Chandigarh is now considered by several prospective homebuyers and renters as costly in comparison to Zirakpur which has lower rentals and prices alike. Zirakpur has residential and commercial property prices which are almost the half of those charged in Chandigarh and the story is similar in case of rentals as well. The average rentals for 1, 2 and 3 BHK apartments in Chandigarh range between Rs. 10-15, 000, Rs. 16-20, 000 and Rs. 20-35, 000 respectively.
A 10-marla residential plot is priced at approximately Rs. 60 lakhs in Zirakpur with the same sized property going for around Rs. 3.5 crore in Chandigarh. A 3 BHK apartment comes for Rs. 35 lakhs in Zirakpur while it is Rs. 80 lakhs in Chandigarh on an average. Real estate transactions went up by last year in Zirakpur by a whopping 20% and by the end of 2018, experts estimate this figure to surpass 25%. Zirakpur currently has several residential and commercial projects being built to cater to this growing demand.
Zirakpur witnesses monthly transactions touching approximately Rs. 200 crore at present and this is expected to increase over the next few years. Properties are touching unaffordable levels in Chandigarh and hence buyers are being attracted to lower prices, good infrastructure and other facilities in Zirakpur. The conversion charges and collector rates in Chandigarh are perceived as key reasons behind the skyrocketing rise in its property prices. The latter is the lowest price for which registration is done for a property and is revised annually by the local administration. In several areas in the city, this rate goes beyond the actual price of property, thereby increasing the overall value of the property to a considerable extent for buyers.
