Real estate news on Real estate booms in periphery

Price Trends, Real Estate services, Residential Properties, Chandigarh, Affordable Projects
Posted on Jul 15, 2016

Peripheral areas around Chandigarh are increasingly becoming a sanctuary for mid-end and affordable projects with factors such as the soaring property prices and land shortage in the city playing an important role in driving the demand.

With the passage of time, the City Beautiful has developed into the Chandigarh Capital Region (CCR), with Panchkula, Mohali, Zirakpur, Peer Muchhala, Kharar, Landran, Mullanpur and Dera Bassi falling in its accommodating folds. Future potential for real estate development has attracted a large number of prestigious real estate developers to these areas. Whether it is commercial, residential or industrial, these peripheral areas have something for everyone. These areas have opened up new vistas for the homebuyers and discerning investors. Also, government as well as private builders have taken several initiatives to further boost the real estate sector in these areas.

According to realty experts, continued thrust on improving physical and social infrastructure in these areas is likely to further drive the realty demand in these growth corridors. "The extents of Chandigarh are no longer limited to Zirakpur or Mohali, they are expanding till few kilometres outside the urban limits to areas like Landran. The residents are willing to travel those extra miles in return of being able to own a dream house without paying through the nose, unlike as it was till few years ago," says Gurjant Singh, a real estate consultant.

These areas have given varied options to the homebuyers from the country and abroad in terms of the price and the location."Owning a house is always a dream of a middle-class family. People have always looked forward to residing in a self-owned house in close proximity to Chandigarh, but high prices hindered their prospects. Now, with options emerging for the middle-class and budget conscious strata in the peripheral areas, it has become far more achievable to own a house," says Rupak Sharma, an IT professional.

Numerous townships, offering modern amenities, state-of-the-art architecture, first rate engineering and security, are being developed by leading construction groups in the peripheral areas and residents are more than just happy about it. The realtors believe that despite the wave of concern about the slowdown in the economy, the times are complimentary to growth and any investment made in real estate at this time would lead to good returns in future.

"The residential segment is moving at a descent pace on the outskirts of Chandigarh and the trend is expected to continue in near future. Kharar, Mullanpur and Landran are amongst the areas that have witnessed launches of new projects. This is owing to their close proximity to the international airport," opines Gurpreet Singh, a developer-cum-real estate advisor.

The middle-class segment of the Tricity is also celebrating the shift in attitude of banks and financial institutions, which are now offering loans as high as 90 percent of the property value. The above-mentioned shift is especially in favour of those who are primarily dependent on a loan scheme to finance their dream home.

"The salaried class look forward to a loan when it comes to the purchase of a residential property both because of high costs attached to the purchase as well as tax benefits associated with a housing loan. In recent times, bank policies and schemes have turned in favour of buyers who, otherwise found it tough to inject the margin money while buying a property," says Kanwal Sharma, a real estate consultant.

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