Peer Muchhala is one of the emerging hubs in the Chandigarh tricity for budget and affordable housing options
Peer Muchhala grew as developers attempted to make most of its proximity with Sector 20, Panchkula, even though it is located in neighbouring Punjab. In the initial years, the advantage was clear, residential prices were almost one-tenth of Sector 20. People who couldn’t afford to own an apartment in Panchkula opted for it. Consequently, the supply expanded. It is a semi- urban area and has developed around the older Peer Muchhala village. Multi-storeyed apartment complexes are surrounded by agriculture fields and village bylanes run through the new developments.
Most of the housing supply available in the town is in the apartment segment. Limited supply of smaller plots and independent floors is also available. Floors are generally duplexes having ground plus two floors.
In its initial years, prices in the area registered a sharp growth but for the past five years, prices have seen a consistent fall. Local realtors claim price decline by almost 35% to 45% in five years. In addition to the slowdown in the region’s realty market, local factors contributed to the decline. Possession delays, developers leaving projects incomplete, and slow infrastructure development contributed to buyers opting out of the local realty market, say property consultants.
The recent demonetisation dented prices and trading volumes in the area. “Before demonetisation, the average plot price hovered from 30,000 per sq yard. Apartment and floors were priced at per sq ft. At present, it is difficult to know the exact market prices as after demonetization, the sale and purchase of property has come to a standstill,” says Manak Gupta, 37, a local resident working with a private sector bank.
The rentals are relatively stable. Rentals for 2-BHK apart- ments varies between and Rs 10,000 per month. For a 3-BHK apartment and floor, the monthly rent ranges from to Rental demand is concentrated in apartments in developed group housing societies.
Making realty sense
Local realty experts say the area has failed to live up to expectations. The end-user interest declined over the years as developers failed to deliver timely possession and promised