The New Destination for Investors

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Setting up a business in India has traditionally meant working in large metros – synonymous with traffic, pollution and rents that skyrocket every year. Cities like Mumbai, Delhi, Gurgaon, Hyderabad and Bangalore get more and more crowded every year. A cheaper and more comfortable alternative that many investors are now choosing is setting up base in tier 2 and 3 cities like Pune, Ahmedabad, Vishakapatnam and Lucknow. At the top of this list is Chandigarh, India’s first, and arguably best-planned, city.

While every city has its pros and cons, of late Chandigarh has more positives than negatives. Originally planned by French architect Le Corbusier, Chandigarh’s infrastructure is getting better by the day. It’s a small but comfortable and prosperous city. That’s possibly the reason why it is home to many top companies in India. For instance, Infosys, one of the largest IT companies in India and the world, was amongst the first to set up operations in the city.

The Rajiv Gandhi Chandigarh Technology Park’s (RGCTP) first phase has already attracted companies other than Infosys like DLF Info and IBM Daksh. A second phase of the Tech Park is planned, with Wipro Technologies as the anchor. The government has also planned an ambitious third phase and has set aside 250 acres of land for this.

Managed by the central government, good governance has led to Chandigarh becoming the fastest growing city in the country. Reports by trade bodies rate Chandigarh as having the best financial services and business environment. It’s probably factors like this that have led to private companies developing large commercial complexes here. For instance, Larsen & Toubro is planning a commercial project in Chandigarh. The proposed complex will have a five star hotel, malls and office towers on a 20-acre stretch along the National Highway.

This spurt of IT in Chandigarh has led to a boom in real estate and other businesses. It has also led to the city gaining a cosmopolitan character. Already home to a large number of professionals, Chandigarh is seeing an influx of trained professionals. Houses are available within the city, but developers are putting up housing complexes just outside the city for the growing number of professionals.

Chandigarh is a city which is very comfortable for today’s modern professionals. It is easily the richest in the country, with the highest per-capita income, and already has all the facilities that make a young professional’s life comfortable. Other than housing, it also has malls, shopping centers, multiplexes and entertainment centers. The city has a large number of NRI residents, or families whose younger generations live abroad, which give it an international flavor.

Unlike large metros, the city has a large number of open spaces, and every morning and evening you’ll see people walking, jogging or just enjoying the fresh, clean air in places like the Sukhna Lake, an artificial lake. The city also boasts of many gardens, stadiums and sporting facilities. An educated and professional population makes it easy to make friends in the city. All of this, along with good law and order has increased the standard of living.

Another unique fact about Chandigarh is that many of its surrounding areas, which are easily accessible by road, are also well planned and comfortable. Many professionals choose to live in places like Mohali. Spacious and comfortable, neighboring Mohali has facilities like an international standard Golf Course and plenty of modern housing. Other neighboring cities are Patiala and Ropar in Punjab and Ambala and Panchkula in Haryana. All of these are prosperous towns.

Of course there are also certain problems when it comes to investing here. For one, the spurt in business activities has made it very expensive to buy land or office space in Chandigarh. While they are lower than in the metros, prices are rising quickly. Renting a house in a good locality of the city is almost impossible for the young professional and the best option is probably to live outside the city. Because of the planned nature of the city, most of the new houses are only available on the outskirts, in places that suffer from all the problems that the old city does not – traffic and water problems, for instance.

Another drawback with Chandigarh is transport. The city doesn’t have its own airport, and the closest is Delhi. While the Punjab government has planned an airport nearby, this is still many years away. While getting to Chandigarh is difficult, getting around is almost impossible if you don’t have your own transport. Auto-rickshaws are few and most of the older public buses are very uncomfortable.

Situated in the plains, but close to the Himalayas, the city is often very hot or very cold. Locals love the weather, but a migrant may find it difficult to adjust to the extremes!

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