DESPITE THE government promising the best of facilities, the real estate market is yet to pick up in the Panchkula Extension II, a township on the Panchkula Barwala highway (NH-73).
The two real estate projects — Idyllic Resorts and Green Space — are facing the heat due to sluggish market. As per real estate dealers, the situation is likely to remain dismal in the coming months due to demonetisation.
Idyllic Resorts in Sector 12 was granted licence by the government in 2012 for constructing a colony on a total area of 50 acres. There are a total of 350 plots of different sizes varying from 10 marla to 2 kanal. Of the total plots, the developers have managed to find takers for only around 110 plots while the remaining flats are unsold. To make matters worse, of 110 buyers, many have defaulted on payments.
Green Space, an affordable housing scheme launched in 2014, has a total of 786 2BHK (624) and 1BHK (162) flats with price ranging from Rs 13.40 lakh to Rs 20 lakh. So far, the developers have sold as many as 525 units.
The slow development of the areas by the authorities is said to be the main reason for the moderate response to the projects. The authorities intend to develop the township having facilities such as multi-level parking lots and green spaces in all the sectors. In the master plan of the township, space has been earmarked for commercial centre and government offices as well.
Unhappy with the pace of development work, one of the developers says that they have taken up the matter with the authorities and if things do not improve, they will move court. Suresh Vij, a Panchkula-based property consultant, maintains that the sale will be affected for another six months due to demonetisation. “There is a cash crunch and it’s going to have a negative impact on real estate.”
S S Prasad, additional chief secretary (town and country planning), says that the development of the township is going as per plan. “The Master Plan is prepared keeping in mind the future needs and is executed over a passage of time,” he says. “There is a slump in the real estate market. That’s why there are no takers for the flats.”
Suresh Aggarwal, president of the Haryana State Property Dealers’ Association, insists that the delay in execution of four-laning of Panchkula-Yamunanagar road has emerged as a big hurdle in attracting buyers. The work on the project, which was approved in 2009, started in September this year.
Essel Group has also launched its first real estate project under the brand of ASHA 2022 in Sector 14 of the township. The project is spread over 10 acres having around 800 flats of 2BHK and 3BHK priced between Rs 16 lakh and Rs 20 lakh.