The favoured seg­ment With a bud­get of ₹50 lakh to ₹60 lakh, the home buy­ers are spoiled for choice in the Chandigarh tricity realty mar­ket

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

CHANDIGARH: The realty slow­down has im­pacted the mid­price seg­ment with res­i­den­tial prop­erty priced at Rs 50 lakh to Rs 60 lakh the most. It is the seg­ment where most of the sup­ply is con­cen­trated and tra­di­tion­ally favoured by builders be­fore the slow­down hit their sales in this price bracket.

The seg­ment of­fers plot­ted devel­op­ments, and multi-storeyed apart­ments. The seg­ment is most amenable to the 3-BHK (bed­room-hall-kitchen) houses.

In the Chandigarh tricity, the pe­riph­ery of­fers sev­eral op­tions to home buy­ers in terms of con­fig­u­ra­tion, seg­ments and builders. Ar­eas fall­ing un­der Mo­hali district such as the Kharar-Banur-Landran road axis and Zirakpur are the hubs for prop­erty in this price range.

BUILT-UP PROP­ERTY

In the built-up seg­ment, home buy­ers can opt for in­de­pen­dent floors and apart­ments. In both, in­de­pen­dent floors and apart­ment seg­ments, bare shell built-up spa­ces are avail­able in this price range.

The dif­fer­ence gen­er­ally be­tween low­ered priced seg­ment and prod­ucts in this range is the size and not the ameni­ties.

Ar­eas such as Peer Much­hala and VIP Road in Zirakpur have the main con­cen­tra­tion of floors. In this bud­get, the av­er­age size of a floor hov­ers around 1,500 sq ft. Most floors avail­able in this area are bare shells. A buyer, gen­er­ally, has to do work on the interiors. In this bud­get, apart­ments of sizes 1,200 sq ft to 1,500 sq ft are avail­able. Most of the new sup­ply is lo­cated on VIP Road, Peer Much­hala, and on the Chandigarh-Am­bala national high­way.

In the new sec­tors of Greater Mo­hali, apart­ments with 1,100 sq to 2,000 sq ft area are avail­able in this range. In the new sec­tors 1,200 – 1,700 sq ft sized floors are avail­able in ei­ther G+2 or G+3 (ground plus 2 or 3) con­fig­u­ra­tions. Also, in the built-up seg­ment, sin­gle-storey or du­plexes are avail­able in this bud­get. In Zirakpur, 100 square yard du­plex are avail­able in this price range. In the Kharar-Landran road area, 90 sq yard to 150 sq yard built-up houses are avail­able.

PLOTS

The buyer can get 150 sq yard to 500 sq yard plots, de­pend­ing on the lo­ca­tion. Price vari­a­tions are large, sta­tus of the project – whether pos­ses­sion is al­ready given or awaited, de­vel­op­ment in the area, etc. Plot prices in the area range from Rs 10,000 to Rs 35,000 per square yard.

Plots in Kharar-Landran start from 350 sq yard in this price bracket. Plots in the lo­cal builder colonies are cheaper than the national level builder town­ship projects.

In Zirakpur, in this bud­get range, a buyer can ex­pect to get plots with sizes – 150 sq yard to 350 sq yard. Plots, are mainly avail­able in older colonies like Bal­tana, Dakholi, etc.

In these older colonies, the in­fra­struc­ture is still un­der de­vel­op­ment stage, and pop­u­la­tion den­sity is high. In Dera Bassi, plots sizes vary from 300 sq yard to 500 sq yard in this price range.

While a wide range of op­tions are avail­able in the plot seg­ment but the pric­ing is de­cep­tive. The buyer has to spend not only on the price of the land but he also spends on con­struc­tion. Con­struc­tion rates start from Rs 1,600 per sq ft for ba­sic con­struc­tion. Ac­cord­ing to realty ex­perts on a 100 sq yard plot the

AR­EAS FALL­ING UN­DER MO­HALI DISTRICT SUCH AS THE KHARAR­-BANUR-LANDRAN ROAD AXIS AND ZIRAKPUR ARE THE HUBS FOR PROP­ERTY IN THIS PRICE RANGE

to­tal con­struc­tion cost can start from Rs 8 lakh. So, a buyer while buy­ing a plot should keep in mind the con­struc­tion costs as well.

In the wake of the slow­down, the sup­ply growth in the seg­ment got re­stricted. In re­cent years, the ready-to-move op­tions in the seg­ment in­creased as builders fo­cused in com­plet­ing older projects rather than launch­ing new ones. Low de­mand in the seg­ment dragged down prices and buy­ers can ask for dis­counts in the seg­ment, say lo­cal realty ex­perts.

The re­cent move of the cen­tral gov­ern­ment in re­lax­ing the norms for sizes in credit linked sub­sidy scheme for the mid-in­come group should come as a ma­jor ben­e­fit for the buy­ers in the seg­ment

The mid­price seg­ment of­fers plot­ted devel­op­ments, and multi­storeyed apart­ments. The seg­ment is most amenable to the 3­BHK (bed­room­hall­kitchen) houses.

HT FILE

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