Segment watch: The favoured housing option
In the builtup residential segment, home buyers in Bathinda favour plotted developments over apartments
Plots dominate the Bat hinda residential real estate market. In the city and surrounding areas, landis relatively cheap and plots are traditional favoured. In the past few years, for home buyers, the housing options other than the plots increased as builders introduced new residential products in the city.
“Built-up properties in the city are the traditional kothis, apartments, floors and the newly-created options of relatively smaller built-up houses.Ko this are available all over the city, but inmost cases, either one has to buy it in the secondary market, or buy a plot and self construct it,” says Pr aka sh Ahuja, 34, a local realtor.
The apartment segment options are available but currently the demand is low. The built-up smaller sized houses saw a spurt in both demand and supply in last couple of years.
The housing supply hubs are mainly the Dabwali, Goniana and Barnala roads. In the city’s periphery( near the roads) land is relatively cheap, and most of new supply of built-up properties is taking place here. Older and developed areas in the city include Model Town, Veer Colony, Green Avenue, Sushant City, Sheesh Mahal, Ganpati Enclave, Tagore Nagar, Guru Go bind Singh Nagar, and Om axe City.
If a buyer is looking to construct his own house then he can go in for plots priced between ₹5,000 per sq yard to ₹30,000 per sq yard. In the older, developed areas like Model Town properties are priced higher than the new upcoming areas. Prices in the periphery are almost half of the going rate in the older developed areas.
Apartments gained in popularity over the years, yet, these lag behind in terms of demand and supply. In Bathinda, the buyer response has been, at best, mix. Unlike cities like Ludhiana and Jalandhar, where a number of builders are active in the segment, in Bathinda there is only a couple of active players, both in the private and public sectors. Similarly, while in other cities, within the segment there is a wide variety in terms of prices, locations and amenities, in Bat hinda, the supply is mainly concentrated in the budget and affordable segments.
Apartment prices in the city are stable. For some, it is a case of overall slowdown in the realty market, for others, additionally, the segment is still to becomethe most preferred option for the local home buyer. Apartment supply is available both in the private and public sectors. Public sector apartment fared poorly in terms of buyer response in comparison to private sector options. Most of the public sector apartments are lying vacant. These lack basic amenities, and lag behind in construction quality, say local real estate experts. The traditional preference for the plotted property is one of the reasons why not many builders, local and national, have entered the apartment segment.
Also, say local realty experts, the prices of apartments and the plotted built-up properties are comparable, so, it is tough to attract buyers for the apartment projects.
A 1,400 sq ft built-up house on a 200 sq yard plot is available for around ₹26 lakh. Prices of the smaller built-up houses constructed on 100 sq yard to 150 sq yard start from ₹15 lakh. Prices for apartment generally vary between ₹15 lakh to ₹40 lakh, depending on the size, project, builder and location. The average prices in the segment vary between ₹2,000 per sq ft and ₹2,500 per sq ft.
People find land cheaper enough to construct a house on their own. Also, unlike cities like Chandigarh where a size able part of the population lives in rented accommodation, in the city own- ership to tenant ratio is vastly in the favour of the owned house segment. “Though slow but consistent creation of supply in the apartment segment is attributed to buyers realising the advantages of living in an apartment. Afford ability, security and compactness are some of the merits of apartments,” says, Deepinder Singh, 43, a local real estate con- sultant.
It is a buyer’s market. He can dictate terms to the seller, particularly, in the secondary market. So, if the buyer makes a move now, he can buy property of his choice at a price he wants, say local realty experts. Prices in the apartment segment are relatively stable as trading volumes remain low.