Karnal observing Real Estate Sunrise...!

Karnal located midway between Delhi and Chandigarh, is the upcoming realty destination. It serves as a convenient gateway to states of Haryana, Punjab, Uttar Pradesh and Himachal Pradesh. It is a sparsely populated area blessed with abundance of flora and fauna. It is well connected by road and rail but lacks real estate developments across all sectors-residential, commercial and retail. Thus, it definitely has a huge scope for realty growth, attracting property developers as well as property investors.

With property builders investing in tier-II and tier-III cities due to the tremendous scope and affordable prices, property rates are growing. Karnal has witnessed a substantial increase in property prices after various leading developers announced their projects in the city. It has the potential for quality retail, large format residential as well as commercial developments. It is necessary to meet the requirements of the existing residents and the floating population willing to settle down in the city.

Delhi real estate is in high demand that sky rocketed its prices making it unaffordable. The same happened in case of Gurgaon and Noida real estate as they became one of the most preferred realty destinations. Property developers were then left with the only option for looking out to find the next most suitable realty destination and settled down for Karnal.

Karnal is not only close to Delhi but to Chandigarh as well and offers good connectivity from both the cities. Chandigarh real estate has also been expanding rapidly as a result of government’s initiative to develop the smaller cities. The major developments in Karnal real estate segments have led to an escalation in property prices in the last 2 years. The government has plans to develop a medi-city as realtors look bullish and hopeful that the proposed bypass will raise property prices in Karnal.

The potential of Karnal as an emerging real estate destination is yet to be fully tapped. The concept of living in flats is alien to the residents of Karnal that makes it a difficult task to put across such an idea to them. Commercial and retail real estate segments are highly unorganized in Karnal as they co-exist without any demarcation. Once both these things are sorted out, Karnal real estate is sure to witness an all time high.

Deepika Bansal writes on behalf of 99acres.com.You Can read the Full Post Here.

Photo By: Flickr/VoiceofKarnal

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