Indian Real Estate: Chandigarh Beckons

 Chandigarh Real Estate: Call of the Siren

NEO-IT, a US based agency ranks Chandigarh amongst the top six destinations in India for investment in the IT sector, a city whose name also features amid the top six Indian States, who are leaders in e-Readiness and e-Governance. In an unexpected surprise movement, it is fast emerging as a favoured destination for top-ranked IT firms along with Bangalore, Hyderabad, and Gurgaon. The reason behind Chandigarh's attraction lies in not only in its high quality of life, but also due to the availability of requisite human resources to support and sustain a burgeoning industry.

A 250 km. optical fibre cable network, international bandwidth, single window facility for companies and quality manpower has proved to be the siren call for IT giant Infosys, an Indian stalwart inveigled into setting up a software development centre, the first phase of which has been completed with work begun on the second. According to Vivek Attray, IT Director, Chandigarh Administration: "The IT Park integrates an open and green area with modern infrastructure. It comprises of a ready built space, a 30-acre Infosys campus, sub-anchor and built-to-suit sites, entrepreneur development centre, dedicated power station, a huge retail space and earth station." And, Infosys has been followed by IBM, Wipro and others wishing to establish their presence in a city that has what it takes to meet the most exacting of business demands.

With the Chandigarh Administration planning a Technology Habitat, a 250-acre mini township is scheduled to come up adjacent to the Rajeev Gandhi Chandigarh Technology Park (RGCTP). "The Habitat will project the planned face of modern development, assisted by modern technology to serve the modern needs of the industry and those employed by the technology companies. It will also comprise residential complexes, institutional areas, commercial areas, sporting areas, and ample green belts." according to Vivek Attray.

Already, DLF, a Delhi-based real estate development firm has joined hands with the Chandigarh Administration in setting up ready-built office space at RGCTP offering 8-lakh sq. ft. of prime workspace to IT firms. And, in order to upgrade suitability and sustainability of human resources for the IT / IT-enabled services (ITeS) and Business Process Outsourcing (BPO), Chandigarh Administration has set up a soft skills training programme in the city. With a population of 1-million and a literacy rate of 82%, Chandigarh offers a huge talent pool for IT / ITeS / BPO companies that invest here.

According to Chandigarh Administration, 42-Indian and foreign firms e.g. Amadeus, Century Technologies - California, KMG Infotech, UK's Index Computer Systems, Virsa Systems among others have applied for the six built-to-suit sites covering 10-acres. Ever since RGCTP was declared a Special Economic Zone (SEZ), Chandigarh's tech park has attracted a lot interest with companies from USA, Great Britain, Finland and across the globe applying for the six built-to-suit sites.

Expecting a huge deluge of IT professionals and those wishing to work in the BPO sector, prices of residential property near the park have sky-rocketed. With an expected 25,000 jobs generated by a fully functional IT Park, the housing sector could face a immense pressure, a fact that has created boom like conditions for real estate in Chandigarh and its surrounding areas. Even Mansa Devi, a small, sleepy little rural colony in the vicinity of the IT Park has experienced a rise in real estate prices. Three bedroomed flats that a few years back could be bought for Rs. 15 to 16-lakhs in Sectors 4 and 5 of Mansa Devi are now going for Rs. 30 to 35-lakhs, as property dealers pin their hopes on and wait for the IT Park to fulfil their dreams of an unexpected bonanza. It is not only property prices that have been affected but rents have doubled and tripled with the opening of the park in September 2005, and residential plot prices have jumped from Rs. 350 - 400/- to Rs. 700 - 750/-, all due to the opening of park.

In a domino effect, the cost of real estate in and around Chandigarh, from Mohali, Panchkula, and surrounding areas is getting more expensive by the day, with multi-nationals and Indian IT / BPO giants coming to stake a claim in the city. As the UT administration works on making Chandigarh a tourist destination, it is only a matter of time before it joins the big league of Tier I cities in attracting foreign direct investment (FDI) on a large scale.

A chain of events has been set in motion with the opening up of Chandigarh's IT Park, and the Punjab Government's desire to progress beyond the Green Revolution will ensure that Chandigarh remains the prime destination of choice for FDI. With everything going according to plan, real estate in Chandigarh remains the best form of investment, both for the short and the long-term, premium real estate, unmatched by any other Indian city. And, the Punjabi Diaspora, no longer happy to live in the villages and rural towns they left behind are setting the real estate prices in the city aflame by going on a real estate shopping binge with their hard-earned dollars.

The curve of Chandigarh's real estate prices is on an upward trajectory, never to be the same again!

This article is sponsored by: www.indiarealestateblog .com



About the author:

We are in real estate business and wants to provide information about the India Real Estate

 Rajinder Dogra

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