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| Indian Real Estate: A Bubble in the Making |
Source: Economic Times
Chandigarh Real Estate: Luxurious Living
One just blinked, and found, Ansals, Omaxe, Parsvanath, DLF,
Unitech, TDI, Uppal, ATS, the who's who list of Delhi's top
builders have all descended on Chandigarh, keen to establish
their presence, while marking out mega plans for the UT city,
and its peripheral areas of Mohali, Derabassi, Panchkula et al.
So much so, the real estate boom has even got FMCG companies
foraying into construction and real estate development. Barely
two years ago, no Delhi builder of consequence could be found in
the Punjabi heartland, today, the mass arrival of so many
National Capital Region (NCR) players makes one wonder at the
strangeness of it all.
In an attempt to explain the new phenomenon, Kamal Taneja of TDI
Builders, who are setting up a 200-acre housing and commercial
complex near Mohali said: "A lot of factors have led to this
excitement. People of the region are affluent. They know that
Chandigarh offers probably the best standards of living of
India, so they want a house nearby. Also, there is a large
section of NRI |
population keen to invest in real estate." He
brushed aside the suggestion that there was a real estate bubble
in the making saying: "I see the arrival of top players from
Delhi, a proof of the fact that there isn't any bubble. Prices
are artificially jacked by local speculators and not by top
builders. Let me tell you, it is not as if Delhi developers are
allotting plots to Delhi investors, who are purchasing this as
mere investment for speculative purposes. In fact, in some
cases, Delhi investors are being discouraged to purchase
property in Mohali. We are all looking for the prosperous
Punjabi community."
Ramneek Bawa, CEO-cum-Director of Uppal Housing Private Limited
echoes Taneja. Just a couple of months back, the Uppal group
purchased a 5.9-acre plot in Manimajra for an astounding Rs.
108.01-crore. And, just yesterday, it announced its plans to
build luxury apartments on the plot. Calling their project
Marble Arch, they plan to sell their 4-bedroomed apartments for
Rs. 1.31-crores, making them the most expensive apartments in
Chandigarh, and they have tagged their 3-bedroomed flats for |
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Rs.
1.14-crores. "We have built super luxury apartments, and state
of the art residential complexes at various locations in Delhi
and the NCR region. Chandigarh is now ready for premium luxury
residential facilities. Marble Arch will be a landmark project
in this direction." says Mr. Bawa. Planning to invest Rs.
250-crores on the project, they will build 130-luxury flats with
a covered area of 1800 to 2100-sq. ft. each. Not to be left
behind, Ansals are developing a 250-acre area at a village near
Mohali. Pre-booking rate expected is Rs. 9,500 to 10,000 per sq.
yd.
But, the arrival of Delhi's big players has not impressed
everyone. A local property dealer declared: "These top players
have taken the prices up. They associate themselves with the
local property dealers, who are getting booking done (even
before the launch) on their behalf. The local property dealers
get commission (around 1%) for every booking." A practice that
has not escaped the government's notice, as can be seen from the
notice issued to Punjab Emar-MGF for getting pre-launch
advertisements in the newspapers regarding plot |
registration.
PUDA has asked the company to refund money deposits to all
investors registered with them.
Whether, it is time to uncork the bubbly, as Chandigarh and its
peripheral areas get tarred with a touch of luxurious living,
remains to be seen. The fact is the crème de la crème of Delhi
developers have ensured property prices in the region will never
be the same again. Out of reach of the common man, or even the
middle class salaried segment, it is hard to visualise anyone
earning Rs. 1-lakh plus per annum to be able to afford these
flights of fantasy apartments. Of course, the dollar hoarding
NRIs or the rich industrialists and money raking businessmen
might well be able to realise their affordable dreams.
Bubble or time to uncork the bubbly, only time will tell!
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