Tricity's STAR satellite

Geetu Vaid

If  the market sentiment and buyer trend in the first two months of 2018 is any indication then Zirakpur is back in the reckoning after a lean period. The end users seem to be returning to this market as there has been an increase of 15 to 20 per cent in the number of sales in the residential segment here over the past couple of months. The number of buyer queries about different residential projects has also seen a 35 to 40 per cent jump.
“This is a very encouraging sign especially in view of the dismally low sale volumes  last year”, says Prateek Mittal, Executive Director, Sushma Group, who has sold over 30 units during this phase.
Why Zirakpur is blinking brightly on the homebuyers radar is, however, not surprising given the fact that this area has the maximum locational advantage and excellent connectivity when compared with other micromarkets like Mullanpur and Kharar. But the market drivers that are majorly in play at the moment include the availability of ready-to-move-in apartments and the fact that there is ample choice in the Rs 40 to 70 lakh price band here.
The buyers’inclination towards ready-to-move-in properties has been a trend all across the country post demonetisation and implementation of GST last year, and Zirakpur’s high inventory in this category has been the harbinger of good times here. “I was looking for a flat in a completed project around Chandigarh, where I could start living immediately. Mullanpur, Landran Road and Kharar did not fit the bill as it will take a lot of time for these areas to be completely habitable.
So, Zirakpur was an obvious choice because of location as well as price,” says Anurag Singh, a tax consultant currently living in Mohali.
However, sales have been rising even in the under-construction as well as new projects in this area. According to Amit Mittal, Director, Green Lotus group, this resurgence is due to homebuyers regaining confidence post RERA implementation. “Buyers looking for new and under-construction projects are especially seeking out RERA-registered projects,” says Amit Mittal while adding that over 40-45 units in his recently launched project ‘Saksham’ had been sold in the past two months.
Road to prosperity
The 200-ft wide, six-lane Zirakpur ring road, which will provide an alternative route to Shimla, is among the key market drivers in Zirakpur. This road will not only improve connectivity to Mohali as well as Panchkula and Kalka, but will also benefit housing projects in areas like Peer Mushalla, Sanoli, Gazipur, Nagla village that fall along it. The work on the remaining portion of this road along the Maya Garden Citi project is currently in full swing and this has increased interest in projects in its vicinity.
Commercial gains
Bright neon lights, huge hoardings and an impressive line up of swank hotels and retail outlets are proofs that Zirakpur has established itself as a commercial real estate hub. Besides the three top end wholesale retail outlets — Metro, Best Price and DMart, all major builders have office and commercial projects coming up along the Ambala highway. Thus, there is plenty on offer for investors looking to cash in on the commercial potential of Zirakpur. There has been an uptick in sales in this segment also over the past few months. “The demand for office as well as retail spaces is high here as a number of professionals as well as brands want to set shop in Zirakpur,” says LC Mittal, Director, Motia Group that has built Chandigarh One commercial complex along Ambala highway here. The assured rental schemes are a major attraction for investors in commercial projects here. “For an investment of just between Rs 28 to 30 lakh the buyers can get assured returns of 12 to 18 per cent and this has increased the demand for commercial properties”, says Mittal of Sushma group. Besides its Infinium project on Ambala highway Sushma has two upcoming commercial spaces —  Sushma Capital and Sushma Pristine located at Peer Mushalla and Airport Ring Road, respectively.
The sale high being witnessed in this area has already led to price appreciation in the primary market. However, sellers in the secondary market will have to wait a bit longer to get better prices. But in spite of this positive winds seem to be blowing in Zirakpur real estate segment, which is a heartening sign. It remains to be seen when this trend trickles down to other micromarkets in tricity from this “ realty gateway”.