Published On: Mon, Feb 2nd, 2015

Developing Zones : Chandigarh

chandigarhBy Accommodation Times News Services

Chandigarh

Chandigarh is considered as one of the most beautiful cities in India. 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.  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 the 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 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.   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.

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 RajivGandhiInformationTechnologyPark. 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.  Chandigarh is connected to Punjab, Haryana and even Himachal. In daily life, the city is visited by many people. Chandigarh provides all facilities, which can also be one of the reason for adopting more and more people. 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.

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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