Rising salaries in Chandigarh region leads to increase realty demand

Chandigarh recently got captured in the Randstad’s salary trend, which is an indication of the increased disposable income in the region. In fact, Chandigarh came on top in salaries paid at junior and mid- levels; the city came in third at the senior level salaries. The news brings glad tidings for the real estate sector too, as people will invest more in buying real estate assets. The change came as tier 2 cities are emerging as the talent hubs and job-creation centres. Talking about the progress made by Tier II cities, Prateek Mittal, Executive Director, IIT Alumni at Sushma Group, said, “Earlier, people only migrated to metros for better growth opportunities. But now Infrastructural developments and improved connectivity has helped cities like Chandigarh build businesses that can compete at any level and are able to attract the best of the talents by offering them attractive compensations.” The rise in salaries in these areas had led to an increasing demand for projects in surrounding areas of Chandigarh such as Mohali and Zirakpur. “Higher salaries have not only pushed the demand of residential real estate, but have also provided a boost to the commercial real estate as the brands see a huge consumption potential here, especially in areas like Zirakpur” Prateek Mittal added. The opening of properties in neighbouring regions such as PR7 Airport Road has offered people the possibility to expect excellent returns on their investment. “The region has a good standard of living, making it a desirable place to buy and invest. Furthermore, commercial property investment is safe because the investor will receive guaranteed returns on money, whether through rental or investment returns. The one million catchment area here ensures that any commercial project here will be a success, and the residential property along the route is also attracting a lot of attention,” LC Mittal, Director, Motia Group Not only residential segment, commercial segment too is gaining in this region. Looking at the potential of the workforce available here, especially in the post-pandemic scenario, many corporates are looking for commercial assets in the region. “Today, the city can brag on having good infrastructure and cutting-edge commercial complexes. Apart from the corporates, the commercial segment here is witnessing NRI investment, who have assessed the long-term gains of this realty segment, Akshay Taneja, MD, TDI Infratech” Similarly, Mohali is also experiencing steady growth. People with increased disposable incomes are more concerned about the sizes and security. “The town has seen several high-profile residential and commercial developments. The city’s steady growth has enticed residents from surrounding places to relocate. The town is well connected to neighbouring cities and major transit hubs; it includes a big chunk of the Chandigarh International Airport Hub and a portion of the authorised Free Economic Zone,” Tejpreet Gill, MD, Gillco Group. Source: APN News