First home seekers looking at Panchkula only a few years ago for making it their city of residence are now in dilemma. They are wondering about the price rise in Panchkula. Where then they were thinking about buying a descent plot in Panchkula in some centrally located nice sector, now even buying a small two bedroom flat is consistently getting out of reach. Imagine a small flat in Panchkula on third floor or above in Group Housing societies is priced at 65 Lacs.
Plots in central sectors of Panchkula are in rare availability. Usually, the real estate consultants mark/ advertise a built-up house having very old construction (roughly 15 years and above) as plot. Common term now-a-days is used as plot value for such kind of old constructed houses when it comes to putting a value tag on them.
Let’s have a look at prices of these kind of plots/old built up houses.
A recently advertised 10 Marla (250 sq yards) house on B-road having old construction further referred as plot value is available for 3 crore in sector 10 Panchkula.
A corner 1 kanal (500 sq yards) old house, plot value, is facing green belt available at 5.5 crore in sector 15 Panchkula.
As per the property information mentioned above, looking at prices, the affordability factor seems too low for any buyer to purchase a plot, house, or a flat in Panchkula. The newly auctioned sectors for example 27, 28, and 30 etc by HUDA are also shaping up as prime from reality perspective. Big premiums are being asked by the owners virtually making it impossible for first home owners. Even the big real estate development companies that are setting foot in outskirts of Panchkula are not offering any lesser prices. Recently, a well known company launched their project in Panchkula. The location, plot sizes, amenities, environment, and commitments are suitable from any point of view. Having said that it seems everything is alright about the project but the prices.
There are no indicators of property price slow downs, sellers/property owners have tasted the real property prices in the boom time, therefore in the near future also, undoubtedly, the prices will continuously rise. Those who have inherited or bought properties before year 2001 are the real gainers. The prices then were in the momentum of getting a big push. And according to the real estate graph the worth of properties has risen up at least four times since then.
Finally, summarizing, it wouldn’t be wrong to say, if your are first time home buyer and your fall in a category of salaried class, believe me, you would need to save or pay an installment for the loan, a minimum of Rs 50000 every month for next 15 years (even after paying some small down payment) for the rest of your life to own a smallest property in the shape of flat in Panchkula. San doubt, buying a flat or plot in Panchkula will remain a distant dream for the first time home buyers who come from salaried class.
