Zirakapur, The Promising Real Estate Destination Beyond Chandigarh

Slowly and steadily, the city of Chandigarh is gaining prominence in the IT and business process outsourcing (BPO) industry. Simultaneously, real estate projects in Chandigarh are also developing to match the requirements.

Zirakpur, near Chandigarh, is the latest town to be fast gaining reputation as an investor-friendly real estate destination, especially designed for working professionals and their families in and around Chandigarh. Zirakpur boats of a unique locational advantage because it is the entry point to Punjab, Haryana, Himachal Pradesh and Chandigarh. Soon enough, Zirakpur is all set to become a full-fledged city as more social infrastructure develops in the city. This is one of the best residential areas in Chandigarh.

Here are some of the reasons why investors in Chandigarh real estate market should seriously consider Zirakpur:

1. IT/corporate parks: The USP of this place is its proximity to the IT parks of Chandigarh, which is 15-kilometer drive from the town. Zirakpur is also close to the manufacturing hub in Chandigarh and other trading companies, creating workforce demand from across sectors to this place.

2. Affordable property:  The rates for newly developed and under-construction properties in the area have not skyrocketed like those in developed cities. Large 2BHKs built on over 1,000 sq.ft. of land cost a little below Rs. 30 lakh here. Three bedroom apartments cost around Rs. 55 to 66 lakh, and in comparison to most 3BHKs in metros and cities, they are considerably larger . The size of a 3BHK apartment in Zirakpur is over 1,800 sq.ft. The quality of construction of these properties is excellent and they boast of amenities like running tracks and swimming pools apart from modern kitchen and bathroom fittings.

Demand for real estate is driven by ample representation of the middle income groups here. According to certain estimates, Zirakpur today has approximately 50,000 dwelling units. Hence, there is also scope for development of commercial real estate for retail space, with land parcel easily available here on freehold basis.

3. Infrastructure & connectivity: Zirakpur, connected to Chandigarh city by a flyover, is extremely accessible. It is 20-minute drive from the airport as well as the railway station in Chandigarh. It is also easy to travel by road from Zirakpur to neighboring cities like New Delhi, Amritsar, Mohali and Patiala by road after the new highway was developed.

The construction of the 200-foot wide, six-lane Zirakpur ring road is also in full swing, which is expected to decongest Zirakpur by providing an alternative route to Shimla-bound traffic from Ambala. The 5.75-km road will pass through Peer Mushalla, Sanoli, Gazipur, Nagla village and then join the Chandigarh-Ambala Highway near the Ghaggar bridge. It is expected to be completed by mid-2016.

With an international airport coming up in the vicinity and PR-7 connecting road to Himachal and Haryana also on the cards, Zirakpur is all set to acquire a cosmopolitan outlook.

4. Temples and parks: Zirakpur has several famous places of worship like Gurudwara Naada Sahib, Gurudwara Bauli Sahib and Gurudwara Nabha Sahib. The town also has lush green surroundings with many parks and green pathways for pedestrians. Zirakpur also has one of Punjab's most famous zoos offering a good picnic spot for the people here.

5. Schools and utilities: The town of Zirakpur is a hub of many great educational institutions. They range from hotel management schools to nursing colleges to technical education institutes like Shri Ram ITI and Hayes Institute of Hotel Management. Zirkapur is definitely one of the best places to live in Chandigarh.

(The writer has been working as a business journalist for the last nine years, and has covered beats across banking, pharma, healthcare, telecom, technology, power, infrastructure, shipping and commodities)