Chandigarh emerges as one of the top Tier 2 realty markets, reveals Magicbricks’ Research
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.