Residential Rentals in Zirakpur Set to Grow Over 10 percent in 2023

The residential rental market in Zirakpur is all set to touch never- seen-before highs in 2023 with some interesting trends that will shape the future of this vibrant city. Zirakpur is now amongst the most favoured when it comes to seeing positive growth in rentals and returns of residential real estate, thanks to multiple factors that have added to the charm of this ever-vibrant residential hub in Punjab-Haryana.

Sushma Grande

IBRF Global’s Zirakpur Rentals Report findings confirm that the city’s residential rental market, after sustained growth, is all set to get on to an all-time high growth trajectory. The report confirms that the city is the most preferred destination for locals and NRIs. Spurred by rapidly improving infrastructure and proximity to Chandigarh Airport (9-minute drive), Chandigarh City, Panchkula and Mohali, Zirakpur is fast becoming the epicentre of all the action in the region. In fact, with the completion of Aero City Road, Zirakpur will become equidistant from Chandigarh, Mohali and Panchkula.

Vishesh Prakash of IBRF Global says, “As a micro-market, Zirakpur has been stealing a march over others as a leading regional residential hub. With Grade-A developers offering consumer-centric products and projects, homebuyers are now considering the area, both for self-use and as a sound investment option. Zirakpur is now on track to becoming the numero uno residential destination in the region. This is evident from ever-increasing rentals and a spurt in demand which is expected to touch a new high this year.”

The quality of construction, maintenance of projects and the living experience of the residents are meeting the expectations of the end users, which has led to this regular increase in the rental values. The top five residential Localities: Dhakoli Road (Sushma Crescent, Golden Sands, Hermitage Park), Airport Road (Sushma Valencia, Sushma Joynest, and Affinity Greens), VIP Road (Nirmal Chhaya, Savitry Greens, and Jaipuria Sunrise Greens), Delhi’s National Highway (Sushma Grande, The Eminence, and Green Lotus Avenue) and Patiala Road (Trishla, GHB Splende, and Highland Park), offer green parks, designated zones for children’s play areas, and wide roads. Ideal location, excellent maintenance, and good construction quality are prime factors driving the rental markets in Zirakpur.

The reality that Zirakpur is best for residential rentals comes from the lower rental compared to rentals in Chandigarh, making it a superior choice, especially for those eyeing 2BHK or 3BHK units. For instance, a 2BHK unit may come at around Rs. 15000 in Zirakpur compared to a rental of around Rs. 20,000 per month in Chandigarh. With many companies turning to Zirakpur due to lower rentals, the prospects of return are higher in future for investors here.

Key Findings:

• Rental market gaining traction over the last three years; set to grow over 10% in 2023

• Projects of A-grade developers drive growth and make Zirakpur a preferred choice

• Rental yields at an all-time high, at par with the national average

• Dhakoli, Airport Road preferred choices for end-users and investors

• 3-BHK and 2-BHK drive rental demand in the area.