Real Estate Reality in TriCity

With the advent of IT in and around Chandigarh. Many new developments are taking place in the tricity. Chandigarh Technology Park was inaugurated few months back. Many local IT companies and big names like IBM-Daksh, Infosys, Wipro showed interest in set up thier facilities. A super highway is planned between Delhi and Chandigarh for easy connectivity. Many engineering colleges, Punjab University , UBS , Fashion institutes have resulted in skilled but cheap manpower. Mohali was given the status of district this april. Greater Mohali is on the cards similiar to the lines of Greater Noida. All these developments have resulted in boom in real estate sector.

Many renowened builder came up with thier projects in Zirakpur, Mohali, Panchkula, Dera Bassi, Baddi, Kharar. The year 2005 saw property prices almost doubled. Easy home loans from ICICI, HDFC, SBI, PNB etc and higher salary brackets resulted in people investing in property. But since the begining of 2006, property prices have begun to fall.

The main reason for this fall is more supply then demand. The current prices are quite exaggerated. Suburb areas like Zirakpur, Baltana etc lacks basic amenities like good roads, electricity, sewerage systems, water. Many IT major like Wipro,Dell have shelved thier plans of expansion in the regions. Local property consultants admit that prices have fallen by 10-15% and in some areas its as high as 25%. This trend is expected to continue till the end of the year 2006. Prices are expected to stablise around Diwali.