Indian Real Estate: Apartment Culture On The Rise

                                                                                         

Sky-rocketing real estate prices in the Tri-city area has made owning property out of reach of the common man, thus making way for apartment culture in Chandigarh, Mohali and Panchkula.

Chandigarh, a town with a fixed periphery and two satellite towns, is left with limited space to accommodate the floating population that converges on it, on regular basis. The grimness of the situation is forcing builders to capitalise on every inch of available space.

According to real estate experts, there are nearly 22,000 apartments in the city and its periphery, besides the 15,000 flats that are in the pipeline. Already, a number of housing societies dot the city map with many in Sectors like 38 (West) 44, 45, 46, 47, 48, 49, 50 and 51. Interestingly, Panchkula’s Sector 20 alone accommodates nearly 150-housing societies and offers approximately 7,500 flats. Various mega housing projects also exist in Mansa Devi Complex, Kharar, Zirakpur and Derabassi.

Commenting on the rise, R.P. Malhotra, General Secretary, Property Owners’ Welfare Association said: “As of today, only Punjab has a clear cut and transparent apartment policy. One can sell a floor or a portion of a floor of a building ear-marking the distinctive boundaries of the apartment under sale in the sale deed. Even if a buyer wishes to get the mutation in his name, there is a provision to get the mutation of the share of the entire building. The pro-active policy has accelerated the pace of development in the state,” he said.

Kamal Tiwari, residing in a three bedroom flat in the Mansa Devi Complex, Sector-5, Panchkula says: “to adjust the increasing population, the apartment system is the best way. More and more people prefer to live in flats due to comparatively lower prices, security and a feeling of camaraderie. Moreover, in today’s time of increased cost of construction, buying land and then constructing a house is costly and time consuming,” he said.

While, Pratibha Singh, who also opted for an apartment in Panchkula, has a word of advice for apartment seekers, “One should check all the amenities and condition of the house before buying a flat.”

However, these days housing societies are offering lucrative amenities like schools, food courts, playgrounds and other modern facilities. The following chart indicates how flat / apartment prices have rocketed within a short span of time i.e. 2003 to 2006, and bound to get only more expensive as the Tri-city emerges as a favourite BPO / IT / ITeS sector, and IT professionals start flooding the area.

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Source: IndiaRealEstateblog

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