Chandigarh: With a builder in Peer Mushalla area offering “buy one 3-BHK flat and get one 1-BHK flat free” to attract buyers, the slump in the real estate market in the area has come into a sharp focus.
Be its close proximity to the Chandigarh Airport, the national highway from Zirakpur to Kalka, or the nearby Panchkula — once considered big plus points — none is luring the buyers to Peer Mushalla these days.
A 3-BHK flat costs between Rs 40 and 65 lakh, depending upon the facilities offered while 2-BHK flat costs between Rs 25 and 30 lakh, and a 1-BHK flat from Rs 15 to 20 lakh, but there are very few buyers.
While construction activity is going on — although on a lesser scale — those in the business say very few flats are actually being sold. As a result, the prices have gone down by around 15 per cent in the last few years, said Suresh Aggarwal, a property dealer.
Real estate agents maintain that no new projects are coming up in the area. “Some builders have left with their work incomplete in the recent past while others have decided to invest in a better location,” said real estate consultant Anoop Singh.
He said that not only was demand low, but many people considered buying land, and then constructing a house a much better deal than buying a flat at a high price.
It is in such a situation that a builder has come out with the offer of a free flat on the purchase of one flat. Alternatively, the buyer can get a discount of Rs 10 lakh. The offer is limited to flats situated on third floor and above.
Real estate agents term it a ‘package deal’ presented smartly. “A builder will not like to run into losses, he needs to make recoveries fast. So, if a builder is able to sell two flats in a package deal, it is good,” said Preet Singh, a property consultant.
Another consultant R P Malhotra said, “There has been a stagnation in the cost of various construction materials over the last two years, be it bricks, steel or the labour cost. Maybe the builders are bearing part of the cost, leading to discounted offers.”