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3BHK apartments most supplied in Zirakpur,Kharar and Mohali

Posted on Oct 21, 2013

Residential apartment values are expected to remain stable in the next six months primarily in group housing projects in the Mohali District, says Sanjeev Jindal, CEO, Barnala Realtech. Excerpts from his interview with Rishab Jain, Bureau.

Which areas are witnessing maximum development in Chandigarh?

Owing to limited scope of development and land in Chandigarh, real estate developments are mainly coming up in Mohali District adjoining Chandigarh. Areas witnessing maximum development are Zirakpur, Kharar and Mohali.

What type of real estate development is happening in the city?

The city is witnessing mixed development commercial as well as residential. In the past few years, Mohali District has witnessed the launch of a large number of group housing societies and some commercial development such as malls and shopping complexes.

Earlier, residents hesitated in buying apartments. They generally preferred to buy independent houses. However, the increasing trend of nuclear families and the facilities offered in group housing societies, particularly power back-up and other facilities such as maintenance facilities on call, gated community, security, swimming pool, gym and club has attracted buyer interest. Sharp rise in land values has also forced people to opt for apartments.

Which unit size and BHK category are in maximum supply? What is the average price of apartments?

Close to 70 per cent supply is for 3BHK units in sizes ranging between 1500-1600 sq ft. Developers are also offering 1, 2, 4 & 5BHK units, which comprises of the remaining 30 per cent supply. At present, apartments are selling at Rs 3,000-4,000 per sq ft. In certain projects buyers have to pay an extra Rs 50,000 to Rs 1 lakh as club house charges and Rs 2-4 lakh for covered parking.

Are developers also offering plotted units in their projects?

Yes, developers are offering plotted units in sizes ranging between 150-500 sq yd at an average price of Rs 25,000 per sq yd. However, these are very limited.

Where is commercial development happening in the city?

Commercial development is primarily coming-up along the VIP Road, Ambala Road and Highground Road.

Have property values in the city registered any price correction?

Values of independent houses and residential plots have dropped by 25 per cent in the last one year mainly in Panchkula and Chandigarh. However, no change was witnessed in apartment values. This was primarily attributed to regular increase in labour, material and stable land prices in the past year.

Is any government policy pushing affordable housing in the market?

The developers building society with 100 units or more are required to build 10 per cent units for the Economically Weaker Section (EWS). As per the housing policy, developers are required to give 60 per cent of EWS units to the authority and the remaining 40 per cent can be sold at market price.

How do you see property prices in the next six months?

We dont see any further rise in property values from the current level mainly in group housing societies in the next six months. Going forward one may see new developments coming up along Mullanpur as many developers have bought land along this belt.

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