Here's All You Need To Know About Chandigarh Property Market
Are you planning to buy a property in Chandigarh? The time is right as some of leading developer brands are making an into this emerging real estate market. Until recently, large independent houses and villas were the most preferred type of homes, and end-users invested more in plotted developments over apartments. However, with reputed real estate developers making their way into the city, spacious apartments, have garnered the attention of the homebuyers.
Take a look at Chandigarh's residential real estate market:
The price trend
Data with PropTiger DataLabs show that the average prices for a 2BHK apartment in Chandigarh are close to Rs 45 lakh while a 3BHK apartment can command Rs 1.04 crore. For higher configurations such as a 4BHK and 5BHK the average prices range between Rs 2.36 crore and Rs 3.55 crore or more depending upon the number of bedrooms, the amenities, the size of the house, the exact location and the quality of construction, etc.
The top localities
Type of property
For those looking for 1BHK options, properties start at Rs 10 lakh in areas like Dera Bassi. If you are looking properties in the Rs 25-75 lakh price band, you could consider localities such as Kharar Mohali, Dera Bassi, Zirakpur, Zirakpur Ghazipur Road, Panchkula Sector 20, Bhago Majra Road Kharar, Mohali Sector 125, Sector 23, Sector 61 and Dhakoli Zirakpur. See the full list here.
If you are looking for plotted developments, Sector 21, Sector 33, Sector 44 Phase 1, Phase 2, Mullanpur land and Industrial Area are some of the locations with some of the biggest land parcels for residential use. These plots are available in size range of 4,200-18,000 square foot (sqft) and 1,30,000 sqft and above in Mullanpur Land. The prices can go up to Rs 20 crore but are often negotiable.
According to data with Makaan.com, there are over 2,400 properties on rent in Chandigarh in the range of Rs 4,000 to Rs 3 lakh per month. Popular plush localities include Sector 5, 8, 9, 10, 15, 18, 19, 33, 34, 36 Sector 115, Mohali Kharar, Mohali Sector 69, Panchkula Sectors 7, and 18. Localities that would be easy on your pocket include Dhakoli Zirakpur, Nayagaon, Sectors 42, 47-D of Chandigarh, Sectors 2, 11, 17 of Panchkula, etc. See all properties on rent here.
Is this the right time to buy?
Experts say that once you are ready with your finances and have come across the right house for yourself, it is the right time to buy. But if you are someone who banks on data, there is good news. Property prices are at their rational best when compared to yesteryears. For instance, the average price of property in the Chandigarh market in April 2013 was Rs 6,700 per sqft. By August 2017, prices dipped and at present stand at Rs 5,200 per sqft and has been stable for the last one year. Given that there might be differences in the size, the location, the brand and the amenities within a unit, even then the price advantage a homebuyer gets to enjoy today is sizeable.
The authorities have also taken up some strict measures to maintain the liveability in the city. Besides, some policies have been proposed to make services easier for homebuyers in Chandigarh. Here is the latest from the city:
No new homes under PMAY
Chairman Chandigarh Housing Board Maninder Singh has confirmed that no new houses would be constructed in Chandigarh under the Pradhan Mantri Awaas Yojna scheme (PMAY). About 450 beneficiaries who qualify for the scheme would be allotted flats in the existing projects in Maloya. About 4,960 flats in Maloya is already under-construction and these would be allotted to 4,000 slum dwellers while the remaining would be used for PMAY scheme.
No property for offenders
The state has been battling drug abuse and in an effort to curb this rampant social plague, Captain Amarinder Singh led cabinet has decided that the properties acquired through smuggling or trade of narcotic drugs should be seized by law enforcement agencies. It has been clarified that property older than six years at the time of the registration of the case will not be attached or confiscated under the provisions of the new Act.
Go online to register property
In Moga and Adampur, the cloud-based registration system, National Generic Document Registration System (NGDRS) has been launched. This online interface will allow citizens to enter data related to registration and upload documents. The process of land demarcation would be eased in other areas as well such as Amritsar, Jalandhar, Ludhiana, Patiala and SAS Nagar.
Limiting cars on the road
Chandigarh seems to be going the Singapore way and the draft parking policy proposes stringent rules for those owning more than one car or those who own high-end cars. Those buying vehicles priced Rs 10 lakh and above would have to pay road tax which is half the price of the vehicle. Besides, second car owners would need to shelve half the price of their cars.
If that is not all, authorities are planning to impose a cap on the number of vehicles that can be sold per quarter.