Investment Survey
Around 75% young Chandigarh residents employed in public sector undertakings, working in multinational corporations or having different types of businesses or professions prefer to invest in real estate.
This was revealed in an Associated Chambers of Commerce and Industry (ASSOCHAM) survey titled ''Latest Investment Trends Among Urban Professionals'', which was carried out in five cities. Chandigarh was second to Delhi when it came to the importance of real estate as an investment option.
Modalities of Survey
The urban professionals included doctors, lawyers, businessmen and those employed at offices. The survey was carried out between September 2010 and January 2011. Chandigarh-based professionals divulged that they preferred to invest in the real estate business for the long run as on one hand, it guaranteed them higher future returns and on the other, it helped them stay away from risky investment options like stock market, equity, mutual fund and gold.
Preferred Locations
ASSOCHAM's interaction with big players in the realty sector found that even expatriates preferred to invest in property in and around the Tricity and that had increased the value of areas like Zirakpur, Pinjore, Kharar, Kalka, Kurali, Ropar, Morinda and Banur, where real estate giants are competing to build residential and commercial complexes.
The upsurge in the property prices coupled with growth and development in the region were other significant factors that attracted working individuals to realty.
Realty The New Investment Tool in Tricity
While many of the respondents in Chandigarh stated that investing in national saving certificates (NSCs), fixed deposits, post office monthly income scheme (MIS), bonds, debt instruments represented ''old school'' investment concepts, prudent investors were trying to strike a balance vis-a-vis exposure in real estate, gold deposit schemes, mutual funds and life insurance to achieve financial safety, security and independence, the study said.
Tricity Property Scene
The periphery of the tricity is riding high on Chandigarh’s top ranking as one of the best cities to live in, in the country. Zirakpur, Mullanpur, Peer Mushalla and the stretch from Mohali towards Kharar and Landran are all cashing in on this appeal and drawing in buyers who want to live near the union territory.
Zirakpur
Zirakpur, where a large number of housing societies have mushroomed over the last few years, is coming up as one of the most densely-populated areas in the periphery. Real estate agents reveal that prices have gone up by 40 per cent since January 2010. The rise, they say, is driven by the escalation in Chandigarh, Panchkula and Mohali. For people who want to move into their own flat soon, Zirakpur is emerging as the first choice.On the other hand, from an investment point of view.Most real estate agents and builders agree that with its fast, unplanned developed, Zirakpur faces infrastructural problems. With a budget of Rs 30-50 lakh, those who want to own their own house fast know that Zirakpur is a good option..
Barwala
Barwala adjoining Panchkula is favoured by those looking for low-cost accommodation.
An Investor says that a flat for Rs 35 lakh was good enough for us after taking a housing loan. The infrastructure problems will get solved in some years, we hope.On account of the haphazard urbanisation in these belts, property consultants say resale value at Barwala is not very encouraging. Mullanpur
Mullanpur is emerging as the favoured destination in the periphery, since development here is more planned. Development at Mullanpur is more planned, and big names in the real estate sector have pushed up its appeal. In about three years, Mullanpur is likely to appreciate much.
The growth curve of Mullanpur may face some impediments if the Congress forms the next government in Punjab. Under the Akali-BJP government, Mullanpur has steadily flourished as an urban destination in the last few years. The growth may not be as robust under the Congress government.
Peer Mushalla
Peer Mushalla has benefited greatly from its proximity to Panchkula’s Sector 20. While three-bedroom flats in Sector 20 are now priced at Rs 80-85 lakh, those in Peer Mushalla are available in the range of Rs 50 lakh. Some housing societies on the Kharar Landran road are offering flats at a lower budget. For people who want to move out of rented accommodation and give EMIs instead, flats in the periphery are the best choice.
Part of the Dream Weave Walk Network 1998-2012