Built-up houses in tricity
CHANDIGARH: Home buyers in the Chandigarh tricity area who find plots too expensive and apartments not to their liking, plotted developments in the form of built-up houses can be an option.
The built-up houses are available both in primary and secondary markets. Built-up houses in the primary market are mainly available in the periphery towns, while in the secondary market, options are available across the tricity.
“It is becoming popular even more than the floors. It is basically like owning a house, the only thing, one buys not a vacant plot, but completely constructed house. Though, there is wide variations in terms of size and prices, but in recent years, it is the smaller single storey and duplexes that have gained popularity. These are offered by local builders targeting the budget and affordable housing endusers,” says Rupender Malhotra, 34, a Kharar-based real estate consultant.
These are generally 90 sq yard to 150 sq yard single-storey and duplex houses and available in Zirakpur, Dera Bassi and Kharar area of the Mohali district. The price range for such built-up residential spaces varies between ₹25 lakh to ₹45 lakh depending up on location. Among cities – Chandigarh, Panchkula and Mohali, only Panchkula offers such smaller units. In Panchkula’s Sector 19, two to three marla houses, priced between ₹25 lakh and ₹40 lakh, are available. Two marla independent houses are also available in new sectors beyond the Ghaggar river. These are two-room sets with kitchen and bathroom. Price of these Haryana Housing Board units range from ₹14 lakh to ₹20 lakh.
The segment is favoured by builders who construct one or two houses at a time, and most of the time they have prospective buyers ready for these. “It is a segment where the local small builder is most active. Home buyers looking for a built-up houses should contact local builders for exploring the supply in the segment,” says Ravijot Singh, 45, a tricity-based construction contractor.
In addition to the price, another reason for its popularity with buyers is that these units are sold most as ready-tomove units.
The amenities are limited with generally only bare shell available. The construction quality is also relatively poor. “The focus is primarily to provide a basic residential unit with bathroom, kitchen and a bedroom. In most cases, the buyer has the option to expand the house vertically by adding floors to it. The cost effectiveness of the unit is its only advantage for the buyer. Though not all buyers are end-users some investors buy these units and rent it out. There is a strong demand for such units among tenants comprising low income group families and workers. Some investors rent it out as paying guest accommodations as well,” says Singh.
Though, the buyer gets an affordable house, but local realty experts caution that such properties are out of the purview of the real estate (regulatory and development) Act, and
AVAILABLE AT RELATIVELY LOW PRICES, THE SMALLER BUILTUP HOUSES ARE FAST BECOMING POPULAR WITH BOTH BUYER AND BUILDER IN THE TRICITY PERIPHERY
the state real estate regulatory authorities because of the size of the unit and the fact that builders generally construct one or two units at a time of less than 150 sq yards.
“One of the reasons for its popularity with local builders is that they don’t need to register themselves with the state rera. This decreases their accountability. But most buyers active in the segment are not very concerned about rera registration. They get a ready-to-move residential unit and they know exactly what product they are getting,” says Malhotra.
The local municipalities also exercise minimal supervision and regulation of such properties. Building bye-laws, particularly related to parking spaces are seldom followed. With government offering different policies supporting affordable housing the segment is expected to expand in near future.