On a forward march!

After going through anbother bad patch in 2014, the real estate players in and around Chandigarh are keeping their fingers crossed and are hoping to see the buyers and investors return in 2015.
Though there was some revival of sentiment in the market post the taking over of the new government, yet it did not reflect in deals getting finalised at the geround level. Even the festival offers this years yielded poor returns and more or less failed to lure buyers.  Some of the main trends that are likely to emerge in the next year in this region are:

From correction to stability to growth
Chandigarh, Mohali and Panchkula saw significant corrections  of up to 30 per cent in the secondary market in 2014. But market watchers see a revival in the second half of 2015. “A favourable Budget will surely give a boost to the buyer sentiment and increase in sales will lead to stabilisation of prices”, said Amit Mittal, Director Maya Garden.  While the tricity has its share of high-end projects by national players like the DLF group, Omaxe, ATS, IREO groups and by some local builders too, but it is the mid-segment (between Rs30 and 50 lakh) where the demand is the maximum.  “So destinations like Dhakoli, Ghazipur, Kharar Landran Road, Panchkula Extension and a couple of projects in Mullanpur (New Chandigarh) are the locations that will be on top in the next year also”, says Dharmendra Sharma, MD, NK Sharma Group .

End users in forefront
According to market watchers the next year will be an ideal year for end users in the tricity market and especially in the periphery areas of Zirakpur, Kharar Landran Road, Panchkula Extension. According to a survey conducted by property portal makann.com as many as 39 per cent prospective homebuyers wnated to purchase property for their own use rather than for investment and another one third wanted to buy property to accomodate the growing needs of their family. This is good news for developers having projects in areas like ZIrakpur, Dera Bassi and Kharar Landran road as these are the locations with maximum inventory. Calling it an ideal time for end users to enter the market Himanshu Pant, Business Head, Ansal API, said, “Prices are not likely to rise in the first half of the year and this way end users can get the best deals in the first three months of the year”.

New Chandigarh
The area whose key USP is its proximity to the main sectors of Chandigarh is being developed as a self-contained city andl not  a satellite town of Chandigarh, New Chandigarh, will see handing over of possessions of plots and residential units in two major projects in 2015. With major national realty players like DLF, Omaxe already in the process of handing over the possessions for plots and independent floors in the first phase of their projects (DLF Hyde Park and Omaxe New Chandigarh) and GMADA likely to complete development work in its Eco City project soon, the end users will soon be testing the livability quotient of this budding smart city.

Vision for growth
The six-year long wait of Chandigarh  residents’to have a a futuristic master plan is likely to get over this year. It was in 2008 that the authorities had started working on a master plan with a vision for 2031 after being directed by the high court. The expert committee headed by the Chief Architect Sumit Kaur, sought several extensions over the past six years  leading to delay in the submission of the proposal.  Recommendation for a holistic housing policy framework is one of the key elements of this plan that will impact the real estate development in Chandigarh. The master plan visualises a judicious use of limited land, group housing in place of plotted development for the pockets identified for future housing along with compulsory provision for the economically weaker sections in all housing schemes to avoid the emergence of slums in the city.  Reintroduction of the Chandigarh Apartment rules, subdivision of residential plots of 1,000 sq yard and above into two dwelling units on each floor and floorwise subdivision of   residential buildings on plots of less than 1,000 sq yard were some of the main points considered in the master plan.

Airport gains
With the International Airport getting operational by August, the property market in Mohali is likely to get a fillip.  Developers are expecting more investments from NRIs and people from other areas in Punjab after international flights start landing in the city.  Under construction in an area of 305 acres sixty per cent of the work has already been completed.  The new airport at SAS Nagar will be connected to the Chandigarh airport. Major builders in the vicinity of the airport in Mohali are all charged up to meet the expected demand for residential and commercial property

Affordable Thrust
The Punjab Government is giving a push to affordable housing all over the state with a target of 1 lakh dwelling units in the next two years for the economically weaker sections (EWS) and other vulnerable weaker sections in the state. In this regard the state government also annouced the setting up of the Punjab State Affordable Housing Development Authority under the chairmanship of the chief minister last year. In oder to provide affordable options to homebuyers in SAS Nagar Greater Mohali Area Development Authority (GMADA) is all set to launch an affordable housing scheme in 2015. The authority has, in principle, approved the construction of approximately 10,000 flats in a phased manner, with around 2,000 flats planned in the first phase. These will include one, two and three bedroom flats in Sectors 65 and 66 where the development authority has 20 acre land.

Pinjore-Kalka Urban Complex
The Haryana Urban Development Authority’s ambitious urban complex in the foothills along the Shimla highway will see handing over of plots and independent floors by private developers in Sectors 2 and 3 in this year. A series of court cases and court rulings had given sleepless nights to those who had invested in this urban complex. But in 2015 this area is all set to be back in the reckoning as possessions will be handed over in some sectors of the complex. The DLF group is all set to handover the possessions of floors in its 209-acre integrated township — The Valley.  HUDA planning to float residential plots in Sectors 27 and 28 along the NH-21. Earlier in 2014, HUDA had offered 900 plots in Sector 30 — a scheme that generated a lot of interest among investors as well as end users.

Puda’s  Gateway City
The draw of lots for Punjab Urban Planning & Development Authority (PUDA)’s Gateway City project in Sector 118-119 will be held in the first quarter of 2015.  Under the housing scheme the board has offered total 417 plots in the sizes of 150, 200, 256, 300, 331, 350,400, 500 and 545 sq yd. PUDA has fixed a reserve price of Rs21,000 per square yard, offering 5 per cent discount on lump sum payment. While GMADA’s projects are going to be in the affordable segment PUDA project is rather steeply priced considering the current market conditions, say experts.
The strategically located two sectors are linked by 200-ft wide International Airport with Air Conditioned Bus Terminal, Super Specialty & Multi- Specialty hospitals, Industrial Area, upcoming International Airport and one of the biggest shopping malls of the region, North Country Mall in the close vicinity.