In 5 years property prices double in Chandigarh

Property prices in Chandigarh have nearly doubled over the past five years, according to real estate experts. Houses on plots in northern sectors have seen a significant price increase, crossing the pre-Covid price levels.

This surge in prices has further strengthened City beautiful’s status as a prime destination for property investment in the northern region.

According to realty experts, prior to 2020, a one-kanal house in Sector 10 could fetch around Rs 8 crore — a figure that has since jumped to Rs 15-16 crore.

Although property values plummeted during the pandemic in 2020, the market saw a rebound by 2022, and soon enough prices were back to the pre-pandemic levels.

Since 2022-23, property prices have been on a steady upward trend in the city.

Kamaljit Singh Panchhi, president of the Property Federation, Chandigarh, attributes this increase to the city’s strategic location in the foothills of the Shivalik range and its well-planned layout, which have drawn interest from investors and homebuyers, especially from metropolitan cities like Mumbai and Delhi.

Additionally, the rising demand from NRIs and children of landowners in punjab and Haryana, whose land has been acquired by the government for different infra projects, has further driven up property prices.

He pointed out that a one-kanal house in Sector 21 recently sold for nearly Rs 14 crore, while a 10-marla house in Sector 18 fetched over Rs 8 crore.

Similarly, a 10-marla house in Sector 21 is now valued at around Rs 6 crore, and a two-kanal house in Sector 28 is priced at Rs 36 crore.

While property prices largely depend on the purchasing power of the buyers, sellers often quote inflated prices, he adds.

Another factor contributing to the price surge is the influence of vaastu shastra. Panchhi explained that if a vaastu expert deems a property favourable, buyers are often willing to pay extra, setting a higher benchmark for other properties in the area.

Property consultant PK Grover echoed these sentiments, noting that prices of flats in southern sectors have also surged by 60 to 100 per cent in the past five years. For example, Chandigarh Housing Board flats in Sector 13 now sell for up to Rs 2 crore.

Experts further attribute the city’s unique status as a Union Territory and capital of two states to the remarkable rise in property value here.

However, Akhil Sharma, a resident of Sector 45, expressed concern that property prices have become unaffordable for common man and salaried individuals.

He urged the Chandigarh Administration to launch housing projects that cater to this segment, and called on the governments of Haryana and Punjab to develop similar areas in their states to ease the housing crisis for middle-class families. TNS