Chandigarh, also called The City Beautiful, is a city in India that serves as the capital of two states: Punjab and Haryana. Chandigarh, the city more populous for its modernism and widely acclaimed for its architecture is rearing to jump into the technology bandwagon. The booming real estate in Chandigarh is witnessing a number of projects, focusing not only to provide an array of amenities, but also to increase effectiveness of the place. The city offers contributory atmosphere thereby encouraging most IT companies to look forward to spread their wings here. Such a tremendous industrial growth has also contributed to the escalation of residential property here.

Independent India's first planned city, Chandigarh is unique in several ways. Nestled at the foot of the Shivaliks, and 248 kms away from New Delhi, Chandigarh is a Union Territory and capital to the state administrations of Punjab and Haryana.

By 2020, a ring of industrial townships extending up to 30 kilometers from the Capital Project Area will circle Chandigarh. National Highway 1 linking Chandigarh and Ambala, as also the road to Ropar, is lined with industrial units. The road to Shimla has industries and hotels, large and small, catering to the tourist traffic.

Armed with a strong civic and transport network, an affluent and informed citizenry, excellent educational facilities, the city lives by the spirit of its emblem of an open hand which carries its slogan "Open to receive - Open to give".

These factors have supported the real estate boom that the city has experienced in the last couple of years. Carrying no legacies of the past, Chandigarh is an architect's delight, with its buildings designed on modern architectural lines.

The educational facilities in Chandigarh till a decade ago far surpassed the employment opportunities available. From being a city known more for its senior and retired citizens, it is now pulsating with young professionals engaged in the knowledge sector in the Chandigarh-Mohali -Panchkula hub.

Chandigarh has a refreshing lifestyle, combining hard work and professionalism with several options for leisure and relaxation. Home to Nek Chand's Rock Garden and the Sukhna Lake, the city has easy access to weekend getaways in North India.

Infrastructure and Facilities

An excellent road and rail network supports Chandigarh, and the city lies within motor able distance of most popular towns and pilgrimages in North India. Deluxe and luxury buses and cabs ply inter-state from the large terminus in Sector 17.

The city enjoys the advantages of being close to the National Capital Region, with Delhi 4-6 hours away by rail and road. The Airports Authority of India has undertaken the up-gradation project of the Chandigarh airport to meet the increased traffic to the city.

The Rajiv Gandhi Chandigarh Technology Park RGCTP was conceived in 2001 by the Chandigarh Administration. Built on 123 acres, the first phase had Infosys Technologies anchoring the project on 30 acres with a state-of the art campus.
Phase II will have Wipro playing the anchor's role with facilities on a 30 acre campus too. An Entrepreneurs Development Centre within the campus is for start-up ventures.

The Chandigarh Administration has taken to e-governance through its e-Sampark initiative, which is a multi-service single window system connecting various departments dealing with the public through electronic (or Sampark) centres. The Sampark Project aims to make Chandigarh a "wired city" with the establishment of a Wide Area Network for all government and corporate offices

The Administration lays great emphasis on training of manpower for the IT industry, and has implemented the C-TOSS (Chandigarh Training on Soft Skills) programme to improve the skills at the grass root level in schools and colleges. The IT Reach Out programme is a noble effort to enable students from the weaker sections to benefit from the applications of the knowledge industry.

The Gram Sampark project will provide IT access to rural citizens through 70 Kiosks linked with the Central Data Hub and information relating to various departments of the administration.

Real Estate Developments in Chandigarh

IT and ITES have played a critical role in the development of real estate in Chandigarh. Rated as the most prosperous state by real estate experts based on current trends, a large disposable income among the city's residents has prompted builders to draft commercial, retail and residential spaces in the city.

Stretching the Chandigarh real estate story to Mohali, Zirakpur, Dera Bassi and Panchkula, in particular, these cities have attracted entrepreneurs, resulting in an ever-deepening ring of industries all around the city.

According to Cushman and Wakefield, Chandigarh shares the platform with Mysore and Kolkata for a large share of commercial property development in the country in the next couple of years. As the IT industry expands, the demand for commercial space will only grow. Enjoying the highest per capita income in the country at Rs.67, 350, the retail business has great potential for expansion and hectic construction activity by real estate developers is taking place. Hotel projects and malls are on the anvil by most prominent builders.

Prominent builders from the NCR have set up base in Chandigarh and its fringe towns with mega projects and are confident of reaping fast returns. Omaxe, Ansals, DLF, Realtech, Parsvnath, Chadhas, Jaipurias and ATS have a mix of residential townships, commercial spaces, retail malls, hotels and IT park projects in various stages of construction in Chandigarh and its suburbs. DLF is offering 1.5 lakh sq ft of built up non IT space for commercial use, while four acres has been allocated for the hospitality sector.

Leading real estate developer Parsvnath has been awarded the Chandigarh film city project at a cost of Rs. 191 crore. The bid is for a 99-year lease on a 30 acre site in Sarangpur.

The DLF IT Park in Chandigarh on 7 lakh sq. ft area is fully operational, to be integrated with a retail arcade, entertainment centre, food court, banks and a health centre.

Appreciation

Chandigarh has all the ingredients for a perfect investment. A supportive government, an affluent and upwardly-mobile populace, abundant land, excellent infrastructure, a clean, non-polluting environment, and of course, the thriving IT industry, are all working in tandem to create one of the most modern cities of North India. Chandigarh has long been the favourite city for Punjabi NRIs for investment and continues to be so.

The sustained demand from professionals employed in the BPO and IT companies is a genuine end-user one. With land rates more affordable in fringe towns of Baddi, Panchkula, Dera Bassi, and Zirakpur where builders have sophisticated townships under development, investment could prove lucrative once these projects are completed
For the quality of life the city offers, investment in Chandigarh real estate is a safe bet. A sustained demand from investors, both domestic and overseas, has, and will continue to, generate handsome gains on investments.

NRI Real Estate Trends

Penthouses in Chandigarh which meet international standards are the choice of MNC executives and NRIs, which could cost up to Rs 75 lakh. These luxury homes could feature anything from a rooftop swimming pool to a personal gym with daily conveniences within the residential complex.

Panchkula and Zirakapur in the south, Mohali to the west and Baddi are the hotspots for real estate developers. Integrated projects on townships upto 200 acres are being designed in these new towns to meet international standards.

These new townships offer a pollution-free, fully serviced environment and are good purchases, either for personal use or investment. Independent plots are available for building customized homes, with the added advantage of facilities within the township.
Among the new residential developments NRIs can look at, Ansal API's Orchard County on Kharar-Landran Road, with a vast green belt and Water Park provides an interesting option. Construction of aesthetically designed homes is on at Silver City on NH 22, and Omaxe, Sahara, Motia Constructions and Maethosho have designer homes coming up in Zirakpur, Dera Bassi and Baddi.

In Mohali, major national and international players - MGF Emaarand TDI among others are developing residential societies spread over 100 acres each.

Latest Real Estate Projects in Chandigarh

Kolkata's P.S.Group is planning an IT SEZ on the Chandigarh-Delhi highway. As part of its expansion plans till 2010, Unitech has a hotel project lined up for Chandigarh. The company is in talks with Carlson Hospitality, Marriott Hotels and other hotel chains for managing the hotels.

The Uppal group has a string of projects in the planning stages for the city. For its five-star hotel on 2.63 acre for Rs. 275 crore to be completed by 2009, it is looking for national and international chains for a tie-up. A mall is also under construction at a cost of Rs. 100 crore. A Rs. 250 crore luxury apartment complex, Uppal's Marble Arch to cater to the affluent of the city is also under way.

Residential

ATS Greens Golf Meadows in Dera Bassi, Mohali. 350 acres integrated township with
plotted development, group housing, shopping mall. IT Park, office space, hotel, hospital, City Centre and a 70 acre golf course

• ATS Golf Meadows Prelude in Dera Bassi, Mohali. 336 flats on 800,000 sq. ft.
• Mega Township in Mohali by Chadha group - fully integrated with plots, villas and apartments on 200 acres
• Omaxe Greens - Dera Bassi - Chandigarh - Ambala Road - modern residential complex
• PSG Spectrum Towers, Zirakpur on the Patiala road - Condominium on 7 acres with luxury 2 and 3 bedroom apartments
• Sunrise Greens by Jaipuria group - flats and penthouses in an eco-friendly environment, with health club and swimming pool

Commercial

• Chadha Group - Mall in Mohali
• Celebration Mall by Advance India Projects - shopping mall with international brands, multiplex and food court

City Emporio Mall by Realtech - mall and multiplex on 5 floors totaling 2.5 lakh sq. ft