Saturday, October 25, 2003

real estate 
SAS Nagar scores over Panchkula
R.P. Malhotra

BESIDES Chandigarh, the neighbouring satellite towns of SAS Nagar and Panchkula too have shown a northward trend in real estate. SAS Nagar, Punjab’s satellite town near City Beautiful, has gained tremendously by development policies of the government. The rationalisation of stamp duty, Apartment Act and a MoU with FDI, a Hyderabad-based Malaysian construction company, and infrastructure giant IJM Corporation Berhad — all these pragmatic policies of the state government have given a fillip to the growth of the town.

"Prospective buyers have been eagerly awaiting for the plans to translate into reality," says Sanjiv Sehgal, General Secretary of the Property Dealers Welfare Association, Mohali.

Under the Rs 1000-crore project, 500 acres will be developed into an ultra modern township, which will have high-rise buildings. The project, which will meet international standards of construction, is bound to change the skyline of the area and the real estate scene as well. The project is expected to provide quality housing within an affordable price tag. Even though the prices of real estate will come down, the construction activity and trade shall look upward.

Allottees of unmarked plots in sectors 76-80 are getting premium to the tune of lakhs of rupees. Allottees possessing an indent letter for a 5-marla plot are being offered anywhere between Rs 3.5 and 3.75 lakh as premium and those with 16 marlas are being presented Rs 6 lakh.

The resale market has also negotiated a considerable increase in the recent past. In the developed sectors of the town, an 8-marla plot is being quoted for Rs 17-17.5 lakh, 10 marla for Rs 20-23 lakh, 16 marla for Rs 25-28 lakh or even more at prime locations and a kanal plot for Rs 30-40 lakh. Likewise an 8-marla house of ordinary condition is being quoted at Rs 20-21 lakh, while 10 marla, 16 marla and kanal houses of similar quality are being quoted at Rs 28-30 lakh, Rs 35-40 lakh and Rs 40-45 lakh, respectively.

Besides the factors mentioned above, there are various other reasons why SAS Nagar scores over its counterpart Panchkula. Besides having a larger number of approach roads to Chandigarh, the town’s law and order situation is also better than that of Panchkula. Its "buy and carry" industrial policy as compared to the virtually non-transferable industrial policy of Panchkula has added to the advantage of real estate trade.