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« Bangalore resale market on an upswing | Home | Property market to pick up soon: Adi Godrej »

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.

This trend is becoming popular with new settlements in peripheral areas like Zirakpur, Mohali, Mani Majra etc. Most of the new construction here is the single apartments as there are many takers to such accommodations.

News Published Under:   Real Estate India | No Comments »

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