Prices stable after rising for three years

Prices have remained stable in the Chandigarh real estate market this year. The price of a square yard is around Rs 48,000 to Rs 50,000. In Mohali and Panchkula it is around Rs 28,000 to Rs 30,000.After the explosion in the prices in the last two years, this year’s experience is one of a slowdown. The demand and supply curves are crossing, with supply expected to grow more than the demand in the tricity region.

Bride Groom 18 - 24 25 - 30 31 - 35 36 - 45 46 - 50 50+ Hindu Muslim Christian Sikh Parsi Jain Buddhist Jewish Other A steep price rise started in late 2003, and continued till January-February 2006. The real estate market sentiment suddenly picked up with the expectation of the IT industry coming to the regions, and the prospects of the big companies in real estate investing in the region. Sunil Bandha, Director ONS Developers and Promoter “ The boom was mainly a result of the bank finance available at low interest rates and 100 per cent income tax exemption to Group Housing Developers for the construction of flats up to 1,500 sq ft in the Chandigarh region.”

In unplanned areas like Zirakpur where the local property dealers suddenly turned into developers buying agricultural land and cutting out residential plots in these, they found the middle class, especially government employees working in Chandigarh as their customer. The price of a sq yd in January 2003 hovered around Rs 2,000 which rose to Rs 4,000 by mid 2004, and by the end of 2005 this was around Rs 8,000 to Rs 10,000.

Source://expressestates.in