Buying a built-up home in Ludhiana
CHANDIGARH: For a home buyer looking for a built-up house in the industrial and commercial capital of the state, Ludhiana, the options are available in four main categories – independent floors, apartments, villas and duplexes, across different price ranges and locations.
These options are available in both the primary and secondary (resale) market, and in the under-construction and readyto-move categories.
Five areas - Pakhowal Road, Ferozepur Road, Chandigarh Road, Canal Road and GT Road are the locations to look for built-up houses, particularly duplexes and floors.
The smaller sized duplexes have become the most popular category with both the buyer and the builder in the recent years. Most of the supply in the segment is concentrated in the 50 Sq yard to 100 sq yard plots. Buyers looking for a house in this category can head for the periphery where most of the supply is concentrated. They can contact local builders who are the main suppliers in the category.
“Though, the plot size is smaller but with multiple storey construction the built-up area available to the buyer increases. Generally available in duplex construction, these can later be expanded into additional storey by the buyer,” says RK Singh, 56, a local builder.
Duplex units generally consist of a ground and first floor. The ground floor comprises of a room, kitchen and small guest area, and the first floor has two small bedrooms and a bathroom. Prices in the segment start from Rs 10 lakh to Rs 15 lakh depending on size and location. Bigger built-up houses are also available in the traditional kothi style in the secondary market across the city.
Independent floor is another option available to the buyer if he is looking for a built-up house in the city. Also a plotted development, it comes in three types – G +1, G +2 and G +3( ground plus one/two/three floors) categories. Some builders are also offering stilt parking with the independent floors.
Unlike the built-up houses, every floor is sold as an independent unit. Though, there is no bar on a single buyer buying all the floors, yet in majority of cases, the buyers are different. Floor segment caters to buyers from a wide range of price brackets.
The price for the smaller sized floors start from Rs 15 lakh and the bigger one may cost up to Rs 75 lakh.
The smaller ones are constructed on a 100 sq yard plot and bigger ones are generally available on 350 sq yard. The segment attracts the smaller and the bigger builder alike.
Priced between Rs 2,500 per sq ft to Rs 4,000 per sq ft, apartments are available in various sizes, ranging from 2-BHK (bedroom, hall, kitchen) to 3-BHK and 4-BHK. The average size of 2-BHK apartments varies from 1000 sq ft to 1,250 sq ft. For 3-BHK, the size generally varies between 1,300 sq ft to 1,800 sq ft; and for the 4-BHK, it is 3,000 to 4,000 sq ft. Most of the supply is concentrated in the 2-BHK and 3-BHK apartments.
“With passing years, the acceptance of apartments has increased with the city residents. These are particularly popular with those looking for affordable and mid-priced properties,” says Navdeep Singh, 34, a local real estate consultant.
“The higher priced flats have relatively poor showing in the city, with buyers opting for either villas or farm houses. Supply options are also limited in the higher priced flat segment,” says Singh.
VILLAS MOST EXPENSIVE
Villas comprise the most expensive built-up properties available in the city. The sizes in the segment generally range between 150 sq yd to 1000 sq yd with price tags of Rs 60 lakh to Rs 4 crore. Size of a luxury villa varies between 750 sq yd to 1000 sq yd. Prices of apartments generally vary between Rs 35 lakh to Rs 1 crore; or between Rs 2,100 per sq ft to Rs 4,500 per sq ft.
“Built-up villas, designed generally on the pattern of mediterranean villas were introduced in the last decade only. Bigger national level builders introduced the concept in the city. In initial years, the buyer response was positive, but with some builder failing to deliver timely possession, the prospects of the segment declined,” says Singh.
With slowdown in the market and decline in supply creation, builder effort was primarily directed toward completing older projects. This has resulted in more options for buyers in the ready-to-move properties, say local real estate experts.
ALL READY LUDHIANA RESIDENTIAL REALTY MARKET OFFERS A WIDE VARIETY OF OPTIONS IN BUILTUP HOUSING SEGMENT