Commercial Real Estate Looks Promising In Chandigarh

Owing to its well-planned infrastructure, handiness of land, quality person resource base, and advantageous policies, Chandigarh have go an attractive finish for IT and ITeS companies. Meanwhile, international engineering giants IBM, Dell, Quark, TCS, Wipro and Infosys have got already put up their immense installations in the city. And definitely the tendency projects positive impact on existent estate marketplaces in Chandigarh.

Chandigarh is touted as the first planned metropolis of India. With time, the metropolis bounds have got got got sprawled to the radius of 40-kms from 8-kms, and a figure of colonies from the states of Haryana, Punjab and Himachal Pradesh have been incorporated in the city.

Of late, existent estate major league like DLF, Ansal, Unitech and Omaxe have launched their undertakings in different parts of the city, and the metropolis is poised to emerge as a possible option for software system companies, as a suite of IT major league making a beeline to set up their units of measurement in the city.

Growth Drivers

Development of 375 acre Chandigarh Technology Park (CTP) at Manimajra, north-east part of Chandigarh, and IT parkland in Mohali have attracted the attending of IT companies to the city.

The undertakings tout of state-of-the-art infrastructure and installations equivalent to those available in the cyber metropolises of Bangalore and Hyderabad. Furthermore, DLF have got put up its Infocity within the CTP zone, in position of extending world-class facilities to these techno-giants.

Now that these undertakings have been enjoying enviable success, existent estate in Chandigarh have turned hot. The working capital terms and leases in the commercial section have got been consistently rising in the past 3-years, however a spot of lag is noticed in the residential segment.

Besides, the metropolis is well-connected with all the major parts of the state and the state of local substructure is also quite impressive.

Of Capital Values and Rentals

Presence of large companies have affected the places in the premier commercial areas. At present, leases at Sector 19 are treading at historical highs of Rs 90 per sq. foot a month, while the same hovers between Rs 20-35 at Sector no. Seventeen and 22.

The working capital values have got also soared to Rs 10-11,000 per sq. foot at Sector 17 and 19. Prices at Sector 22, however, are quite moderate at Rs 6-7 per sq. ft.

Future Outlook

With concern environment turning positive in Chandigarh, the existent estate sector of the metropolis is put to stay on high flight of growth. According to the people from the industry, Chandigarh Place marketplaces will be primarily driven by the IT industry, especially in the commercial section and tendencies in that lawsuit will be in line with the developments in the segment.