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Real estate booms in periphery

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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Property bubble bursts as prices crash 20% in investor-driven markets

Posted on Sep 06, 2013
Real estate prices in investor-driven markets such as  UPs Noida, Navi Mumbai, Ludhiana, Chandigarh and Gurgaons Dwarka Manesar Expressway have seen more than 10 percent price correction due to all-around liquidity squeeze, dearth of buyers and erosion of investor faith in the property market. In areas like Ulwe outside Mumbai where massive ...
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IHG ties up with Omaxe for 150-room hotel in New Chandigarh

Posted on Sep 06, 2013
New Delhi: Global hospitality major InterContinental Hotels Group (IHG) on Monday said it has entered into an agreement with real estate firm Omaxe to open a 150-room hotel under its brand Holiday Inn in New Chandigarh.The hotel would be located in the 1,000-acre township developed by Omaxe in Sector 4B of the New Chandigarh, which is near Chandiga ...
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Punjab offers big ticket projects to Tata group

Posted on Jul 19, 2013
Chandigarh, July 18 ó Out to woo big industrial houses to invest in Punjab, the state government Thursday rolled out big ticket project plans for various companies of the Tata group."Punjab is all set to achieve a major breakthrough in industrialization, urban development, power and infrastructure development with nine leading companies of Tata Gro ...
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Omaxe to invest Rs 200 crore to set up five-star hotel

Posted on Jul 08, 2013
MUMBAI: Real estate firm Omaxe today said it will invest Rs 200 crore to set up a five-star hotel in New Chandigarh, where it is developing an integrated township.The company has joined hands with the Intercontinental Hotel Group (IHG) to manage and set up the 150-room hotel, named as Holiday Inn, a statement issued here said.ďOmaxe will invest clo ...
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Omaxe to invest Rs 200 crore to set up five-star hotel

Posted on Jul 04, 2013
Mumbai: Real estate firm Omaxe on Wednesday said it will invest Rs 200 crore to set up a five-star hotel in New Chandigarh, where it is developing an integrated township.The company has joined hands with the Intercontinental Hotel Group (IHG) to manage and set up the 150-room hotel, named as Holiday Inn, a statement issued here said."Omaxe will inv ...
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Alpha G: Corp to partner Rattha Group for Chandigarh project

Posted on Apr 05, 2013
After DLF, Omaxe, Altus and state owned Punjab Urban Development Authority that have made forays into Mullanpur named new Chandigarh with real estate projects, it is the turn of Alpha G:Corp. a partner of Morgan Stanley and an FDI-funded real estate developer to join hands with the Chennai-based Rattha Group to develop a Rs 1,000-crore integrated r ...
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L&T Realty opens shopping mall in Chandigarh

Posted on Apr 04, 2013
The mall has 1.15 million sq. ft of retail space and is part of a 20-acre mixed-use development projectL&T Realty, the real estate arm of Larsen and Toubro Ltd, opened a shopping mall in Chandigarh on Wednesday, its first project in the city.The mall, named Elante, has 1.15 million sq. ft of retail space and is part of a 20-acre mixed-use devel ...
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Haryana govt issue directions on sale and purchase of property

Posted on Jan 31, 2013
Chandigarh: The Haryana Revenue and Disaster Management Department has issued directions regarding sale and purchase of property in authorised colonies.An official spokesman today said orders of Punjab and Haryana High Court dated November 1, 2012, passed in a Civil Writ Petition of 2012 in this regard have been sent through a written communication ...
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With slowdown pressure building up, property prices crash in city periphery

Posted on Dec 07, 2012
For the first time in the past 18 months, the real estate market in Chandigarhs periphery is showing signs of a downturn. Having stuck to their prices in the hope of a revival in the realty market, property investors and dealers are now buckling under pressure and have slashed their prices. In some cases, the reduction is upto 30 per cent.While th ...
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Punjab to construct 14,045 dwelling units

Posted on Nov 02, 2012
CHANDIGARH: Punjab government has chalked out a plan to construct 14,045 houses for slum dwellers at a cost of Rs 564.66 crore to provide them permanent shelter and at the same time improve the look of cities across the state.Local Bodies Minister Chunni Lal Bhagat today said the plan will be implemented by March 2013.Besides, the state government ...
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Essel Groupís Fun Republic mall to open in Coimbatore this month

Posted on Aug 28, 2012
Coimbatore is bracing itself for the formal opening of the second mall in the city -- Fun Republic -- from E-City Ventures of the Essel Group. The group straddles across different industrial spectrums -- media, entertainment, technology, infrastructure etc.Located on Avinashi road in Peelamedu area in the city amid a cluster of educational institut ...
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DLF plans new projects in Ludhiana, Jalandhar & other parts to strengthen its presence

Posted on Aug 11, 2012
Realty company DLF today said it plans to roll out new residential projects at Ludhiana, Jalandhar, Panipat and Kasauli as part of company's strategy to strengthen its presence outside Gurgaon."We have plans to launch new projects at Ludhiana, Jalandhar (in Punjab), Panipat (in Haryana) and Kasauli (in Himachal Pradesh)," company's Director (North) ...
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Xander Group to invest $600 mn to develop about 12 malls in India

Posted on Aug 07, 2012
Global investment firm Xander Group will pump in $ 600 million (about Rs 3,300 crore) to develop and operate about 12 luxury shopping malls across India by 2017.Virtuous Retail, the group's retail venture, is at present constructing eight such centres at various places and will develop another 2-4 malls in the coming years."The scope and potential ...
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Growth in demand for Home loans: CIBIL

Posted on Aug 01, 2012
According to Credit Information Bureau India Ltd. ( CIBIL), the demand for home loans in the country has surged by 18 percent in the first quarter of this fiscal. Data collected by CIBIL shows that there has been a rise in home loan enquiries by about 18 percent in the Q1 of current fiscal as compared to Q1 of the last fiscal.CIBIL Home Loan Trends ...
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SC order hits HUDA project, investors

Posted on May 11, 2012
pinjore-kalka urban complex DLF stalls the ongoing construction at the site, Ireo stops demarcation of land.The fate of hundreds of people who have invested their hard-earned money in the Pinjore-Kalka Urban Complex hang in the balance, as the real-estate giants developing the area have stopped their construction for the time being. This follows th ...
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Godrej Properties keen on redevelopment projects in Mumbai

Posted on May 08, 2012
With redevelopment becoming the in thing in the real estate sector, realty player Godrej Properties (GPL) plans to expand its project portfolio in this segment, a top company official said."Mumbai requires a large number of redevelopment projects especially for increasing the availability of housing in the city. Recently, we signed a few deals for ...
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Panchkula and Mohali becomes more expensive as Collector rates increased

Posted on Apr 07, 2012
Buying property in Panchkula and Mohali has become more expensive as collector rates for residential properties increased in both the cities by Rs.2000 per square meter and Rs.4000 per square meter respectively.In sector 6,7,8 and in sector 9 of Panchkula the collector rates has been hiked from Rs 48,000 to Rs 50,000 per square metre, this is the h ...
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Chandigarh witnesses realty growth in suburban areas

Posted on Mar 24, 2012
Chandigarhs real estate market is witnessing positive trends during the past year with residential values noting an average appreciation of 10% across the city. There has been tremendous growth in the citys suburban localities such as Panchkula, Mohali, Zirakhpur and Dera Bassi in terms of upcoming projects, growing demand and appreciating values ...
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Pride group to invest Rs 1,000 cr in new properties

Posted on Feb 29, 2012
Mumbai-based Pride Group of Hotels plans to set up new properties at an investment of Rs 1,000 crore over the next few years. The hospitality group currently owns a chain of upscale mid-market and business hotels.Promoted by the Rs 3, 000 crore SP Group of companies, the company is planning to open new properties in Mumbai, Delhi, Goa, Alibaug, Mys ...
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