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.
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.
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.
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.
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.
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.