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

Hindustan Times (Chandigarh) - Estates - - FRONT PAGE - mu­niesh­wer.sagar@hin­dus­tan­times.com

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.

Plot­ted seg­ment

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.

Built-up spa­ces

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.

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