LOCATION AND EMERGENCE
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.