Published On: Thu, Aug 6th, 2009

Chandigarh

banner_homeChandigarh is called The City Beautiful, is a city in India that serves as the capital of two states- Punjab and Haryana. The city is famous for its high standard of living with the highest per capita income in the country. The city has two satellite cities – Panchkula and Mohali. Chandigarh is considered as one of the most beautiful cities in India. Roundabouts like this one can be found throughout the city.
In a recent survey, Chandigarh has been ranked on the top of the list of cities preferred by the investors. Within last two years the city has witnessed enormous development in relation to real estate both commercial and residential. Chandigarh and the surrounding area is becoming hot spot for the developers, investors and end users. Developers from all over the country have flocked in here and have launched their projects around the city in areas like Kharar, Zirakpur, Baddi, Dera Bassi, Panchkula and Mohali. The residential sector is showing a great amount of activity around the city. Demand for residential colonies is both investment and residential driven. Several residential blocks are coming up in the outskirts of the city. Major among these are sector grids of Mohali, Kharar road and towards Zirakpur. Projects like Parsvnath Developers’ Parsvnath Prideasia, a 123 acre luxurious township . The project will be done in a collaboration of Chandigarh Housing Board. To be named as the Township will come up amidst Sukhna Lake, golf course, and an upcoming five star hotel. Parsvnath Greens in Dera Bassi, Parsvnath Royale in Panchkula, Uppal’s Marble Arch in Mani Majra, Ansals Golf Links in Mohali, Omaxe Greens in Dera Bassi, Emaar MGF in Mohali are a few projects to name a few. Projects that are focused on not only provide a wide array of amenities, but also on increasing the effectiveness of the place. Dozens of property deals are being clinched each day, even as Chandigarh real estate prices spiral out of control, whereas they stand stabilized in Gurgaon. Sant Singh Chatwal, US based NRI, plans to convert the historic Gobindgarh fort at Amritsar into a seven-star hotel.
With a conducive atmosphere on offer, Chandigarh is an encouraging base for most IT firms to set up an IT centre or office in its Rajiv Gandhi Information Technology Park. These projects are coming in the suburban areas of Chandigarh due to land exhaustion in the city and a very limited option with exorbitant prices. The various projects offer options of plots, villas and flats to the buyers to choose from. In Chandigarh many kothis are getting converted in to apartments that have further increased the price of land in the city. Keeping all these factors in mind, it is the best time to invest in Chandigarh with several projects offering various schemes and festive discounts. And the state government also added more fuel in the competition by cutting 1% in stamp duty on sale deeds of immovable property in the city. It is now 5 per cent. Stamp duty is described as general revenue that a person pays on the registered value of the property. It has to be paid in case of both the commercial and residential property.
Chandigarh is growing very fast in IT field. Chandigarh Technology Park (CTP) is a boom for IT professionals in the city. Many big and multi-national companies like Infosys, Wipro, Convergys, EDC etc. are set up their centers in IT park. Quark is also planning to establish their separate IT city called ‘Quark city’ in Mohali. Earlier, many professionals had to shift to other places in search of high employment. But, due to advancements in IT sector, the city has become the magnet for professionals. This not only provides high level employment to many professionals but also helps in increase the economy and quality of life in the city. This trend is likely to increase the value of property still more. Chandigarh is connected to Punjab, Haryana and even Himachal. The city is greatly influenced by the culture and people of Punjab. Also, It is on the route to the hilly regions of Himachal and towns of Punjab. In daily life, the city is visited by many people. Chandigarh provide all facilities, which can also be one of the reason for adopting more and more people. As the effect, property values in the city are rising. Adjoining areas of Chandigarh like Mohali, Panchkula, Manimajra are developing very fast. They also provide every facility like in the city. People are moving to these places as these are well connected to the city with effective transport facility. More Shopping malls and multiplexes are constructed in various areas. People become broad-minded and more advanced. Their status of living has changed a lot in the past years. They do not prefer to settle in other places. Trading is also one of the reasons of increasing the land prices. Today, there are around 600 factories, large, medium and small scale units in the city. The industries like electronic goods, food products, plastic products, leather goods and many more can be found in every scale. Obviously, People involved in these types of businesses wants to explore their business. Due to this, they prefer to settle here and in the answer land prices are rising.
An excellent road and rail network supports Chandigarh, and the city lies within motor able distance of most popular towns and pilgrimages in North India. Deluxe and luxury buses and cabs ply inter-state from the large terminus in Sector 17. The city enjoys the advantages of being close to the National Capital Region, with Delhi 4-6 hours away by rail and road. The Airports Authority of India has undertaken the up-gradation project of the Chandigarh airport to meet the increased traffic to the city. The Rajiv Gandhi Chandigarh Technology Park RGCTP was conceived in 2001 by the Chandigarh Administration. Built on 123 acres, the first phase had Infosys Technologies anchoring the project on 30 acres with a state-of the art campus. Phase II will have Wipro playing the anchor’s role with facilities on a 30 acre campus too.

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