These are undoubtedly hard times for real estate markets all over India. The trend in the market has been going down for the last 2-3 years due to the big deficit in property rates and the ability of customers to meet those rates.
Property rates have skyrocketed while incomes have grown much more slowly, resulting in the current slowdown. Due to this slowdown, some markets have been affected much more extensively than others. One market where the slowdown hasn’t had the most devastating effect is Chandigarh real estate.
The Chandigarh real estate market (and its two main micro markets, namely Mohali and Panchkula) has witnessed a growing amount of interest from end users – instead of big investors – which is helping to keep the worst effects of the slowdown at bay. Even neighboring areas like Panchkula Extension, Dhakoli and Ghazipur are witnessing strong buyer interest. Real estate experts in the region are of the opinion is that the home buyers are usually first time investors and are looking for more affordable properties in Chandigarh. For such customers, apartments in Chandigarh are available at cheap prices of Rs 30-50 lakhs. Another component of the end users are those who are looking to upgrade their current home with a bigger one. Such end users are usually planning to make a much bigger investment and are attracted to more developed areas like Mohali and Chandigarh.
But all this customer interest doesn’t mean that the market has grown. While the adverse effects of the nation-wide slowdown in real estate are not as bad in Chandigarh as they are in other cities, there has been a certain amount of price correction that is going on since the last 6-8 months. Property prices in Chandigarh have dropped across the board, and in some places like Dera Bassi and Zirakpur-Kalka highway rates have come down by almost 25% during the first quarter of 2015. These areas are clearly the ones that are hit the worst by the slowdown in real estate – price drop in Mohali is not that severe. And in some areas, like sector 20 of Panchkula, there has actually been a 4% increase in property rates.
Overall, it is easy to say that Chandigarh has been spared the worst of the property blues due to a strong interest from end users, who have managed to keep the real estate in Chandigarh afloat. Affordability, connectivity and great infrastructure means that Chandigarh is popular with home buyers even in times of a slowdown.
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