Chandigarh, December 26, 2004
Express India
HANDIGARH has become a favourite destination for outsiders, especially
Non-Resident Indians (NRIs), looking for a quality post-retirement life.
Their interest was evident at a recent auction held by the Estate Office
where a large number of participants were NRIs.
Assistant Estate Officer, N.S. Brar, says quality of life is drawing
NRIs to the city. He added NRIs and people from outside the city had
waited for years to buy at this auction.
Out of seven bidders who quoted the highest prices, four are from Delhi,
Haryana and Mohali. One is an NRI, who bought a one-kanal plot in Sector
18, for Rs 1.61 crore. Brar says apart from NRIs, people from Punjab
too want to settle here.
According to Nirmal Khosla, a resident of Sector 19, who bought a one-kanal
plot in Sector 19 for Rs 1.51 crore, NRIs have played a role in the
jump in property prices. Khosla said theirs was a joint family and buying
the property was a necessity for them. Brar said fewer number of houses
too was a contributing factor. However, property dealers insist that
for this very reason, market rates of property were still higher than
the prices at the auction.
J.D. Gupta, chief patron, Property Dealers Association of Chandigarh,
Panchkula and Mohali, said since the number of plots was less, it caused
the prices to jump. Easy finance too contributed along with the quality
of life here, Gupta added.
Gupta added the prices would continue to soar in the coming years especially
after the Technology Park became functional.
Gurcharan Singh, New Delhi 10 marla 80.25 lakh Sector 19 B
Mohit Aron, NRI 1 kanal 1.61 crore Sector 19 B
Nirmal Khosla, Sector 19 1 kanal 1.51 crore Sector 19 B
Shree Com Real Estate, Sec-26 2 kanal 3.54 crore Sector 28 A
Jasdev Singh, Mohali 5 marla 41.50 lakh Sector 32 A
Sonia Oberoi, Ambala 2 kanal 2.51 crore Sector 33 B
Charanjit Singh, Sec-38 343.39 sq yards 1 crore Sec-37 A