Chandigarh: Surging to Complement Delhi!
Chandigarh is a land that is full of possibilities. Lately, it is one of the cities that have encountered a significant rise in culture and modernization. It is a perfect destination for different industries to grow, create & establish a huge business forum.
Chandigarh & it’s remarkable past
To sketch it roughly, it is one of the cities in post-independence India and is universally known for its design and urban layouting. The master plan was made by Swiss-French designer Le Corbusier, a spearhead in designing & composing the city. Picturesquely inhabited at the mountain range of Shivaliks, Chandigarh is known for its best modern architecture in the twentieth century. Chandigarh was planned by the famous Swiss-French architect Charles-ÉdouardJeanneret.
Being a well-planned city, it was included in the chart of world-famous cities for its wellbeing. The city is the capital of the two states of Punjab and Haryana. Today, it is identified as one of India’s most high-tech and trendy towns. The beautiful planning and architecture of the city have encouraged the development and growth of tourism. It is now a central tourist hub in northern India.
City shaping up with futuristic developments
Being a well-planned city, it has been included in the world’s renowned cities for its quality of life. Today, it is recognized as one of the most futuristic and fashionable cities in India. The city’s beautiful planning and architecture have encouraged in development and growth of tourism. In terms of economic activity, the city has the highest per capita income than other Union territories. The estimated annual output of MSME industries rovers around Rs 650 crore. Industries contribute strongly to Chandigarh’s economy. At present, Chandigarh is also emerging as a centre of outsourced services.
Connectivity, a significant hallmark
Smooth accessibility is a prerequisite for the development of real estate projects. The state enjoys several competitive advantages, including proximity to the National Capital Territory (NCT) of Delhi, favourable law and order situation, conducive policy environment, trained and skilled manpower, responsive administration, etc. (Source-phdcci.in)
With the trans-Haryana and Katra-Amritsar-Delhi road projects, more options will be available for people travelling from Chandigarh to Delhi. The trans-Haryana project is a six-lane 304-km project from Ambala to Ismailabad to Kotputali. It is expected to be completed by December 2022.(Source- Tribune India). It is expected to decongest National Highway-1 and National Highway-8. Another ambitious project is the Katra-Amritsar-Delhi road, which will be 600-km long. About 135 km will fall in Haryana. Delhi to Chandigarh in flat 2 hours will soon be a reality by 2023! The NHAI is promising for the tight schedules for completing the Dwarka Expressway & Urban Extension road in Delhi, Trans Haryana & Delhi-Amritsar-Katra Expressways. The travel time will be reduced by half as commuters will travel through five expressways. (Source- The Times Of India)
It will improve the connectivity of Gurugram with Delhi and benefit those coming from the Delhi airport.
Real Estate Shaping up the city
The state’s real estate market is attractive and it is a preferred automotive hub. Of the total 250 large & medium OEMs (Original Equipment Manufacturers), about 50 are located in Haryana. The state government introduced a New Integrated Licensing Policy-(NILPin 2015):
-To develop hyper and high potential urban complexes.
-To allow real estate developers to set up projects those are less than 100 acres of area. (Source- phdcci.in)
Post this policy, many towns in Chandigarh have been developing at a fast pace. Furthermore, it is said that the Tricity belt of Punjab (Mohali, Chandigarh, and Panchkula), its sub towns Zirakpur, Peer Muchalla, and Dhakoli, have started experiencing dramatic changes, especially the real estate sector, which is flourishing expeditiously. With the advancement of Chandigarh Airport, which is 24*7 operational, the city will experience a good footfall as it will enhance more tourism. Thus, being connected with the world is attracting more residents and investors. If we see the typology facts of preferred BHK in demand, then 2BHKs continue to be the hot favourite for prospective homebuyers in both pre and post-COVID surveys. Interestingly, in the post-COVID survey, the popularity of more significant configurations (3BHK & 4BHK) also increased compared to the pre-COVID survey. For 3BHKs, demand increased from 31% pre-COVID to 38% post COVID. For 4BHKs, the share increased from 2% pre-COVID to 3% post COVID. (Source- ANAROCK).
Many real estate players have developed & shaped the city enormously by building commercial, retail & residential properties. In Chandigarh, the peripheries that have majorly driven demand for real Estate like Panchkula, Mohali, Zirakpur and New Chandigarh are also witnessing a dramatic shift in taste preferences. New Chandigarh, for example, where new-age infrastructure is being developed, the demand for homes is quite distinct here, with independent floors in a secured, safe and walk-to-everything township becoming a preferred choice.
Chandigarh to be a smart city in the coming years
To keep up with the city’s growing population and requirements, the civic authorities designed the master plan of Chandigarh to regulate development and building activity. The authorities have already prepared the Master Plan 2031, which is currently a draft but is expected to be notified soon. Tricity and its peripheries will witness an upsurge laying the foundation for a market that will grow exponentially from here. With a healthy environment, availability of social and core infrastructure and a burgeoning business ecosystem, Chandigarh is shaping up to become hub of all-round development.
Awaking to a different world; A Holiday Homes is to Celebrate Life!
Over the last few years, we have been particularly aware of the necessity to sustain a work-life balance. While taking sabbaticals to make perfect travel arrangements, the HNI’s, Corporates, millennials need a holiday home to relax & feel close to nature. The pattern is also apparent from the fact that there is a rise in the uptake of holiday homes. With rising luxurious trends & affluence, rejuvenating has contributed to the synchronous growth in demand for holiday homes. Before Covid 19, a study by JLL states that people in the upper-middle class and middle-class are earning more than ever before, emphasising their investment potential and the holiday homes market is growing at 10-12% per annum. 49% of holiday home buyers are salaried, about 32% come from a business background. Also, with the fact that post-Covid 19, the holiday homes/vacay destinations/staycations are witnessing a sharp uptick in resale & buying the properties. (Source- Business Today)
Earlier Trends of Holiday Homes in India
Holiday Homes always was a niche market that has already been developed globally and is rising exponentially in India. After Mumbai & Pune, Chandigarh is one such city where people have a penchant for buying holiday homes in India, states Track2Realty survey.
Now that everyone has opinions to pursue something different, a holiday home is as good as discovering new things, new ways of life & exploring yourself. Holiday Homes are all about connecting to a ‘refresh’ given the city’s hectic life, choked infrastructure & lack of space, which the people search for! One such beautiful place which befits applause to Mother Nature, in the lap of Himalayas, in Kasauli, Himachal Pradesh is Sushma Elementa. Kasauli is a city located in the district of Solan, was established by the Britishers, in 1842 as a colonial hill station. Been just away as 77km from Shimla, 65km from Chandigarh, it is a beautiful city with a close kinship with the chirping birds, scenic Himalayan valleys, a place where one can enjoy absolute leisure time.
In terms of the type of location, the preference is skewed towards hill stations. As many as 62% would love to invest in places with picturesque views of snow-capped mountains or lush green hillocks, while 34% of second home buyers are inclined towards beaches and the remaining 4% have other choices, including historical places, states the Track2Realty survey.
Imagine the feeling of beautiful mornings & some snowy flakes when you wake up! How does it make you feel? The everyday chaos of vehicles, travelling to the workplace, polluted urban lifestyle, the scorching heat, it’s just that you need to have your perfect holiday home in Himachal Pradesh for a perfect relaxing weekend! Sushma Elementa is as synonymous to this perfect grandeur of cosy living!
Happening over 6 acres, Elementa is a property where the valleys’ extraordinary view kindles your life with serenity. And the whistling woods chirping birds, foggy mornings bring you to a world unexplored. Not less than the paradise, Sushma Elementa has options of 1/2/3 BHK, a known upcoming holiday home in Himachal Pradesh. Every apartment is structured conceptually, which is sunlit & valley facing. Speaking about the facilities, it includes yoga retreat, library, club lobby, meditation area, billiards, gym, celebration lounge, kids play area, and much more. One of the places where one can stay fit, feel the healthier weather, rest & relax, work from home, do plenty of things such as advocating your hobbies, indulging yourself with the city’s culture with family & friends, Sushma Elementa is all you need. The experience of Mountainous views, beautiful greenery surrounded with the pines, the rays of the sunlight with fresh air, one can experience this serenity & tranquillity in the lush gardens of Elementa.
USP’s of Sushma Elementa
-Sushma Elementa is positioned 6000ft above sea level.
–The property will be managed by the Sarovar Portico group.
-Approximately 60 minutes away from Chandigarh.
-The place is full of a healthy environment, peaceful mornings & a serene climate
-The pollution-free environment is best at Kasauli and is the most desired location one could have as a holiday home.
-A holiday home with low AQI index, fresh atmosphere & a place for nature lovers.
Having options for studio apartments, one can make a holiday home in Himachal Pradesh on the exceptional dwellings where you can visit during special occasions, New Year celebrations, and many more events. It victuals your every desire of a perfect home at its best. These flats are indeed factoring luxury in the finest of design and structure.
Hence, a holiday home is awakening to a different world to celebrate life, to keep calm & stress less!
Tier 2 & Tier 3 cities to drive growth in commercial real estate
A resurgence of COVID-19 cases and that too in a much stronger manner definitely means that the ‘World From Home’ culture is here to stay for much longer period than expected and subsequently it also means that the real estate sector would need to brace for a prolonged new normal.
New normal changing the trends in Indian real estate-On one hand, the WFH culture may lead to some good news for the housing sector, as there may be a boost to demand residential units, especially for larger homes with one or more extra rooms to double up as office space. The growth may be even higher in smaller cities as remote working may prompt people to shift to places with a lower cost of living and yet better standards of life. But that could also mean that the demand for commercial real estate in big cities may saturate as more and more companies might need lesser office spaces and same may be the case for malls and other segments. However, if more people shift to smaller cities, the investment demand for commercial real estate may rise significantly in those places.
The latest quarterly data from global giant Knight Frank shows that PE (private equity) investment in real estate rose 16-fold to USD 3.2 billion in the quarter ended March 31, 2021, but office space continued to be the preferred segment attracting over 70% of PE investments during the quarter.
For quite some time, experts and global realty consultants have been projecting a somewhat muted level of investments as fears about the resurgence of the deadly coronavirus continue to overshadow the minds and purses of investors. And those fears have turned out to be true and the virus is rearing its head again and in a much deadlier manner.
Tier2 cities- safest choice for investments-
In such a time, the only safe havens are tier-2 and tier-3 cities and if you still want to be closer to the top tier, Chandigarh and other such places could be the safest bets. Thanks to various comfortable and fast commute options across the road, rail and air modes, they are well within reach, by distance and by the quantum of investment. It makes much more sense to invest in commercial real estate in places like Chandigarh and other tier-2 and tier-3 cities, if you want some good returns and also play it safe.
If you need more proof, fastest-growing property consultant Anarock, when it reported better-than-expected revenue growth of 18% for a pandemic-ravaged year, cited leasing of retail space and sale of office properties among key contributors to its overall revenue.
The latest quarterly report from Cushman & Wakefield shows a significant fall of 48 per cent in office leasing in seven major cities during the January-March quarter of 2021 due to the resurgence of the pandemic, but the plunge is largely driven by tier-1 cities like Delhi, Mumbai and Chennai and cities like Pune saw a jump.
Branded Developers for property investment-
Every dilemma the real estate sector has faced in the last 10 years or so has overseen the emergence of new directions and choices. However, this crisis has modified a lot of aspects. The months of extensive lockdown and the way the market has been attempting to limp back after that with fewer demand and incremental resumption of business activities have shown that those developers who have a stellar financial and delivery record are the ones who are glimpsing good market. This trend is likely to become the new normal moving forward.
So, wait for more and more people to shift to smaller cities, thanks to WFH and remote working trends, and seem them invest there in commercial real estate rather than taking higher risks with big cities. And for those looking for northern parts of the country and those seeking to move out from Delhi-NCR, Chandigarh and nearby areas definitely offer best options. After all, precaution is foremost on everyone’s mind right now, whether it’s against the virus or to safeguard investments.