Housing sales improve by 9 % in Tri City area in H1 CY18

Chandigarh: Real Estate sector of Tri-city in 2018 has been witnessing revival. According to the realty decoded report by survey agency, PropTiger DataLabs - with a number of 2249 units in H1 CY18 compared to 2067 units in H1 CY17, there has been an increase in the housing sales to record a growth of 9 % with Mohali showing the highest sales in the Tri-city area, contributing to over 55% of total sales. Basis this report, in the last 12 months, nearly 2,300 units were sold in Mohali whereas only 700 units were launched. Zirakpur on the other hand sold approximately 1500 units with new launches of 1300 units during the same period.

As per report, the overall new unit launches in the Tri-city area has halved in 2017 from 2016 levels. A total 4778 units were launched in 2016 compared to 2443units launched in 2017. The declining trend continues with launches in H1 CY18 being 37% lower than H1 CY17, further showing the seriousness of the realty players on the completion of projects since the implementation of RERA. However, Mohali contributes most to the new launches in the Tri-city area followed by Zirakpur.

Chandigarh region, predominantly being a market for apartments, accounts for almost 84% share of the total absorption in the last 12 months. Hence with maximum underlying demand in the region for 3 BHK variants followed by 2-BHK units, plots and villas have collectively contributed only 16% in sales, basis the PropTiger Report. Nearly half of the total sales in the tricity was reported in the Rs. 30-60 lakh budget segment during the last 12 months. Currently the market has around 12,700 units available for sale, out of which approx. 68% is in the price bucket of Rs. 30 – 60 lakhs.

Continuing to the report, Mr Ankur Dhawan, Chief Investment Officer, PropTiger, said,” New Chandigarh, developed by the Greater Mohali Area Development Authority (GMADA), located near Mullanpur is the new Smart City with various ongoing/upcoming development plans such as development of Aerocity, Medicity S.A.S Nagar, Education City, Eco City (a residential township) in Mullanpur etc. Also, the construction and widening of various internal roads connecting these developments with the main city and Chandigarh International Airport are underway, which will further enhance the attractiveness of this area.”

Mr Prateek Mittal, Executive Director, SUSHMA Group, said, “Zirakpur, now has an excellent connectivity with the new International Airport & the Airport Road. Also, a flourishing demand for commercial office space are driving an increase in demand for residential property. Subsidies under Pradhan Mantri Awas Yojna and restored faith because of RERA have also played a huge role. Among this increasing trend, those developers with the best of quality & post- delivery maintenance services have seen even higher increase.”