Chandigarh, (Aditi) With reopening of offices, reverse migration of employees and development of New Chandigarh area has helped Chandigarh emerge as one of the top tier 2 realty markets, observes Magicbricks’ Research. The research further reveals that 44% of the buyers sought mid-segment residential properties (INR 50-75 lakhs) and 27% of the buyers preferred high-end properties priced above INR 75 lakhs.
It was further observed that 3 BHK units were the most popular configuration accounting for 66% of the city’s residential requirement, and 24% of the home buyers sought properties in the size range of 1,500-1,750 psf..
Elaborating on the trends, Sudhir Pai, CEO, Magicbricks commented, “Chandigarh has seen significant real estate development over the past decade, making it one of the top tier 2 realty markets in India. Creation of new jobs, investments from tech companies & Government, and reverse migration from tier 1 cities during Covid lockdowns has further catapulted residential demand in the city. As a result, Chandigarh presents exciting prospects for home seekers and we are committed to enhancing customer convenience across their home-seeking journey and beyond.”
The Research concludes that Zirakpur, Dera Bassi, Dhakoli, Patiala Road, Kharar-Landran Road, Ambala Highway, VIP Road, and Dhode Majra emerged as the top micro-markets in the city. With the Chandigarh-Mohali, Chandigarh- Gurdaspur and Chandigarh- Amritsar Industrial corridors in development, the city is expected to attract investments while boosting the real estate activity in the region.