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Karnal: A Growing Real Estate Hub

Karnal: A Growing Real Estate Hub

Karnal: A Growing Real Estate Hub

Karnal is a town in Haryana, India that is currently seeing a lot of growth. Some of the reasons for this include increasing job opportunities and a burgeoning real estate market.

When people think of Karnal, they likely think of industrial areas and agricultural land. In recent years, though, the town has seen a tremendous amount of growth and development. This is thanks to the increased demand for residential and commercial properties, as well as the increasing job market.

If you are looking to invest in or buy a property in Karnal, you should be aware of some of the key factors that make it a desirable place to live and work. Here are some insider tips on what to watch out for when making your decision.

The real estate market

In Karnal has a plethora of real estate choices for homebuyers. The region provides a variety of possibilities to the buying community, ranging from dwelling units to independent bungalows and residential plots. Furthermore, one of the most notable features is its affordable real estate cost. Karnal’s average weighted property values range between Rs  250 and Rs 500  per sq yard, which is around 30% less than the neighboring capital city of Delhi. Because of the competitive property pricing, it has an advantage over other places and is a popular choice for builders and purchasers.

Between 2014 and 2018, about 3,500 housing units were launched in Karnal, according to a report. CHD Developers, Ace Group, and Smart Homes are among the well-known companies with a presence in the region. Furthermore, because the majority of the housing units were recently built and included cutting-edge amenities, the neighborhood has gained significant attention from the homebuyer community.

City ‘Asks’ for Average Weighted Capital (per square yard)
Monthly Rental Values (in Rupees)
DelhiRs 8000-100001BHK- Rs 8,000-14,000
2BHK- Rs 18,000- 22,000
3BHK- Rs 25,000-35,000
ChandigarhRs 3,500-6,5001BHK- Rs 6,000-12,000
2BHK- Rs 14,000- 20,000
3BHK- Rs 20,000-24,000
KarnalRs 2,200- 2,6001BHK- Rs 5,000-7,000
2BHK- Rs 9,000- 10,000
3BHK- Rs 15,000-18,000

Smart Cities and Economic Development

“Karnal’s inclusion on the 2017 Smart City list improved its real estate prospects.” The initiative not only attempts to make Karnal a more liveable city by increasing residential areas, open spaces, green belts, and infrastructure, but it also aspires to create new job possibilities and fuel start-up programs. The government plans to house nine lakh people in Karnal by 2031, with an average density of 300 people per hectare, according to Gaurav Mittal, MD of CHD Developers Ltd.

The state government’s recent adoption of the Haryana Pharmaceutical Policy 2019, which involves the creation of a Pharma Park in Karnal, is also likely to have an impact on the city’s real estate growth. The development is expected to provide 25,000 new job opportunities in the region, which would boost housing demand.

Karnal is also well-known for producing agricultural implements and spare parts. Liberty, a well-known shoe manufacturer, also has its headquarters here and employs hundreds of people.

Infrastructure improvement

Karnal has excellent infrastructure and connectivity. Four State highways, including SH 7, 8, 9, and 12, pass through it and connect it to other National Highways. The National Highway 1 that connects New Delhi to Attari in Punjab also runs through the center of the city, ensuring seamless communication between Delhi and Chandigarh. In addition, the government has planned a domestic airport at Karnal as well as additional rail lines connecting Karnal and Yamunanagar to improve intercity connectivity.

“Ample green cover, easy connectivity, planned development, and the unique blend of ethnic and modern-day city life have made Karnal a favorite among developers and buyers alike.” “The city is also self-sufficient, with a plethora of schools, colleges, government research institutes, healthcare facilities, and entertainment options,” Mittal claims.

Prospects for the Future

Karnal is a value-for-money opportunity for real estate players, with various infrastructural developments in the pipeline. In addition to low home prices, it offers access to a variety of other amenities. However, it is important to remember that, while property values are lower than in neighboring cities, they may see an unexpected spike in the future due to numerous development projects in the works. Property prices are predicted to rise by 20-25 percent on average over the next 4-5 years. As a result, investors wishing to diversify their real estate portfolio and looking for potential destinations around Delhi NCR might explore Karnal.

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