These days more buyers are opting for flats and apartments for buying and renting. Earlier buyers were looking for plots, but now the increasing number is for buying apartments or flats. Even independent floors are not in demand.
This option for renting or buying an apartment has increased as the old and new sectors have been expanded in the city. Apartments offer better opportunity for budget and affordable accommodation. Most buyers feel that buying a plot will cost them more and they cannot afford it rather a cost of plots have been decreased in past years.
One more reason for buying a flat or apartment is that people feel more secure in living in a housing society groups and these have a number of amenities available like parking space, garden, security guards, etc. Another reason behind it is that generally professional got transfers from one place to another or some retirees so settling here and there becomes difficult. For them buying a plot doesn’t make any sense so they rely on buying a flat or apartment.
The cost of maintenance is limited for apartments and the plots maintenance costs high. So people are taking the benefits of living in the apartments. According to the local real estate consultants of Tri-city, there are a number of options for apartments. If you want to buy in central part then sector 20 is the best option to move in. There are 100 Group housing societies available in that sector. If you want somewhere are outskirts then you can go for MDC (Mansa Devi Complex) or Zirakpur or in Kharar.
There are a large number of GHCs available and in outskirts the flats are at reasonable prices with good amenities. Prices are stabilising for apartments from last few months. The flats on rent are more demanded, one of the reasons for it is Chandigarh, Mohali and Panchkula are an IT Hub and people demand rental accommodation here. So the apartments are rented more than they are bought.
The rented apartments are also accommodated by professionals only. Villagers nearby are also grabbing benefits from it. They are constructing single and double rooms floors for renting IT professionals. The best part are that renting an apartment have been stable in growth there is no increase in rents even demands are very strong these days.
Most professional be tenants and shifts when the rental charges increase. The rent for the 1BHK apartment is from 7000 to 10000 per month, but depends upon furnishing as well but still varies according to the location. In MDC, it can also reach to 17000 to 22000 if it is a new society apartment. Costs increase by the increase of amenities. If you want Air Conditioning, Beds, Refrigerator, etc. It will higher in rates. Some students who come for their higher studies prefer Paying Guest service which is cheaper than renting an apartment.
So these are the conditions which make accommodation in apartments demanding and step forward to the growth of renting an apartment.