Karnal: Witnessing a Real Estate Sunrise - By: Deepika B

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.

Karnal 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.

Karnal owes a huge credit of its realty developments to the national capital, Delhi. Being just 2 hours away from Delhi, the central hub of activity, Karnal reaps direct benefits in terms of preference.
-Karnal property market came into picture when real estate in Delhi became choked and property developers were forced to explore more options. They kept their search centralized around Delhi after exploiting real estate in Gurgaon and Noida. On moving a little further, districts of Karnal, Kurukshetra, Jind, Kaithal and Panipat were found to have potential for land developments.
-Moreover, 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 property market 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.

Property dealers as well as realty consultants observed that marketing activities are slow in the beginning in all the tier-II and tier-III towns but catches up once people see the development occurring. Realty developers are confident that even though competition is healthy, only the ones who are customer-friendly will survive. They look forward to create benchmarks of what an integrated township should look like.
After the major success in makeover of Gurgaon real estate, hopes are high for Karnal realty market. Gurgaon was what Karnal is today 7 years ago and so, experts believe that it will also undergo a transformation with high-rises being planned all round. Many people will then get an opportunity to out of crowded cities like Gurgaon, Delhi, Noida, etc. and settle down in a better planned town.

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.

About the Author

Deepika Bansal writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in real estate industry. It is a forum where buyers, sellers & brokers can exchange information. At 99 acres, you can advertise a property in India , search property, browse through commercial space & other Properties

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