Zirakpur loses poor cousin tag

For years Zirakpur has been seen as an affordable option for those wanting to live in the vicinity of Chandigarh — be it for rental purposes or for purchasing a house. Rentals as well as the prices of flats and even plots here have been much less than those in the satellite towns of Panchkula as well as Mohali. Actually, it was this affordability tag that had been the biggest market driver in this town, which has been time and again decried for lack of proper civic amenities and urban planning.

But the demographics of real estate growth here are changing fast now and the demand, too, is seeing a complete turnaround. From small group housing societies built on small plots with little thought given to the approach roads and parking space, there are now well planned high-rises with ample parking space, larger units and group housing communities with their own clubs and commercial spaces offering a whole lifestyle rather than just a place to live in.

The growth of the city from the Zirakpur village in 2000, to the ‘Modern Zirakpur’ of 2015, has been phenomenal. Located at the intersection of three National Highways i.e. Chandigarh-Ambala (NH 21), Kalka-Ambala (NH 22) and Zirakpur-Patiala Highway (NH 64), Zirakpur has emerged as one of the most soughtafter residential and commercial destinations by those looking for high-end properties. Seamless connectivity to Chandigarh Central Business District and other neighbourhood cities such as Ambala, Shimla, Panchkula, Mohali, Patiala and Delhi, along with well-maintained social infrastructure and affordable property values, have fuelled the residential demand in this area. As a result there have been steady number of sales in the region and the area has been able to maintain an average annual rise of 10-12 per cent.

While the buyer profile here has changed over the past few years with more IT professionals and CEOs of companies, businessmen, landowners from Punjab and Haryana looking for a house near Chandigarh and NRIs has fuelled the demand for premium products, which can be attributed to 15-20 per cent of the overall demand. This is being reflected in the availability of four to six BHK apartments, penthouses, villas, plots etc in a number of new projects here. The ticket size has also touched over Rs1crore to Rs1.5 crore mark in some of the new projects.

The area has made room for skyscrapers along with the low-rise buildings and has emerged as a realty hub. Going by the trends, and given the current 1.5 lakh population, a long term average of about 100 families shift to Zirakpur from neighbouring cities every month. The region now experiences a substantial demand in high-rise apartments, and well-planned low-rise independent floors. The market has matured here and the consumers have shifted focus to premium products offering better quality. It may seem that the supply has overshot, but the demand is continuously supporting products that offer efficiency in space utilisation and longevity. The market understands the value of a quality product and is more than willing to pay a premium for the same. About 50 per cent of the demand (by value) in housing is for the homes within a budget of over Rs50 lakh.

Zirakpur is also seeing a huge shift in the commercial sector. Top international brands have jumped on to the opportunity that this region is providing. Retail chains Walmart and Metro cash-and-carry, several top-end hotels are fully functional here, with many more waiting to enter this enticing market soon. A lot of MNCs have also planned to open large regional headquarters in this area. Zirakpur has seen a 100 per cent growth in commercial sector as compared to that in Chandigarh and Panchkula.

The commercial segment has seen much innovation in the past few years. Increasing demand has led the developers to push their boundaries. Along with the traditional offices, large mixed-use developments now offer great products like deck offices, convertible office studios and much more. The PR-7 and International Airport will be the game changers for this area soon.