Chandigarh, India - Real Estate Development in Pandit Nehru’s Favored City

The origins of Chandigarh

Chandigarh, also known as City Beautiful, has the distinction of being the first planned city in India. After India gained Independence from the British in 1947, the first Prime Minister of India, Pandit Jawarharlal Nehru took a personal interest in the planning of the city of Chandigarh as he wanted it to be symbolic of the new modern and progressive Indian state.

The initial master plan of the city was laid out by noted American architect-planner Albert Mayer while famed Swiss-born French architect and planner Le Corbusier also designed several buildings and layouts of the city. Chandigarh today serves as the capital of two prosperous Indian states Punjab and Haryana and is a union territory in its own right.

A planned development of neighborhoods

The urban planners of Chandigarh decided to design the city on the basis of neighborhoods and, as a result, the city has developed with the establishment of self sufficient sectors. The main city center is located in Sector 17 while the sub-city centre is located in Sector 34.

The original boundaries of Chandigarh were limited to a radius of 8 km around the city center and this was gradually increased to include surrounding areas as the need for real estate increased with the growth and development of the city. The areas included in this enhanced boundary include a number of settlements of Haryana, Punjab and Himachal Pradesh like the cricketing center of Mohali, Kharar, Panchkula, Mani majra, Zirakpur and Dera Bassi on the Chandigarh-Ambala main highway.

Real Estate Growth in the Chandigarh Metropolitan Area

Chandigarh city has witnessed much growth in the real estate sector over the past few years as employment opportunities in the area have grown tremendously, due to liberal government policies, economic reforms and much investment. These measures have attracted many IT /ITES companies to the city and the resultant demand for real estate has led to burgeoning property prices in Chandigarh city, as there is lack of space for development in the main city.

Much of the recent real estate development in Chandigarh is now concentrated on the outskirts of the city in areas like Mohali where there is now an IT park. Another IT park which is spread over an area of 375 acres and is called the Chandigarh Technology Park (CTP) has also been set up in Mani majra, located in the north-east of Chandigarh. The CTP has been allocated Special Economic Zone (SEZ) status and has as its anchor tenants major information technology companies such as Wipro, Infosys and IBM.

As space in the main city is severely constrained, the major property developers in Chandigarh, like the Emaar-MGF group (a joint venture between Emaar Properties PJSC of Dubai and MGF Development Limited of India.) Prasvanth , Omaxe and Sandawoods Infratech Projects Private Limited have all developed their residential projects in the surrounding areas of Panchkula, Mohali, Zirakpur and Dera Bassi.

Notable developments in Chandigarh

The residents of Chandigarh enjoy a relatively high standard of living compared with the rest of the India as they have the highest per capita income in the country with a Human Development Index of 0.674 according to 2007 estimates. Moreover many USA- and UK-based non-resident Indians who had emigrated in the 1960’s and 1970’s are now looking to invest in Chandigarh, bringing a potential source of new wealth to the region.

The main property developers in Chandigarh have kept all these factors in mind and have responded to the requirements of this segment with premium developments which sport many world-class amenities.

Emaar MGF Developments of the “Villas” and the” Views” at Mohali Hills

The Villas

The Villas is a residential project consisting of luxury and premium villas, which is being promoted by Emaar-MGF developments over an area of 3000 verdant acres located in the sectors 108 and 109 in Mohali, called Mohali Hills and close to the IT park.

Each of the villas in this project has a distinct individual style and you have the choice of selecting an Andalusian, Spanish or Mediterranean theme. The villas all are approximately 3550 sq feet and are being built to international standards and specifications.

These luxurious properties come with a current price tag of Indian Rupees 1, 15, 00,000 ($284,600) upwards. The villas are being constructed as a part of a self sufficient gated community with amenities such as a nine hole executive golf course, a club house and gym, swimming pool, tennis courts, billiards/pool room, multi-purpose function hall and restaurant, a multiplex and a commercial complex and even an International school. The project is slated to be completed in 2010 and has evoked a lot of interested amongst international and domestic buyers alike.

The Views

The Views is another project which consists of a gated community being developed and promoted by Emaar-MGF over 26 acres in sector 105 in Mohali. If you would prefer to have a smaller property, you can then choose to buy one of the many two to four bedroom luxury apartments and penthouses being developed in this fully air-conditioned complex.

The Views development will also include amenities such as an advanced security system with CCTV surveillance, an Intercom Facility, a club house with a swimming pool, Jacuzzi, tennis courts; a mini Cineplex and a 100% power back up. The apartments range in size from 1350 sq feet to 3225 sq feet and are currently priced from INR 39,82,500 ($98,600) to INR 95,13,750. ($235,500.). This project is to be completed in mid 2009.

Spangle Condos

This project is being developed and promoted by Sandawoods Infratech Projects Private Limited on the famous Tri Junction of Panchkula (Haryana), Zirakpur (Mohali) & Chandigarh. Spangle Condos consists of 288 luxurious condo apartments being built with all the expected amenities - a three level club house, health club and gym, a party hall, billiards room, swimming pool, meditation room, tennis courts and lawns, preparatory school / day-care center, multi level security and 100% power back up. The developers are also setting up a onsite property management service and creating a provision for mini buses to transport residents of the condo complex to the city center of Chandigarh.

The size of the apartments in Spangle Condos range from 1350 sq feet to 1785 sq feet and the apartments are currently priced from INR 31,47, 000($77,900) to INR 39,98,000 ($ 97,000). This project is expected to be completed at the end of 2009.