrer Tashan.

Spread over 1, 90, 000 square feet, the mall (retail brands) will be formally inaugurated on May 1 and Nicknish will be its anchor store. Though nearly fifty-five national and international brands, including French brand Axsara, Lee Copper, Levis, Numero Uno, John Players, Madame, Woodland, Reebok, Turtle and Meena Bazaar, will occupy retail space in the mall, there is little diversity in the retail mix which is mainly apparel. Read More »

Hotel Booms “Checks in” Chandigarh

World’s major hotel chains are moving in to tap the hospitality boom in Chandigarh. While Carlson Hotels Worldwide Asia Pacific announced its plan to set up a hotel at Zirakpur, it is an indication as to how the city has caught the fancy of the hospitality sector that is willing to expand itself in and around Chandigarh.

According to hotel industry analyst, the total investment being made in the hotel projects by the companies could be anywhere around Rs 1000 crore. Including foreign direct investments, developers like Uppal’s project of developing a five-star hotel in Sector 35 in association with JW Marriott involves an estimated cost of around Rs 250 crore. Read More »

Parsvnath to Bring Idea of ‘Luxe Living’ in Chandigarh

Parsvnath Developers Limited has recently announced the launch of most exquisitely designed, 123 acre luxurious township in Chandigarh. The project will be done in a collaboration of Chandigarh Housing Board.

To be named as Parsvnath Prideasia, the Township will come up amidst Sukhna Lake, golf course, and an upcoming five star hotel. It has saleable residential area of 38.5 lakh square feet and a commercial area of 2.7 lacs square feet. Read More »

Chandigarh Sets Examples for Other Emerging Boom Towns

Buying a house has become an out of reach task for most middleclass families. People save a little surplus money to invest in real estate but all in vain. They find nothing else except the news of property prices going through the roof. Considering small Indian cities and towns, it makes sense to imagine a lavishing life in metros especially when you have the resources.  But, is the real estate boom taking place only in metros?

A fast flourishing economy and booming service sector have brought a lot of modifications including an increase in income and purchasing power in smaller towns. Also, the requirement to keep costs under lens is encouraging several corporates to check out ‘B’ cities. Read More »