Chandigarh real estate is witnessing testing times. On one hand, there are more investments pouring in the segment and on the other side property buyers and sellers are not very enthusiastic about property transactions.
The overall, economic recession has caused stagnation in the country’s real estate segment. Chandigarh’s property segment, too, is witnessing a similar trend. Property brokers in Chandigarh say that real estate values have stagnated. Property prices for plots in suburban areas like Baltana and Kharar have stooped down to as much as Rs 100 – 200 per sq yard. This is almost 20% decline in prices when compared to corresponding quarter last year.
Property sellers in Chandigarh see this as a temporary phase and are holding on to their land assets. They hope that real estate prices will increase in next six months and this is when they will make profits. Property buyers, however, say that Chandigarh Property Prices are nominal still. They have few choices as there are not many sellers in the markets as of now.
Recent developments in Chandigarh’s property segment are worth noticing. Delhi-based developer Parsvnath has bought 38% stake in Sabeer Bhatia’s Nano City Project. Nano City is a commercial and residential project in Chandigarh and will be completed by 2010. Market sources say that Bhatia is already scouting IT clients to open offices in his Nano City. This will bring more employment, and thus many more property users and home seekers to Chandigarh.
For now, one will have to wait and watch. Property market is expected to be buoyant in some months. This may be a breather for investors who have put their money in properties at Chandigarh.