Chandigarh's Luxury Home Price Surge: Tracking the 15-20% Boom
Chandigarh, a strategic urban hub located in northern India, has seen a remarkable increase in luxury home prices over recent years. This uptrend is mainly driven by demand from high-net-worth individuals (HNWIs), limited housing supply, and continuous infrastructure improvements. The city's appeal as a prime investment destination is further enhanced by its status as a Union Territory and joint capital of Punjab-Haryana, offering political-economic stability and a high quality of life.
Key Drivers Behind the Price Boom
Strategic Location and Infrastructure: Upcoming infrastructure upgrades and connectivity to major cities like Delhi and Mumbai make it an attractive destination for urban professionals and investors. It includes green spaces and modern amenities, which support this appeal.
HNWI Demand: Professionals relocating from metropolitan hubs view Chandigarh as a viable alternative for luxury living. Additionally, Non-Resident Indians (NRIs) and local landowners are increasingly investing in the city's real estate.
Vaastu Influence & Prestige: Properties compliant with Vaastu sastra command premium prices, contributing to the overall price surge in neighbourhoods like Sectors 10 and 21.
Specific Sectors Showing Highest Appreciation
- Sector 10: One-kanal houses have increased from ₹8 crore pre-pandemic to ₹15-16 crore today.
- Sector 18 (10 marla): Prices have crossed ₹8 crore.
- Sector 28 (Two-kanal): Valuations have reached ₹36 crore.
These sectors show the highest appreciation in property values, reflecting the city's growing stature as a luxury real estate hub in India.