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Rental Property in Chandigarh

Chandigarh serves as the capital for the twin cities Punjab and Haryana and is one of the first planned cities in India. The city is designed by architect Le Corbusier. People who throng to the Himachal Pradesh and the Himalayas, never stops to visit Chandigarh. The rental property in Chandigarh has therefore made the life of the residents and the visitors really comfortable. Getting a rented house in Chandigarh has become even easier with the Municipal Corporation Chandigarh and also the private builders busy in construction of new housing projects throughout Chandigarh. 

The planned city previously was devoid of too many luxury homes, Green Homes, and villas. But now, the housing pattern in Chandigah is finally changing. Thanks to the increasing commercialization of the place and the contribution of the builders. Chandigarh is turning out to be a paradise in terms of commercial rental property as well. The commercial rental property in Chandigarh is pushing up the revenue from the retail outlets and other business centers that operate on rented buildings. 

Rental market in Chandigarh

The residential rented property in Chandigarh is available throughout the city and much up to the budget and choice of the clients coming to Chandigarh. As more and more people are moving into Chandigarh for residential purpose, the demand is increasing compared to the supply. There are limited homes coming up for ownership purpose, instead the promoters and seeing more profit in the rental market. 
For example a particular housing complex has been observed to have more takers for lease and rental purpose than ownership.  The drastic rise in property prices has made it difficult for many to afford. In the luxury home sector as well, there are more people who are willing to rent studio apartments in Chandigarh. Many existing old ‘Kothis’ in Chandigarh has been remodeled into studio flats. This change has been particularly observed in the 21, 22, and sector 23 in Chandigarh. 
The rent chart in Chandigarh reveals that 2 BHK apartments with a square feet of 900- 1,200 is priced at Rs 6,000 near the city centre. The new housing projects that are underway in Panchkula, Mohali, and Zirakpur also have rental facilities but they would be highly priced. 2 BHK apartments on rent would not be less than Rs 9,000-Rs 12,000. in Sector 8, the furnished quarters have a minimum rent of Rs 5,000 for just 1 BHK flat of 500 square feet.
However, the rental rates in Chandigarh vary with their location and type of home a person is renting. It is the same with commercial renting. Lease apartments are another mode of rent homes in Chandigarh that is fast developing.

Rental property value in Chandigarh

The table below gives a glimpse of the rents in the various localities of Chandigarh
Rental zones in Chandigarh Rents in Chandigarh
East Rs 7,000-Rs 13,000 for 2 BHK flats
North Rs 6,000 onwards for 2 BHK flats
Central Variable
Suburbs Rs 4,000- Rs 7,000 for 2 BHK flats