LO­CA­TION AND EMER­GENCE

Hindustan Times (Chandigarh) - Estates - - ESTATES -

Peer Much­hala, a semi-ur­ban area in Zi­rakpur, SAS Na­gar, of­fers res­i­den­tial op­tions in bud­get and in the mid­dle-priced seg­ments. A decade ago it was small vil­lage shar­ing its border with Sec­tor 20, Panchkula. As Sec­tor 20 de­vel­oped and be­came a hub of group hous­ing so­ci­eties (there are more than 100 group hous­ing so­ci­eties in the sec­tor), de­vel­op­ers started in­creas­ing their footprint in the in­vest­ment returns were at­trac­tive, but now, most in­vestors don’t ex­pect short-term or even medium-term returns. “The with­drawal of the in­vestor from the mar­ket has forced de­vel­op­ers to cut sup­ply; the re­sult is new projects aren’t be­ing launched in the area. For a while, the floor seg­ment was still wit­ness­ing sup­ply cre­ation but even in this seg­ment only a few play­ers are ac­tive. In the floor seg­ment, the builder strat­egy is con­struct­ing only af­ter sell­ing the prod­uct, Peer Much­hala. Ini­tially, only apart­ment com­plexes were launched. Now other res­i­den­tial op­tions such as in­de­pen­dent floors and plots are avail­able. The area has seen growth in the com­mer­cial seg­ment with of­fice spa­ces and shop­ping com­plexes com­ing up. parks for chil­dren, shops and ad­e­quate park­ing ar­eas. But on mov­ing out of these com­plexes, there are nar­row roads, no street­lights, and no rain­wa­ter drainages. that is only when they sell a plot do they start con­struc­tion on it. There is a sit­u­a­tion of over­sup­ply in the sec­ondary mar­ket, re­strict­ing the price growth,” says Anurag Goel, 42, a re­tail shop owner.

The lo­cal real­tors are peg­ging hopes on the widen­ing of in­ter­nal roads and ex­ten­sion of the road net­work from the town to the Zi­rakpur-Am­bala na­tional high­way. Bet­ter con­nec­tiv­ity with Sec­tor 20, Panchkula, is ex­pected to im­prove lo­cal re­alty prospects.

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