Thursday, 13 August 2015

End Users keep Punjab`s Real Estate Going

The sheer essence and stunningly green beauty of Punjab refreshes your mind and soul. The state of
five rivers is basically an agro based economy with industrial sectors like sugar and textiles etc. However the real estate trends in Punjab have changed drastically over the last few years with the emergence of top class real estate developers like Mona Townships Pvt Ltd (MTPL), Omaxe, TDI etc. They have changed the dynamics of the real  estate industry, coming up with world class projects in group housing, shopping complexes and malls, integrated townships, office complexes, IT parks etc. has generated lot of scope for investment Punjab property.

Chandigarh, being the state capital has been the list of developed cities as some of the most ambitious and high end projects are planned around Chandigarh, in places like Mohali, Zirakpur, Panchkula etc. This entirely new pattern of development is going to change the face of real estate development in Punjab.

However, it is the end users who have been the main stay of Punjab`s property market for quite some time now feel the industry experts. This is especially true for the tri-city area near Chandigarh, comprising of Mohali and Panchkula. Many leading developers like Mona Townships Pvt Ltd, DLF, Omaxe etc. are already present in this area coming up with ambitious projects in places like New Chandigarh and Greater Mohali, however the demand generated is mainly for apartments in the price range between 30 lakh to 50 lakh which shows that the end user is driving the market. Buyers who are buying houses are either first time investors who are purchasing property for end use or buying property because of the growing needs of the family, in both cases it is generally the end user who is driving the residential property market.

Affordable housing being the buzz-word, Punjab state government is showing initiative in this area with plans of building one lakh units for the economically weaker sections (EWS) in the state. The state government has plans to set up the Punjab State Affordable Housing Development Authority. The Greater Mohali Area Development Authority is set to enter the affordable housing segment in SAS Nagar. There are plans to construct 10,000 apartments over a specific period of time with 2,000 apartments being constructed in the first phase for the economically weaker sections.

One major reason for the end user driving the market is that there has been price correction in the tri-city area in the last year and the first quarter, Chandigarh prices of dropped, most sectors in Mohali have registered a downwards trend, so has Zirakpur.

The Master Plan 2031 of Chandigarh has been given the green signal; the main point in this master plan is that Chandigarh will remain an administrative capital with more importance given to government establishments, another important in the Master Plan is a holistic housing policy being adopted, this plan envisages limited use of land, group housing instead of plotted development as well as allocation of land for the economically weaker sections (EWS) of the society. As of now this should be the right time for the end user to invest in property.

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