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Chandigarh city remains the first preference despite exorbitant property rates, compared to other cities,” says Kamaljeet Singh, president, NRI Sabha.

Despite global meltdown, Chandigarh is still the most preferred place to buy a home

Chandigarh, October 25, 2008
Expressindia forums

AMID overall stagnation and recession in the real estate sector and the prevailing global meltdown, Chandigarh maintains its status as one of the most sought-after destinations for the buyers of residential property. Buyers, both locals and NRIs, have a strong preference for the city over Panchkula and Mohali.
The recent real estate auctions by the Estate Office in Chandigarh and the Greater Mohali Area Development Authority (GMADA) in Mohali clearly manifest Chandigarh as a hot destination when it comes to residential property. A comparison of the rates of the properties auctioned in Chandigarh and Mohali shows a wide difference. While a one-kanal plot in Chandigarh fetched Rs 4 crore against the reserve price of Rs 1.81 crore, a plot with similar area dimensions in Mohali was auctioned for Rs 2.8 crore against its reserve price of Rs 2.24 crore.

The prospective buyers as well as residents of the city strongly believe that Chandigarh scores better on infrastructure and maintenance parameters. “Infrastructure like roads, electricity and water supply in the city cannot be compared with that of Panchkula and Mohali where the situation is very bad. Also, the quality of education — both government and private — attracts a large number of students from other adjoining states in Chandigarh,” says Neelam Vashisht, who has been living in Chandigarh for the last 17 years.

Chandigarh has been successful in maintaining a sustainable property price graph over the years despite stagnation and recession in the market. Though there has been no trade of properties in the city, the prices have not depreciated. The prevailing global recession, considered to be one of the worst, has failed to affect the demand for real estate and their prices in Chandigarh.

“The sustainable price graph of residential properties is due to the increasing influx of migrant population, which has resulted in an increased demand for houses while the supply is limited. The city is also catering to the residential needs of the workforce of IT professionals and the industrial town Baddi,” says R P Malhotra, general secretary, Property Owners’ Welfare Association, Chandigarh.

And now with the Chandigarh-Baddi rail link coming up, commuters will have an easier travel with reduced distance and time.

“NRIs from all over Punjab want to own a house in Chandigarh. The city remains the first preference despite exorbitant property rates, compared to other cities,” says Kamaljeet Singh, president, NRI Sabha.

Real estate experts believe the city stands tall when it comes to residential real estate against all financial and global odds and this trend is ecpected to continue in the future.