By Rahul Bedi
CHANDIGARH: The city beautiful, Chandigarh has been a great lure for the realtors since years. And now, with the new airport, things are being expected to change more rapidly in the Chandigarh real estate market.
The commencement of new airport in Chandigarh is expected to be a shot in the arm for real estate development in Chandigarh and likely to bring sales back to life.
It started in October 2011, when CM Parkash Singh Badal urged our former PM Manmohan Singh to lay the foundation stone for the airport. After undergoing many ups-and-downs, and disputes, finally in the last month, i.e. September 2015, PM Narendra Modi inaugurated the new International Airport in Chandigarh (Mohali).
And with its initiation, the hopes for real estate growth in Chandigarh are all set to high….
Undoubtedly, Chandigarh has been one of the most prosperous cities of India and has experienced incredible growth in areas like infrastructure, entertainment, civic facilities, etc. In such a scenario, the new Airport is a big achievement for Chandigarh giving it a setup of a modern city.
“The opening of the international airport would prove to be a game changer for Mohali as it would prove to be a catalyst for real estate development in the region. In fact, worldwide experience has shown that the areas around airport have grown by leaps and bounds within a short span of time and tricity, especially Mohali, is going to be no different, ” argues Kulwant Singh, newly-elected Mayor of Mohali.
This ambitious project of Rs 939 Crore is being takes as a "harbinger" of economic and industrial development in Chandigarh, Punjab, Haryana and Himachal Pradesh.
Already, the area has been a spurt in real estate activities long before the airport project was announced. Numerous small and big residential and commercial ventures are underway around the airport ‘basin.’ Renowned real estate players including Bestech, NK Sharma Group, Pearl Group, Waves Group, IREO, etc. are seeing major stakes in the vicinity of the new Chandigarh international airport.
Doing business has always been easy in Chandigarh and hence this airport would be a thrust for realtors to park their money in the real estate here. Furthermore, the airport after being operational would ascertain to be a catalyst for development in the near future.
•The productivity of the international airport will entice the investors more and pull them off to pour their investment in Chandigarh and nearby areas for land acquisition and development to reap maximum benefits. Alternate roads, education industry and now the proximity of airport will be the USPs of Chandigarh that will attract the investors to invest in residential and commercial properties here. This will ultimately benefit the real estate market in Chandigarh.
•Undoubtedly, the local realtors would have begun planning their upcoming projects for the home dwellers. It is expected that numerous residential projects will come up in the near future in Chandigarh and the suburbs.
•The more the residents in an area, the more is the need of other developments too. With the increase in residential projects, commercial ventures will too be at pace. We can surely expect to have a leap in numerous shopping malls, multiplexes, showrooms, shops, market areas, business complexes, etc. in and around the new airport.
•It’s a fact that with the competition arises the opportunity for new technologies and amenities. The upsurge in both the residential and commercial projects, realtors will have to learn or bring new ideas of construction, interiors, amenities, etc. to increase their sale. This would, in turn, benefit the overall development of the country, in some or the other way.
•Development lays a path for the new talent to show their skills and try their hands in business. As such, we can also expect new realtors to come up with their ideas and schemes to facilitate the people of Chandigarh in their own ways.This will be great for the Indian real estate market, undoubtedly.
“It is great development for the Chandigarh and Mohali real estate market which is struggling at this point as it is an investor driven market. Infrastructure such as airports and metro lines create exponential opportunities for the real estate market for that region. We foresee in the near future when market picks up, Mohali will stand to gain a lot with this infrastructure development, ” says Samir Jasuja, CEO and Founder at PropEquity.
"Rahul Bedi is a blogger and editor at Savitry Greens which is a venture of NK Sharma Group. He writes about real estate and home improvement. You can contact him using email editors@nksharmagroup.com and phone +9195690-21000