Chandigarh's real estate market is currently facing uncertain times. While there is an influx of investments, both buyers and sellers are hesitant about property transactions.
The overall economic recession has led to a slowdown in India's real estate sector, and Chandigarh is not immune to this trend. Local property brokers report that real estate values have remained stagnant. In suburban areas like Baltana and Kharar, plot prices have dropped to as low as Rs 100 – 200 per sq yard, marking a 20% decline compared to the same quarter last year.
Sellers in Chandigarh view this downturn as temporary and are holding onto their properties, anticipating a price increase within the next six months. Buyers, however, find current property prices reasonable but have limited options due to the scarcity of sellers in the market.
Noteworthy developments in Chandigarh's property sector include Delhi-based developer Parsvnath acquiring a 38% stake in Sabeer Bhatia’s Nano City Project. Nano City is a mixed-use project slated for completion by 2010. Market sources indicate that Bhatia is already attracting IT clients to set up offices in Nano City, which could boost employment and attract more potential property users and home seekers to Chandigarh.
For the time being, the market's future is uncertain. There is optimism that the property market will improve in the coming months, providing relief to investors who have already invested in Chandigarh properties.