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
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.
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.
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.