Chandigarh is fast moving beyond the shadow of its legacy of being a sleepy town to a hot hub of realty opportunities, says nirupama dutt
No longer can Chandigarh be dismissed as a sleepy little town on the Shivalik foothills, which was described by a cynical writer as the abode of green bushes and white beards. Up North, it is the fastest growing city and as predictions go it is going to be India’s richest city in three decades; with Delhi following close on its heels. This is a great change for a city that showed very slow growth in the first fifty years of existence. Even the tiniest piece of land of around 125 square meters is over a couple of crores. Yet it has takers aplenty; including landlords, industrialists, NRIs, doctors, lawyers and bureaucrats.
Its great location in the Shivalik foothills, proximity to Delhi and its growth as an IT city; all work to Chandigarh’s advantage. The Chandigarh Technology Park has attracted many multi-nationals like Infosys, Wipro & Convergys. Quark is also planning to establishing a ‘Quark city’ in Mohali. Earlier, many professionals had to shift to other places in search of high employment. Due to advancements in IT sector, the city has become a virtual magnet for professionals. It has also helped improve the economy and quality of life in the city. Now the city has its share of malls and multiplexes with builders moving in to make the most of the changing mood.
Chandigarh has limited land; so adjoining areas like Mohali, Panchkula, Zirakpur and Kharar are developing very fast. Ritu Singal, MD, Raglan Infrastructure Limited, says: Chandigarh’s periphery is the area of the future as property has now gone out of the reach of common man. So over the next few years, Derabassi, Kharar and Zirakpur would be to Chandigarh what Gurgaon is to Delhi now.”
Besides the big fish, a large number of local builders have made their fortunes in real estate. The builders are now selling the concept of luxurious apartments and penthouses. The rates of property in these areas adjoining Chandigarh are still affordable and thus property developers are making a beeline to make investments there. They are expected to make huge returns on these investments in the near future with the considerable increase in commercial and infrastructure development activities taking place. In main city, owners are converting their spaces into one, two and three bedroom apartments and giving them out on lease or rent. Also, floors are being refurbished into small shops and retail outlets to meet the demand for commercial property. Shravan Gupta, Executive VC and MD, Emaar MGF, says: “Punjab is a progressive state and offers endless opportunities of development aligning with our vision of ‘Creating a new India’.”
Ludhiana is another classic case of the big boom in property and Ashok Malhotra CMD AMGECO (Ashok Malhotra Group of Companies) says: “The boom was due for a long time. In winters, the hosiery market had done great business and the profits were high.” AMGECO has come up with the first IT Park in Ludhiana and is moving onto group housing colonies on the highway.
Its great location in the Shivalik foothills, proximity to Delhi and its growth as an IT city; all work to Chandigarh’s advantage. The Chandigarh Technology Park has attracted many multi-nationals like Infosys, Wipro & Convergys. Quark is also planning to establishing a ‘Quark city’ in Mohali. Earlier, many professionals had to shift to other places in search of high employment. Due to advancements in IT sector, the city has become a virtual magnet for professionals. It has also helped improve the economy and quality of life in the city. Now the city has its share of malls and multiplexes with builders moving in to make the most of the changing mood.
Chandigarh has limited land; so adjoining areas like Mohali, Panchkula, Zirakpur and Kharar are developing very fast. Ritu Singal, MD, Raglan Infrastructure Limited, says: Chandigarh’s periphery is the area of the future as property has now gone out of the reach of common man. So over the next few years, Derabassi, Kharar and Zirakpur would be to Chandigarh what Gurgaon is to Delhi now.”
Besides the big fish, a large number of local builders have made their fortunes in real estate. The builders are now selling the concept of luxurious apartments and penthouses. The rates of property in these areas adjoining Chandigarh are still affordable and thus property developers are making a beeline to make investments there. They are expected to make huge returns on these investments in the near future with the considerable increase in commercial and infrastructure development activities taking place. In main city, owners are converting their spaces into one, two and three bedroom apartments and giving them out on lease or rent. Also, floors are being refurbished into small shops and retail outlets to meet the demand for commercial property. Shravan Gupta, Executive VC and MD, Emaar MGF, says: “Punjab is a progressive state and offers endless opportunities of development aligning with our vision of ‘Creating a new India’.”
Ludhiana is another classic case of the big boom in property and Ashok Malhotra CMD AMGECO (Ashok Malhotra Group of Companies) says: “The boom was due for a long time. In winters, the hosiery market had done great business and the profits were high.” AMGECO has come up with the first IT Park in Ludhiana and is moving onto group housing colonies on the highway.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
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An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
For More IIPM Info, Visit below mentioned IIPM articles.
Prof. Rajita Chaudhuri's Website
domain-b.com : IIPM ranked ahead of IIMs
Arindam Chaudhuri's Portfolio - he is at his candid best by Society Magazine
IIPM Best B School India
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman
IIPM's Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri - A Man For The Society....
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
IIPM B-School Detail
