Chandigarh, known for its lush greenery and urban planning by architect Le Corbusier, offers promising opportunities for property investment. In Northern India, Chandigarh has a thriving real estate market driven by growing infrastructure, an evolving IT sector, and a strategic location. Let’s look into the specifics of property investment in Chandigarh to uncover valuable insights and maximise your returns.
Chandigarh, a planned city in India designed by Swiss-French architect Le Corbusier, features modern architecture, lush greenery, and a huge real estate market. With a population exceeding 1.3 million, Chandigarh's property investment sector thrives, offering diverse opportunities for investors. The city's strategic location, close to The Capital region and major industrial hubs like Mohali, enhances its appeal.
In recent years, the average property prices in prime areas like Sector 17 and Sector 35 have surged by 10-15%. Additionally, Chandigarh's growing infrastructure, including metro projects and IT parks, further fuels the demand for real estate investment, making it a lucrative option.
Chandigarh's status as a Union Territory and capital of Punjab and Haryana ensures consistent economic development, fostering a conducive environment for real estate investment. With an annual GDP growth rate of approximately 8%, Chandigarh presents a stable economic backdrop for investors.
The city's huge infrastructure, including well-connected roads, an efficient public transport system, and proximity to the international airport, enhances its appeal. Notably, ongoing projects like the Chandigarh Metro Rail and IT park contribute to the city's modernisation, attracting both developers and homebuyers.
While Chandigarh offers upscale neighbourhoods such as Sector 17 and Sector 35, it also caters to diverse budget segments. For instance, areas like Sector 15 and Sector 38 provide affordable housing options with rental rates starting from Rs 8,000.
Analysing the rental yield of different localities helps gauge the potential return on investment. For instance, areas like Mohali, with its burgeoning IT and business parks, offer attractive rental prospects, with yields ranging from 5% to 7%.
In the last year, the prices of builder floors in New Chandigarh went up by 19%. This growth shows that the area is growing fast and becoming more valuable. Over the past three years, prices have risen by 72.5%, and in the last five years, they've gone up by 89%. These big jumps in prices every year highlight the great chances for investment in this area.
Chandigarh's sectors, such as Sector 35, Sector 43, and Zirakpur, are hotspots due to their proximity to IT hubs and educational institutions. For instance, Sector 35 is in high demand due to its central location near IT parks, such as Panchkula IT Park and Rajiv Gandhi IT Park, as well as well-established infrastructure, such as JW Marriot.
Ensure the property is RERA registered for legal protection. Projects like Omaxe The Resort and Chandigarh adhere to RERA guidelines, safeguarding buyers' interests against delays and fraud.
Research the builder's track record. Builders like Ubber Group, who have a legacy of delivering quality projects, instil confidence in their customers. Their Ubber Palm Heights project showcases their commitment to excellence.
Step 1: Conduct a market survey to establish your investment budget.
Initiate your property investment journey in Indore by researching the real estate market and determining your investment capacity. Consider factors like property prices, location, and potential returns to refine your budget.
Step 2: Shortlist properties that align with your criteria.
Refine your choices by selecting properties that meet your specific requirements. Consider location, size, amenities, and growth potential to create a shortlist of promising options.
Step 3: Schedule visits to the shortlisted properties to evaluate their various aspects, including infrastructure and accessibility.
Arrange site visits to assess the properties personally. Evaluate factors like infrastructure quality, proximity to essential amenities such as hospitals and schools, transportation options, and the overall neighbourhood ambience to make an informed decision.
Step 4: Conduct a thorough background check and verify all property documents before finalising a property.
Before making a decision, conduct a comprehensive background check on the seller or builder. To ensure no legal issues or encumbrances, verify on RERA the authenticity of all property documents, including ownership records, land titles, and local authorities' approvals.
Step 5: Prepare all necessary documentation for the purchase.
After confirming the property's legality and suitability, gather all required paperwork for the transaction, including drafting a sale deed, purchase agreement, and other relevant documents, to formalise the purchase process and avoid future complications.
Step 6: Complete the purchase by paying stamp duty and registration charges.
Finalise the property acquisition by fulfilling the payment terms as agreed upon. Complying with stamp duty and registration fee requirements to legalise the transaction and secure your ownership rights is necessary.
Chandigarh offers a plethora of housing options, catering to various preferences and budgets. From luxurious villas in upscale sectors like Sector 9 to affordable apartments in burgeoning areas like Zirakpur, the city accommodates all segments of the populace. For instance, renowned developers like Omaxe Group and Ubber Group are actively developing residential projects across the city, ensuring investors a wide array of choices.
Chandigarh's infrastructure is continuously evolving, enhancing connectivity and livability. The city boasts well-planned road networks, including wide, congestion-free roads and proposed metro lines, facilitating seamless commuting. Moreover, ongoing projects like the Medicity and 1700-acre Education City promise to bolster healthcare and educational facilities, making Chandigarh an attractive destination for families and professionals.
Chandigarh's strategic location provides unparalleled connectivity to major cities and industrial hubs. With the Chandigarh International Airport, just a 30-minute drive away and upcoming projects like the GMADA Expressway and Greenfield Highway promising faster access to neighbouring regions, investing in Chandigarh ensures ease of travel and accessibility.
Over the years, Chandigarh's real estate market has witnessed a steady appreciation in property values. Prime locations like Dera Bassi and Mohali have experienced a notable price surge of 36% and 27% in 5 years, respectively, offering lucrative returns on investment.
With the planning and architecture of New Chandigarh, the area has all non-polluting industries like IT and hospitals. Further, all the nearby developments in New Chandigarh, such as roads and other social infrastructures, will generate several employment opportunities in the city.
Zirakpur, nestled at the crossroads of the Ambala-Chandigarh Expressway, emerges as a prime residential hub. Boasting an array of housing options, Zirakpur is underscored by its proximity to key landmarks like Rajiv Gandhi IT Park and Chandigarh International Airport. With property prices soaring by approximately 42% in the last five years and rentals averaging Rs 30,000 monthly, Zirakpur promises lucrative returns amidst ongoing infrastructure upgrades.
Sector 49 stands out as a premium residential locale, offering an array of residential societies and plush apartments. Witnessing a remarkable surge of 57.4% in property values over the last three years, Sector 49 allures homebuyers with its direct connectivity to Chandigarh International Airport and IT Park. With rental rates ranging from Rs 10,000 to Rs 37,000 monthly, this area epitomises luxury living amid Chandigarh's urban landscape.
Sector 48 exudes sophistication with its inventory of ready-to-move 3-4 BHK apartments, complemented by seamless connectivity via Guru Nanak Road and Chandigarh Road. With an average property rate of Rs 10,500 per sq ft and rentals from Rs 9,500 to Rs 25,000 per month, Sector 48 stands poised for exponential growth, especially with proposed infrastructural enhancements promising enhanced accessibility.
Mohali, an integral part of Chandigarh Tricity, beckons with its strategic location and burgeoning real estate landscape. With an average property rate of Rs 3,900 per sq ft, Mohali offers a plethora of choices, from gated societies to under-construction projects like SBP City. Notably, the Chandigarh International Airport and robust connectivity via NH-205A underscore Mohali's investment potential, attracting homebuyers and investors.
Mullanpur emerges as a promising investment destination, accentuated by its proximity to Eco City 1 and New Chandigarh. With an average apartment rate of Rs 5,900 per sq ft and monthly rentals ranging from Rs 16,400 to Rs 24,500, Mullanpur's seamless access to key industrial zones and proposed infrastructural developments underscores its appeal among discerning investors.
What is property investment in Chandigarh?
Property investment in Chandigarh, a planned city with modern architecture and a thriving real estate market, offers diverse opportunities for investors. Its strategic location and growing infrastructure prove lucrative, with average prices surging by 10-15%.
Factors to consider before investing in Chandigarh real estate
Steps to property investment in Chandigarh
Step 1: Conduct a market survey and finalise your investment budget.
Step 2: Shortlist a few properties based on your requirements.
Step 3: Plan a field visit to the properties to assess amenities.
Step 4: After finalising a property, check the background and documents.
Step 5: Prepare all the necessary documents to purchase the property.
Step 6: Pay for the property, stamp duty and registration charges.
Benefits of property investment in Chandigarh
Top locations for real estate property investment in Chandigarh