Chandigarh’s periphery, which is bursting at its seams in the backdrop of the construction of thousands of apartments, is suddenly in demand.
While buying apartments in the tricity has long become a dream for the middle class and lower middle class, the recent allotment of a two-bedroom flat for a whopping Rs 90-lakh by the Chandigarh Housing Board (CHB) - which works out at Rs 9,000 per square yard - seems to have benefited the periphery builders in a big way.
In view of the skyrocketing prices of flats in Chandigarh, the peripheral towns have caught the fancy of the investors and end users.While the prices in the tricity are quoted anywhere between 5,000 to Rs 8,000 per square foot, the rate in Chandigarh’s vicinity ranges from Rs 2,000 to Rs 3,000 per square foot.
With connectivity not going to be a major issue in the backdrop of the proposed Metro in the next few years, the apartments will be much sought after in these peripheral towns, say observers.
As almost all big real estate players have stakes in Chandigarh’s neighbouring towns, apartments’ designs are much better than in Chandigarh. The affordable prices and better designs are periphery apartments’ USP.
With the plotted building projects virtually a thing of the past and costly, apartments in the periphery make a better business proposition for both builders and buyers. In fact, state-of-the-art amenities and security score in favour of the apartment complexes.
Mullanpur — new destination
Punjab’s first eco-town Mullanpur urban estate is the next destination of builders, investors and end users. Located strategically on the upcoming four-laned Chandigarh-Baddi road, the planned low-density urban estate seems to be the future in Chandigarh’s periphery. While Omaxe has already launched a residential project, real estate major DLF is in the process launching a mini-township in the Mullanpur area.
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