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New Chandigarh- the Upcoming Residential Settlement Region in Punjab
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min read
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Written by Varinda Garg
Varinda holds keen interest in market research, business strategy & analysis, campaigning and research activities across geographies. She has penned down several articles on real estate and housing finance.
Punjab is viewing a new dream of a city which would be giving its residents luxurious lifestyle and will the comforting its residents with all the basic amenities required for a comfortable dwelling. New Chandigarh is located near Mullanpur under Chandigarh. It is the first project in Punjab which is said to have the capacity of giving all the modern facilities. The proposal of the city aims at giving it all the requisites that are available in major metro cities of India. Facilities like metro availability, major private health institutions, good educational institutions, cricket stadium, housing finance companies etc are in pipeline. All these propositions make it clear that the city if develops will become a city equivalent to metro cities in India.
Punjab possesses a great need of such a city keeping in view the increasing development happening and people getting more educated and known to various requisites in life. Punjab is a state where lots of businessmen dwell and have a significant amount of money to be spent on luxurious lifestyle. Also the state is full of NRIs who seek to dwell in their home state with help of home loans. However, they end up buying second homes in metro cities or hills due to absence of provision of the type of comfort they are seeking.
Real estate industry in Punjab is not booming and is not contributing much to India real estate. Chandigarh can be called as a planned city offering good lifestyle but the comfort offered by metro cities is still absent here. If we talk about neighboring cities like Panchkula and Mohali, they have also seen recent developments but cannot still be called as fully developed. Development had started in Mohali and Panchkula with a dream similar to the concept of ew Chandigarh but the cities failed to provide good health and educational institutions to fulfill the basic necessities.
Though ew Chandigarh is said to be a dream project of Punjab Chief Minister, yet it is facing issues in financing. GMADA has nodded a no to the development of a 200-feet wide road which is said to link this new township to Chandigarh. The expenditure on the new township is expected to be 35 Crores which though is not a very huge amount, yet the state governments express their inability to spend it for a fruitful initiative. The chief Minister had agreed to give GMADA 1,700 acres of land for developing the road. This land is allocated to the new education city which has been proposed to come up in ew Chandigarh
Apart from GMADA big brands in real estate have already come up with their plans for the city.
Besides this perfect dream, some flaws have also been detected when we talk about New Chandigarh. The city is said to have inconsistent layout which cannot be actualized. Few enlisted are the wrong location of the power grid and proposal of a water treatment plant which is not required as exclaimed. Though the planners claim that this plant would now come up in a nearby village for both Mohali and New Chandigarh and is necessity in both the regions. The faults were highlighted but have still not been rectified. Extra additions to the plan also gives a suspicious notion of corruption which is a great hindrance in the development of the city.
To conclude with the article we can say that the project has been conceived on a positive note and can prove beneficial if properly executed. The proper layout and development can be a leg up for the real estate and housing finance market here. The governments of both the states have to support its developments and progress to actualize it.
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Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.
