Mid-priced homes: Options galore for buyers in Karnal
FOR HOME BUYERS LOOKING FOR A MIDPRICED PROPERTY, KARNAL OFFERS OPTIONS IN PLOTTED AND BUILTUP SEGMENT IN THE PRICE RANGE OF ₹40 LAKH TO ₹60 LAKH
CHANDIGARH: Karnal residential realty market is primarily a plotted market, but apartments are also available in the city. The tier-III city is located equidistant from Chandigarh and Delhi on the National Highway 1.
Currently, prices are stable in the city’s realty market. The last realty boom in the city was between 2007 and 2011. The realty sector is struggling to get the investor attention, though the end-user demand has consistently improved over the last one year, say local realty experts.
In the plotted category in the city, plots are the first option for most home buyers, currently, dominated by the end-user. Plot prices, generally, range from ₹6,000 per sq yard to ₹60,000 per sq yard.
In the outskirts and also in private sector developments, prices are relatively low than in Haryana Urban Development Authority (HUDA) sectors and inner parts of the city. In private projects, plot prices vary from ₹9,000 per sq yard to ₹15,000 per sq yard.
The built-up houses in the form of kothis are available in wide range of sizes. Generally, the sizes range from 100 sq yard to 1,000 sq yard. The built-up kothis and villas can be explored in a price range of ₹25 lakh to ₹1 crore depending on the size and location of the property.
In the new projects, new category of villas is also available in the built-up segment. These are either single storey or double storey. The configuration of villas range from 2-BHK to 4-BHK and the average size varies between 500 sq ft to 4,500 sq ft.
The average apartment prices generally vary between ₹2,000 per sq ft and ₹3,500 per sq ft.
Most of the supply is concentrated in the HUDA sectors. Also, in the public sector are older Improvement Trust developed areas where most expensive residential property in the city is located. HUDA sectors and improvement trusts offer relatively higher priced plots.
Most of these plots and plotted developments like built-up houses are available in the secondary market only. With relatively better infrastructure and development, these areas register higher demand levels than other areas in the city.
Home buyers can expect to get a strong secondary market rather than primary market, with sellers more resistant to price cuts.
Private sector developers like Alpha G Corp, Ansal Housing, Ansal API, Parsvnath, Global Realty, CHD and others also have sizeable footprint in the local realty market.
These players are offering commercial and residential spaces in more than 1,000 acres across the city, though primarily around the NH-1. In the private sector developed areas properties are available both in the primary and secondary markets.
The population density in these areas is relatively less than the older, inner city areas. Most of the private sector projects are located on either side of the national highways passing through the city.