Retail is the buzz word for any real estate segment to grow. Chandigarh is a case in point for this adage. The city's recent retail development has given it a new facelift. New retail spaces have spruced up the city and they are opening new avenues for global retailers to operate their stalls here.
Chandigarh is a retail conglomerate of sorts. It has new malls like Parsvnath's Mall Matrix, old retail and multiplex spaces like Fun Republic and traditional markets like Sector 17 and 24. All these properties are the hub for brands of all segments. Traditionally, all the sectors in Chandigarh have their individual commercial markets as such. Some of these markets are very famous, like Sector 17 market is known to be an elite market while Sector 22 market is known for its resourcefulness.
Apart from this nearby areas are witnessing very impressive development in terms of retail spaces. Parsvnath has built Mall Matrix near sector 74. This mall will host 4 star hotels besides all the retail spaces. This centrally AC space will host some of the top global brands. Besides this, Ansals have also announced their plans to build an Ansal Plaza in the city. This plaza will typically have a multiplex, retail outlets and food courts.
Emaar MGF is coming up with Emaar Central Plaza near the Mohali Hills. This development will span over 5,50,000 sq. ft and will have shops of the size of 999 sq ft to 1,526 sq ft.
Besides this, Chandigarh-based real estate developers are also trying to take advantage of this boom. Shalimar Estates is developing Quarkcity township in phase Mohali's Sector 62.
Actually Chandigarh's strategic location is the reason for this boom. The city is the capital of two states, it was always been the hub of important offices, posh officer colonies and hip markets. All this new development is just adding sheen to the already established real estate segment.
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