Strong mid-price housing segment in Patiala market
MOST OF THE HOUSING SUPPLY IN PATIALA IS AVAILABLE IN THE MIDPRICE SEGMENT OF ₹40 LAKH TO ₹60 LAKH
PATIALA: A tier-III city, Patiala residential segment is tilted heavily in favour of home buyers looking for a mid-priced property.
Prices in last three-four years have further expanded supply in this price segment. Plots are the favoured options for most home buyers and most of the supply is also located in this segment and its offshoots like built-up houses.
Currently, plot prices range from ₹10,000 to ₹40,000 per sq yard. In the older developed areas, the average price is around ₹25,000 per sq yard. Plot sizes in the mid-price segment vary from 150 sq yard to 1,000 sq yard depending up on the location.
Even within the city, a buyer can easily find a plot for around ₹20,000 per sq yard. In the more developed and older areas, price may go up to ₹50,000-₹60,000 per sq yard. Plots are easily available and at relatively affordable prices. This is particularly the case with periphery and outer city areas. Also traditionally, city buyers have favoured the plot segment, that is, buyers prefer buying the land and constructing houses themselves. This is still the most preferred option for the buyer. “The new regularisation policy for illegal colonies is likely to result in more supply in the city and this might also increase buying and selling of plots. A lot of money and buyers were stuck in these properties. In these colonies, properties are available in all price segments, including mid-price segment. Prices in these colonies are much lower than authorised and older-developed colonies. So, more buyers are expected in these colonies. For mid-price buyers, though options are more in these colonies, but one major downside is in terms of quality of infrastructure and quality of living in these colo- nies, which is poor,” said Mandeep Singh, 43, a local realtor.
The built-up smaller sized houses are one of the segments that have gained as builder focus started to shift towards affordable housing. Built-up houses in 1-BHK (bedroom, hall and kitchen) and 2-BHK formats are registering a steady increase in supply and demand.
The 2-BHK units are available in the price range starting from ₹10 lakh and generally extend to ₹30 lakh. It is a segment dominated by the local builder who constructs one or two houses at a time and then sells it. These properties are mainly available in the peripheral areas and new colonies. 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 ₹10 lakh to ₹15 lakh depending on size and location.
“Most of new built-up houses mainly cater to budget and affordable housing segments. Some of the bigger sized houses in 3-BHK configuration are also available. Price of these units are around ₹40 lakh to ₹60 lakh. Bigger built-up houses are also available in the traditional kothi style in the secondary market across the city. The smaller built-up units are available in prices starting from ₹20 lakh in the periphery. The price can go higher than ₹1 crore for kothis in the older, developed parts of the city,” said, Dinesh Walia, 54, a local real estate consultant.