When lux­ury be­comes af­ford­able

With con­sis­tent price cor­rec­tions in past five years, lux­ury hous­ing op­tions within the price range of lakh to lakh have widened

Hindustan Times (Chandigarh) - Estates - - HT ESTATES - HT Es­tates Cor­re­spon­dent ht­es­tates@hin­dus­tan­times.com

In the past five years, own­ing a house be­came cheaper with home prices in the Chandigarh tric­ity fall­ing by 10% to 50%. Con­se­quently, the op­tions for the home buyer in the price range of lakh and Rs 80 lakh have in­creased.

In the cities of Chandigarh, Panchkula and SAS Na­gar, op­tions are still lim­ited in this price range but in the pe­riph­ery, the buyer has larger sup­ply base to choose from.

Zi r a k p u r, De r a Ba s s i , Mul­lan­pur (New Chandigarh), and new sec­tors com­ing up on the Kharar-Ba­nur-Lan­dran road of­fer wider sup­ply base, par­tic­u­larly built-up prop­er­ties. Be­fore the slow­down, prices of most of such prop­er­ties started at around 90 lakh.

For the buyer in this seg­ment, the price sit­u­a­tion is more favourable in the sec­ondary mar­ket than in the

Rpri­mary mar­ket – de­vel­op­ers are still re­luc­tant to openly declar­ing price cuts in this seg­ment. “Most of the ac­tive de­mand is con­cen­trated in the be­low lakh price seg­ment, and then in the lakh to lakh seg­ment. The brunt of the slow­down im­pacted the de­mand in the mid-price and higher-end seg­ments. Most de­vel­op­ers in the seg­ment en­tered the mar­ket dur­ing the boom years of 2005-07 and now some are sit­ting on large un­sold inventory. In the sec­ondary mar­ket also, most of the sup­ply was cornered by the in­vestor, who is now des­per­ate to exit the mar­ket and sal­vage his in­vest­ments. So both in the pri­mary and sec­ondary mar­kets in this price bracket, the buyer can eas­ily dic­tate the terms,” says Manoj Goel, 47, a Zirakpur-based real es­tate con­sul­tant.

Plot­ted seg­ment

Rel­a­tively larger-sized plots are avail­able in the Greater Mo­hali area. On the KhararLan­dran-Ba­nur road axis, plots of 300 sq yard to 400 sq yard are avail­able. In Zirakpur, a ma­jor­ity of the plot sup­ply is in the sec­ondary mar­ket. In this bud­get, the size ranges from 250 sq yard to 350 sq yard. As one moves to Dera Bassi, in this same bud­get, the plot size in­creases – one kanal to two kanal plots (500 sq yard to 1000 sq yard). In Panchkula, in 150 sq yard to 250 sq yard plots can be ex­plored in this price range in the new Sec­tors of 25, 26, 27, and 28.

But the prob­lem with the plot seg­ment is that these are a bit de­cep­tive when it comes to the cost of own­ing a house. “When one buys a plot he has to spend on the con­struc­tion of the house. Con­struc­tion costs on an av­er­age starts from Rs 1,200 per sq ft and the up­per limit de­pends on the owner’s pocket and dis­cre­tion. So, buy­ing a plot of lakh to lakh does not mean one would own a house in this amount; it would cost lot more than this,” says Gurinder Singh, 32, an SAS Na­gar-based realty con­sul­tant.

Built-up in­de­pen­dent floors, start­ing from 250 sq yard (around 1,350 sq ft builtup area), are avail­able in the Greater Mo­hali area with ad­di­tional ameni­ties like air­con­di­tion­ing and mod­u­lar kitchen. In the same size seg­ment, floors at cheaper rates are avail­able but de­vel­op­ers do not pro­vide ad­di­tional ameni­ties with such units.

Lo­cal realty ex­perts sug­gest if a buyer prefers the plot­ted seg­ment then he should ex­plore the built-up houses in the price seg­ment. These are gen­er­ally avail­able in the sec­ondary mar­kets. For in­stance, in Chandigarh, a buyer can ex­pect to get first and sec­ond floors in a five-marla house. Sim­i­larly, say lo­cal realty con­sul­tants, the top floor in an eight-marla house is avail­able in the price range in the city.

Apart­ment op­tions

Apart­ments are a good op­tion to ex­plore in this price range. The three cities and the pe­riph­ery of­fer a num­ber of at­trac­tive op­tions in this price range.

In Zirakpur, apart­ment sizes vary from 1,700 sq ft to 2,600 sq ft in this price range. Op­tions are avail­able both in the pri­mary and sec­ondary mar­kets. Buy­ers can ex­plore the Chandigarh-Am­bala road and the Zirakpur-Pa­tiala road for apart­ments in this price seg­ment.

“The Zirakpur realty land­scape is chang­ing fast. We have ex­plored this mar­ket for the last cou­ple of years. At present, the sup­ply is more than the de­mand and a buyer can get price cuts, par­tic­u­larly in this price seg­ment,” says Randeep Singh, 42, a Chandigarh-based en­tre­pre­neur and a prospec­tive buyer.

In other parts of the pe­riph­ery such as on the Kharar-Lan­dran road and other up­com­ing sec­tors in SAS Na­gar, sizes of the lakh-plus units vary from 1,500 sq ft to 2,600 sq ft in the 3BHK (bed­room-hall-kitchen) and 4BHK con­fig­u­ra­tions. “In this price bracket, the buyer can de­mand high-end ameni- ties in the apart­ment. There are op­tions with a num­ber of lo­cal and na­tional level de­vel­op­ers of­fer­ing apart­ments in this price. A buyer can find high-end health, recre­ational and ed­u­ca­tional fa­cil­i­ties, and su­per­mar­kets in such projects,” says Goel.

Op­tions are avail­able in cit- ies too but most lack lux­ury fa­cil­i­ties and ameni­ties. In this bud­get, a buyer can ex­plore the MIG (medium-in­come-group) seg­ment in Chandigarh’s south­ern sec­tors, es­pe­cially 2BHK units of 750 sq ft to 800 sq ft. In Panchkula, 1,200 sq ft to 1,350 sq ft apart­ments in dif­fer­ent con­fig­u­ra­tions are avail­able in the price range of

lakh to lakh. You can find such units in Sec­tor 20 and Mansa Devi Com­plex. Both ar­eas have a size­able sup­ply of smaller 2BHK apart­ments in the sec­ondary mar­ket. Prices vary de­pend­ing not only on size but also on the so­ci­ety and the floor, say realty ex­perts.

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