The price-sensitive segment
This is a good time for homebuyers looking for affordable homes priced between R20 lakh and R40 lakh, as options have increased for them, says Munieshwer A Sagar
Investment options for the quintessential middleincome-group homebuyer are increasing as developers have started focusing on budget housing priced between R20 lakh and R40 lakh. The supply being generated in this price segment is mainly targeted at the enduser and is aimed at facilitating ready-to-move housing so that a buyer depending on a home loan does not have to pay both monthly rental and home loan instalments at the same time.
“The slowdown has brought about this positive change in the local realty market. In the last couple of years we have seen that developers and small builders are starting to generate supply in the budget price segment. This is particularly true for the smaller, local builders who construct one or two housing units, generally in the periphery areas outside Chandigarh, targeting the buyer in this price segment. They generally offer relatively smaller sized built-up spaces as independent houses or as independent floors,” says Ra mesh Negi, a Pan chk ula-based real estate expert.
Like the rest of the region, the plot segment is the most preferred housing option in the Chandigarh tricity area. Housing options in the price range of R20 lakh and R40 lakh are available in the Chandigarh villages or semi-urban areas like Mouli Jagran, etc, but these are limited in number and lack attractive planning and infrastructure elements. In the neighbouring satellite city of Panchkula, new sectors like 25 to 26 etc offer three and four marla plots priced at around R40 lakh. Similarly, three-marla plots in Sector 25 and four- marla plots in Sector 28 are also available in this price bracket. In the new sectors of Mohali and on the KhararLandran road, plot prices start at around R16,000-R17,000 per sq yard for plots of 300 to 350 sq yd. In Zirakpur, plots of 50 sq yd to 200 sq yd are available in the price range of R20 lakh to
R40 lakh. Plot prices on average vary between R20,000 per sq yd to R35,000 per sq yd depending on location. In Dera Bassi, plot prices range from R10,000 to R20,000 per sq yard. In this budget, 200 sq yard to 400 sq yard plots are available.
Plots are still the most popular options for local buyers, but now these are closely followed up by the built-up house category, say local realty experts. Builders in this category are offering independent houses or independent floors. Areas like Peer Mushalla in Zirakpur and several localities in Kharar have such housing options. “Buyers in this price segment generally opt for ready-to-move-in houses. In the plot segment, however, construction takes up a long time. It also needs expertise that most buyers generally lack. So, buyers are opting for built-up houses. Supply in this category is dominated by local smaller builders. Larger developers are still to enter this segment as most focus on apartments and independent floors,” says Prakash Sharma, a Zirakpur-based real estate consultant.
Dera Bassi near Zirakpur is a good place for a buyer to start his search for a built-up home in this price bracket. A buyer can expect to get built-up duplex houses constructed on plot sizes of 100 sq yard to 125 sq yard. These are generally priced in the range of R30 lakh to R45 lakh. In Kharar, built-up independent duplexes sized 90 sq yard to 100 sq yard can be explored at price range of R35 lakh to R40 lakh. In Panchkula, in Sector 19, two to three marla houses are priced between R25 lakh and R40 lakh. Two marla independent houses are also available in new sectors beyond the Ghaggar river in this budget. These are two-room sets with kitchen and bathroom. Price of these Housing Board units range from R14 lakh to R20 lakh,” says Sharma.
Group housing multistorey apartments
The greater Mohali area is the hub for apartment complexes, some of which also offer options to the buyer in the price segment of R20 lakh to R40 lakh. In the new sectors coming up in the greater Mohali area on the Kharar-Landran-Banur road axis, 2BHK (bedroom-hall-kitchen) apartments are generally priced between R25 lakh to R35 lakh. “In this budget, apartments are the best bet for the end-user. There is a much wider supply base to choose from, and these are available in all the locations in the periphery. For the investor, though, these might not be the most favoured option because exiting such properties isn’t easy at present. Prices are also not expected to change unless demand from investors for apartments increases,” says Pritam Singh, a Dera Bassi, realty consultant. In Dera Bassi, apartments are going from R1,500 per sq ft to R5,000 per sq ft, though most of the supply is available in the lower end price bracket. Apartment sizes vary from 1,250 sq ft to 2,000 sq ft sized flats in this price range. In Zirakpur, buyer can get smaller sized apartments of 2BHK starting from around R20 lakh. The average price range in Zirakpur varies from R2,200 per sq ft to R5,500 per sq ft.