Shell out more for a plot in Panchkula

One of the main reasons for these plots being sold at such a high rate is their limited availability. Real estate dealers say these sectors have very few vacant plots left and since plots is the first preference for investors in real estate,prices are shooting north.

“These are prime sectors. With most of the plots sold out,the remaining ones are being sold at unexpectedly high rates. It is all a matter of demand and supply. For a 10 marla plot,at times we have as many as ten customers,” said Pardeep Sharma,a property dealer.

Even new sectors,which the Haryana Urban Development Authority is developing,like Sector 25,26,27 have land prices at crores with a difference of a few lakhs compared to their developed counterparts. Even as these sectors face teething troubles like ill equipped civic infrastructure,a 14 marla plot in any of these sectors come with a price tag of Rs 2 crore.

Senior officials in HUDA agree after the economy recovered from the slump,real estate prices have shot up. But they also claim that property dealers too have a monopoly which explains the exorbitant prices.

“This is true that vacant plots as small as ten marla plots are being sold in crores as Panchkula is considered to be one of the most developed cities in Haryana. While we would sell a ten marla plot in Sector 25 or 26 at Rs 10,000 sq yard with the total cost being nearly Rs 20 lakh,the same would be sold by real estate agents at around Rs 1.80 crore. While there is a boom in real estate,much of the hype is credited by real estate developers,” said Ashwani Sharma,estate officer,HUDA.

Housing societies,too,are part of this boom. Property dealers say Sector 20,21 is most sought after. A three-bedroom flat in any society in these sectors can burn a hole worth Rs 1. 80 to Rs 2 crore in the pocket depending on its location. Societies in Mansa Devi Complex (MDC) are more expensive with the same flat costing Rs 2 to Rs 2.5 crore. However,societies sharing their boundary with Peermacchala,Mohali,has its flats priced between Rs 35 to Rs 40 lakh.

“Till two years ago,a good flat in either MDC or Sector 20,21 could be bought between Rs 1.25 to Rs 1.50 crore. Prices had dropped significantly as people were not keen to invest due to recession. Property rates have started picking up again as people consider it to be one of the stable sources of investment,” said Naveen Singh,another property dealer.