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Indian Real Estate: A Bubble in the Making

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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 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 crиme de la crиme 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!

This article is sponsored by: www.indiarealestateblog.com


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