Zirakpur: Pricing Trends
Zirakpur is one of the prominent localities in Chandigarh which has been witnessing various price trends on Zirakpur ups and downs.
Zirakpur in Chandigarh has registered a capital appreciation of over 25 per cent during the last five years. From Rs 2250 per sq ft in January 2008, the property prices in the area have risen to Rs 2870 per sq ft in the last quarter of 2012. The area witnessed a dip in the prices of residential space in 2008-09 when the average rates fell from Rs 2375 per sq ft to Rs 2130 per sq ft, translating into a depreciation of 10 per cent.
The area however recovered a bit with a 6 per cent appreciation in 2009-10 and 10 per cent appreciation in both 2010-11 and 2011-12. The average property rates in the area were Rs 2540 per sq ft in 2011 and Rs 2800 per sq ft in 2012.
The price per sq. ft. was at Rs 2989 in Oct-Dec 2012 quarter and then price appreciated to Rs 3173 per sq. ft. in the quarter of Jan-Mar 2013. In the Apr-June quarter of 2013, the locality price appreciated to Rs 3212 per sq. ft. In the July-Sep quarter of 2013, the locality price depreciated to Rs 3210 per sq. ft.
The area is not witnessing correct demand and supply scenario at present. Though its proximity to various prime localities adds to the advantage of being a prominent locality and the rates of the property might catch up soon.
Rates & Trends is a resource that provides Residential and Commercial property price trends for localities in various places across in Zirakpur. These price trends can be viewed in the form of graph as shown below.
We have shown you the proper details as it contains locality-specific information on average price and quarterly price changes on yearly basis. You can also compare data from last six years what all changes have come in a city. This detailed comparison lets you see the highest and lowest locality prices, apart from the average price.
A three-bedroom flat costs Rs 35-40 lakhs at Zirakpur, while it costs around Rs 70 lakhs in Chandigarh. With the number of shopping malls and five-star hotels likely to increase Zirakpur would soon catch the attention of one and all.
Zirakpur is witnessing residential apartment supply along the Ambala expressway, which connects Chandigarh to Delhi. Heavy demand from IT professionals operating out of the Rajiv Gandhi Chandigarh Technology Park is also a driver for this region.
Tendency amongst buyers, who are originally from Chandigarh, is that they prefer to invest in plots rather than flats. Flats are coming up predominantly in areas adjacent to the IT industries in Zirakpur, to tap the growing demand from professionals flowing in from cities outside Chandigarh.
There is a heavy investment appetite prevailing in this realty market predominantly in Zirakpur area and many other cities like Mullanpur, Mohali and Greater Mohali. There is also a heavy underwriter presence in Zirakpur and Peer Mushallah, where a significant presence of local builders is witnessed. The proposed site for airport extension is positively impacting the prices in Zirakpur, Mohali and Greater Mohali.