I was always of the opinion that real estate in Chandigarh was immensely overpriced as all the ratios went through the roof when one considered Chandigarh properties.

E.g. a 2 Bedroom flat in some place in Pune would cost Rs 30-35 Lakh but would fetch monthly rent of Rs 10,000 giving a monthly rent to property price ratio of 300 - 350. However in Chandigarh a property giving a rent of 10,000 may cost over 70 Lakh or more which is a ratio of 700. This clearly indicated a highly over prices real estate market. However to my surprise it still kept on going up for quite sometime.

However now it seems that the Chandigarh bubble is finally deflating.
The Tribune, Chandigarh, India - Chandigarh Stories

I personally expect it to go down much more in coming years.
What do you guys think?
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