Investment is the process of putting money in a place where you expect a return of the money along with profit. Chandigarh is one of the earliest planned cities of India and is well known internationally for its planned architecture and beautiful design. It has not only grown after the initial making of the city but has also driven the development of the two satellite cities around it and continues to do so. The city was planned by the French-Swiss architect Le Corbusier.
Is investing in property in Chandigarh worth?
Since buying your own house is a dream for most people right from a young age it is important to know as well as consider all the pros and cons of investing in a property. Let us take into consideration the pros first:
Ease of access: owning a home in Chandigarh will connect you to various amenities like hospitals, schools, colleges, etc. One of the main reasons for people to invest in a property in Chandigarh is its access to places around. Chandigarh also has good transit facilities.
Career opportunities: people migrate to different places in search of new career opportunities and Chandigarh is a good place to search for it as it is also a union territory. Many IT parks are developing resulting in a strong demand for houses a result of which various companies such as Beverly Golf Avenue are developing houses in Mohali, Chandigarh.
Financial aid: it is a good option to invest in a house in Chandigarh as when the need arises you can sell the house and use the money the benefit of the house being in Chandigarh is that the property prices are ever increasing which will provide you with profit when you sell it.
The cons of the same include:
Additional insurance costs: when you buy a luxurious property in a city like Chandigarh, getting house insurance is the most sensible thing to do. This will become an additional cost.
Maintenance costs: In cities like Chandigarh it takes a lot of money to maintain the property you purchase. It can vary depending on the size of the property, its location, and so on.
Tax saving gain: after paying a substantial interest on the EMI installments of home loans the benefit decreases over time which creates an impact on the debt reduction.
Conclusion: Many of us aspire to have a place that we call home. In cities like Chandigarh having a second home or even having a property is a luxury. Various things have to be considered before investing in a property in a place like this. Considering everything including, will you be able to pay for the property, what interest it will provide you over time, and the type of property to invest in you can invest in the property. It is good to buy a property in Chandigarh as it is a well-developed city and provides you with all the needed amenities.