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Chandigarh: The Rising Commercial Market in North India

The real estate sector is one of the most globally recognised sectors. The commercial real estate sector in India continued to evolve in Q1 2017, witnessing an increased share of Tier 1-2 cities in the overall space take-up, coupled with a sustained rental growth.

From the perspective of office space take-up, the first quarter of 2017 was one of the strongest first quarters witnessed in the past several years. Leasing during the quarter was mainly led by Delhi NCR (National Capital Region), Bangalore and Mumbai accounting for almost 55% of the transaction activity, followed closely by Hyderabad.

In North India, commercial real estate market is hugely dominated by Delhi NCR, but, in recent times, Chandigarh has shown signs of rapid growth.

Chandigarh is a union territory of India serving as the capital of two states, Punjab and Haryana, is one of the fastest growing cities. Commercial real estate here is growing significantly, providing the much-needed infrastructural push to the city’s mounting needs.

Chandigarh’s commercial real estate market has witnessed positive trends in the past year with residential values noting an average appreciation of 10% across the city. There has been tremendous growth in the city’s suburban localities such as Panchkula, Mohali, Zirakhpur and Dera Bassi in terms of upcoming projects, growing demand and appreciating values.

Chandigarh is a well-designed city, and has been neatly divided into different sectors. Sector 17 (City centre) and Sector 34 (emerging as a sub city centre) are key commercial/retail destinations. A large chunk of development companies and builders are investing here in commercial projects.

Currently, the administration has reduced the collector rates in tune to 10% in commercial properties. This move from the administration is going to benefit the investors and consumers and will also attract more transaction in the location.

This glittering city because of its booming economy fascinates investments of all sorts. And now, with the new airport, things are being expected to change more rapidly in the Chandigarh commercial real estate market. Numerous small and big commercial ventures are underway around the airport ‘basin.’ Also brands like Tech Mahindra, Wipro and Bharti Airtel are shifting the model towards an IT based economy.


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