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Real Estate Perspective on Chandigarh

Chandigarh, often known as the "City Beautiful," is highly popular among property buyers and renters for its planned structure, high rating for livability, and its strategic spot.

Location and Infrastructure The city dwells in the foothills of the Shivalik range and serves as a Union Territory and the capital for both Punjab and Haryana, increasing its attractiveness. Chandigarh is famous for its wisely laid-out sectors, greenery, and dynamic culture. Great infrastructure with impressive links to major cities like Delhi and Shimla makes it a perfect home for families and experts alike.

Property Price Trends Over the past five years, Chandigarh's real estate market has seen prices double, especially in the northern areas. One kanal home in Sector 10, priced at Rs 8 crore before 2020, now costs Rs 15-16 crore. This leap is due to the city's strategic situation, rising interest from NRIs, and adherence to vaastu shastra.

Market Trends Several market trends influence real estate in Chandigarh:

• Luxury Housing: There's a strong market for upscale homes, catering to well-off buyers seeking places with vast spaces and top-notch amenities. Sector 21 and Sector 28 projects fit this bill with villas and luxurious flats starting at around Rs 6 crore up to Rs 36 crore in price.
• Eco-Friendly Homes: There's a growing interest in sustainable homes where builders are using energy-efficient designs, rainwater harvesting systems, and solar panels.
• Affordable Housing: In nearby places such as New Chandigarh, affordable housing rises with 2 BHK and 3 BHK flats being offered at ₹40 lakh to ₹70 lakh, which targets middle-income groups.
• Commercial Real Estate: With the booming IT and business sectors, Mohali's commercial real estate is thriving especially for IT parks, offices, and co-working spaces.

Investment Potential With steady price growth, Chandigarh provides promising investment possibilities. Prime location properties range from INR 7,000 to INR 12,000 per square feet for flats and from INR 3 crore to INR 10 crore for standalone houses.

Challenges and Considerations Despite its promising offers, property prices in Chandigarh have soared, making them hard for many regular folks and salaried families to afford. There is a pressing call for housing geared towards the middle class, urging the Chandigarh Administration to tackle this housing dilemma.

PropertyWala's Final Insight

Those on the fence about buying or renting in Chandigarh, be it for living or investing, should note the city’s mix of high-quality living, well-laid infrastructure, and robust investment prospects. It’s vital to stay updated on the market shifts including the increased demand for eco-friendly and luxury housing, and the rising requirement for budget-friendly options. By considering these aspects carefully, Chandigarh presents an excellent option for both homeowners and investors aiming for its real estate market.