r2i forum

Greetings Folks,

Want to start a thread for the people interested in keeping updated with this area and might look into Group purchase just like Chennai grp .

Just came back from Chd, stunned to see development . IT park is coming up I am seeing a lot of potential in this tricity area and the sorroundings.

Some facts though :
- Real Estate rates are already reaching peak at par with NCR.
- Rents are nothing as compare to buying price ( 2BHK : 4K -5K)
- Big cartel of property deleras who are inflating the price

Good Development
http://chdit.nic.in/ctp_detail.htm : Personally went there and Infosys building is huge. Right now totally around 2500 people work in IT city .

Hope to see this thread live and useful

GMB

I'll be interested in collective purchase... Yes, the real-estate in Chadigarh/Mohali/Panchkula has gone over the roof in the past 8-10 yrs. But now it is becoming stable or coming down...

Don't see lot of engineering jobs in this area though... hope it will change with the IT city.. I am working in the system software area and I haven't seen any big company working in this area at Chandigarh yet. Most of the companies may hesitate in coming to this area because of the already infalted real-estate... i beleive it is the same as Bangalore/Hyderabad in spite of no IT companies present....

Pmat,

At this moment, I have no idea abt Engineering Jobs, Would like to see moe incubators with PEC or R&D to generate those jobs. BTW there was annoucement by honibale PM to open new IIM there ......havn't heard anything after that ?

Out of Curosity, R u local to CHD/PKL?Mohali. I hardly come accross folks from there. As far as myseldf..u can call me chandigarian :-)

Good to see interest in and around Chandigarh. I also belong to chandigarh, we should see the interest level and think about doing something collectively.

Anyway here is my perspective, real estate is either stagnant or down for most part but still remains very expensive!

I think now is about the right time to buy as prices are down about 20-25% as compared to last year especially around Mohali. Due to demand/supply issues I doubt if this will go down any more. Ironically rental market continues to remain very attractive (if you want to rent).

IT park is more hype than real impact, progress has been slow but it is good excuse used by real estate agents and brokers to hype the already hot real estate. Jobs are still very few, except Infosys and few other small startup's you still do not have many options (ignoring the BPO/Call center jobs).

kb

GMB,

The plan to have IIM in chandigarh is shelved for now...either way even if it comes not sure why that will impact the real estate market.

In Chandigarh (or more like India) every small reason is used to over hype the real estate market. Classic example is the IT park, I can understand that more professionals coming in will definetly help rental market.

But how will it change the equation for real estate buyers when you look at the fact that 10 marla (or 250 sq yd homes) cost 1.5+ crores now. However well IT guy is paid these prices are way out of line for a working professional.

kb

GMB,

- I beg to disagree on Rental : If i buy a 2 floor (250 Sq yard) house in 1 Cr...max rent i can generate is 15K...which is not even 1.5 % and then forget about the tax pays on the income. Its not even close to what the rents are in hybad/B'lore . I enquired about NEW 3 BHK army flat in sector 20 PKL with all the new amenities( Ready to move-in) rent was only 5K and price ~50L

Actually what I meant by "attractive" was exactly what you indicated above but I was talking in terms of renter's perspective. While affordability is a big question for owning, renting options are still very good for people planning to move/live in Tri-city (Chandigarh, Panchkula & Mohali).

While as an owner yes if you buy a property the deal doesn't look attractive at all. Even banks FD's will give you a much better rate of interest ofcourse the hope always with a property is that it should appreciate much more to offset the low rental income many times over.

-KB

Chandigarh is one of my fav city and possible r2i destination . I graduated from PEC in 1992 and loved the city.
Where are the IT companies located in tri-city ?

Punjabi,

IT city is in Mansadevi complex ..behind Sukhna.
Good to see folks from the city. I just love the hanging out part of city ...10 KM radius u can be anywhere from GCG to MCM..University to Lake :-) Myself born and bread there.

Irony here is the difficulty to own something with the inflated real estate . Like to see like minded people who belive in group purchase and living in a nice neighborhood.

Hi,

My parents live in Pachkula and I moved to Gurgaon last year from USA.
I thought of investing in Panchkula and almost finalised a 10 marla
house there , then after second thoughts , decided against it , since
it will be a while when IT jobs will come there and except Infy , their is
hardly anything there.