In Chandigarh, the city beautiful real estate market is witnessing a revival. Renting is in demand in residential as well as commercial space. Chandigarh is known to be one of the test markets for the retailers across India. There are many ups and downs in rates of rent.
In sector 17 the rates of rental have dropped from Rs 800 per Square Feet in 2015 to around Rs 250-350 per Square Feet currently. This slowdown in property rates is seen globally and it also has an equal impact on Chandigarh.
Many brands have been shifted from the marketplace area which has given the smaller players to expand their footprints in locations that were earlier being rented out at very high prices. According to the real estate consultants, the present scenario looks more promising.
Another area, Sector 35 has prices lower than Sector 17. This market is the mix of space for food retailers and prices. This place has taken up by KFC, McDonald' where the prices are at a slight drop from sector 17 marketplace.
Now if we talk about the office space for renting or lease purpose. The demand of office place is stagnant and the price per sq ft has also come down from 80 Rupees to 40 Rupees in last 2 years. Government has ambitious plans for making sector 34 into a financial hub, because of this the office space in this sector has seen a correction of 15-20%.
Coming to the eastern end of the Chandigarh city here the prices were earlier touching to Rupees 45-50 and now it is in the range of Rs 25-30 per sq ft. Government has changed the eastern side of the city which was the industrial park from an industrial area to the commercial area. This change has made new commercial spaces available. The rate is Rs 45-50 per sqft of this commercial spaces.
If we talk about the residential properties then it is different in every sector and also varies distinctively according to the facilities provided. If we say about buying residential property than it is from Rupees 2.5 crore per Kanal i.e equal to 4500 square feet to around 3 Crore across the city.
The north of the city is covered with the bungalows especially in the sector 7,8,9,10 and 11 and these are at the high price spectrum and 1 BHK Flat will price 15000-18000 Rupees per month whereas the southern sides sectors are less in prices due to the large occupancy by apartments.
Sector 15, 16, 18 and 19 fall in the mid segment where the prices are Rupees 2.75 Crore per Kanal. If we talk about renting in these sectors it ranges from 40000-55000 Rupees for a 3 BHK flat per month. This all depend on the facility one is receiving.
If we come towards the sectors like 41, 42, 43, 44 and 45 here the rental rates for 2 BHK will range from 14000-25000 per month according to amenities.