Buying an ideal property is a dream that each one of us cherishes. Today the property market offers a plethora of options to the buyers to choose from. Whether it be a residential real estate or commercial real estate buyers are inundated with choices. However, buying a property can be an arduous task.
Chandigarh is the first planned city in India. It is also one of the nine union territories and one of the most affluent regions in Punjab with the highest per capita income. It also serves as the capital of two states - Punjab and Haryana.
At present, there has been a surge in demand for residential property in Chandigarh. It is due to the economic growth in the region.
The city is also experiencing a considerable investment demand concentrated in regions like Mohali, Mullanpur, Greater Mohali, and Zirakpur.
Reasons for investing in residential properties in Chandigarh
1. Chandigarh is an infrastructurally developed city. The entire city, divided into two sectors, has the best amenities. Investing in residential property, be it an apartment or villa, could be a lucrative option.
2. Chandigarh is a well-planned city. It boasts of having the best of infrastructures. There is an airport within the city that facilitates traveling to other parts of the country. The traffic is well organized due to the division of roads into vertical and horizontal. The congestion is less due to the smooth flow of traffic. One of the benefits of investing in residential real estate in Chandigarh is that the housing projects have been planned away from the busy roads. It will help the buyers to live in a serene environment away from any noise pollution.
3. There are also upcoming metro projects in the city that will connect different parts of the city. The project will connect Panchkula to Mullanpur and Secretariat to Aerocity (Mohali).
4. Among others, Zirakpur is witnessing an escalation in demand from property buyers, especially along the Ambala expressway. This increase in demand is majorly due to the IT professionals working in Rajiv Gandhi Chandigarh Technology Park.
5. Chandigarh is also considered as one of the cleanest cities in India. It will attract buyers who want to live in a clean environment away from pollution.
Steps involved in buying ideal properties in Chandigarh
If you are a novice in the real estate space, you might be skeptical before buying a property. Even for those who are experienced, investing in a property can be a tedious and intricate task. The gamut of options available could prove to be overwhelming for the buyer. Nevertheless, there are specific guidelines which, if adhered to, could make the process of buying a property much more comfortable. Below-mentioned are some of the steps that will assist you if you are seeking for an ideal property
- Prepare a want list : It is advisable to list down everything that you need and want in a property. There are varied types of property in Chandigarh. Therefore, you must list your preferences before considering buying a property. The number of bedrooms, the garden space, swimming pool, etc. are some of the details that should be looked into before venturing on acquiring a property. They must decide whether they need a property that could be renovated or one they could straight move into. A renovated property will likely be expensive as compared to one that requires some revamping.
- Prioritize your needs: Once you have prepared the want list, prioritize your needs. Try differentiating between wants and needs. Focus on things that you indeed require at your property and eliminate those that are not essential. There are certain things that you cannot compromise on. Having a swimming pool might fall into the category of your needs, but might be required for you.
- Budget: Budget plays a pivotal role in determining the property you will select. Chandigarh is having a wide range of properties that are in alignment with your requirements. However, buyers have to decide how much they are willing to spend on a property. The monthly costs include bond repayments, maintenance, etc. Since budget plays such a significant role in property buying, buyers might have to do some retrospection regarding their wants and needs list. They might have to make some changes based on it.
- Location: The location of the property is crucial before deciding on whether to go for it or not. The buyers should judge the proximity of their location to their workplace. Whether the mode of transportation, like buses and metros, is available or not. Consider amenities such as schools, groceries, hospitals, etc. should before investing in a property.
- Search from various sources: Today, most people rely on the internet for their day to day activities. Searching for an apartment or villa is no exception. There are specialized websites on the internet that provide information about properties available. Local newspapers also cover most of the properties up there for sale.
- Find the right real estate agent: Many reliable estate agents in Chandigarh have the expertise to assist you in your search for an ideal property. You can ask your acquaintances who have purchased a property for referrals on proficient, experienced, and ethical real estate agents.
- Acquire information on the real estate market: Knowing the property market in which a buyer is thinking of buying will enable him to make accurate and informed decisions. Comparing prices offered by the agent and present market value for the same property will provide the buyer with useful insights.
- Remain patient: It might take some time for buyers to find the ideal property that suits their requirements. In such a scenario, they should not grow impatient and remain pragmatic in their decision. They can ask their estate agent to intimate them through email about suitable listings when it is available in the market.
Chandigarh is rated among the top cities in Punjab as far as educational and medical facilities are concerned. The city has ample employment opportunities and evolved as a burgeoning IT industry hub. These factors, along with numerous others, make Chandigarh a viable prospect for investing in residential properties.