Chandigarh is a union territory and the capital city for the states of Punjab and Haryana. It is internationally renowned for being a showcase of architecture and also for being the first planned city in India, post-independence. As a result, Chandigarh real estate is thriving on the supply side, with planned housing projects widely prevalent. The city has been designed by one of the pioneers of modern architecture, Le Corbusier. Other architects that were involved in the planning of Chandigarh were Jane Drew, Pierre Jeanneret and Maxwell Fry.
Stats And Facts
Chandigarh has a total population of 10,55,686, as of the provisional population data of Census India in 2011, and a total land area of 114 square kilometres. The population density as of 2011, is over 9,000. Of this, the female to male sex ratio skirts the 800:1000 range. The literacy rate in Chandigarh is well above the national average, and has stayed above the 80% mark. As of the 2011 census, 86.7% of Chandigarhâ€™s population is literate. The city also has a low percentage of the total population dwelling in slum areas, when compared to benchmark cities like Delhi, Mumbai and Hyderabad. This reflects a development of the real estate and housing markets in Chandigarh through public as well as private projects. Rajiv Gandhi Chandigarh Technology Park Phase-I is a special economic zone and it has put Chandigarh on the international business scene, with IT companies like Infosys, Net-Solutions, Virsa, Taurusagile and IBM setting up shop there in the first year.
The tertiary or services sector is the top sector in Chandigarh. This sector contributed almost 77.14% of the cityâ€™s Gross State Domestic Product in the 2004-05 period, as per data from the Confederation of Indian Industry. The trading, hotels and restaurant industry is the fastest growing industry in Chandigarh, contributing 29.85% to the GSDP during 2007-08. Not far behind, the banking and Chandigarh real estate industry contributed 21.39% to the GSDP during 2007-08. Since Chandigarh is the capital of two states, it has a booming banking sector, with 255 bank offices in the year 2006-07.
The Chandigarh Airport connects the city to other major cities in India, and a new international terminal is being constructed. The Chandigarh Railway Network is a part of the Northern Railway zone of the Indian Railway network, and it links the city to major regions in the country. This has lead to a good appreciation for property in Chandigarh. NH 21, which starts at the Punjab Mohali town border and goes up to the Haryana border, passes through Chandigarh. Bus transport is operated from the Inter State Bus Terminals that are located in sectors 17 and 43 of the city. As per a Study on Traffic and Transportation Policies and Strategies in Urban Areas in India, by the Ministry of Urban Development, the public transport accessibility index of Chandigarh is higher than that of Bangalore, Hyderabad, Kolkata, Chennai and Delhi. The Chandigarh Transport Undertakingâ€™s fleet stands strong at 517 buses, with 100 buses having been added under the JnNURM scheme. Chandigarhâ€™s metro rail project is set to be completed by 2018
Chandigarh Civic Administration
The Municipal Corporation of Chandigarh came into being on 24th May, 1994 when the Punjab Municipal Corporation Act was extended to Chandigarh. The MCC takes care of the water supply, drainage, fire wing, sewerage, sanitation and property tax. The Chandigarh Housing Board was formed in 1976 when the Haryana Housing Board Act was extended to the union territory of Chandigarh. It is responsible for the construction of the urban housing for the city. The Chandigarh Industrial & Tourism Corporation takes care of the tourism and related industries. As mentioned earlier, the Chandigarh Transport Undertaking is responsible for public transport within the city.
Being a planned city, Chandigarhâ€™s infrastructural growth has been steady. And due to this growth, it ranks first in India in terms of the Human Development Index, e-readiness as well as the quality of life. Chandigarh real estate is impacted by this due to the availability of basic amenities across the city, meaning investors as well as home owners have a solid infrastructural setup to rely on.
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