Has Chandigarh escaped a slump?

By Vasu

"In Chandigarh, the property sales are normal and the slump is marginal." "The genuine buyers are still around." These are oft-repeated statements of property dealers of the region. How true is this view point? Has Chandigarh and the adjoining periphery escaped the depression that is dogging the property market elsewhere, or is it a case of keeping the bad news at bay?

"The real estate agents in Chandigarh, Panchkula or Mohali seem to be living in a world of make- believe," says Rajeev Dayal, a financial consultant for an international real estate firm based in Delhi. "In Delhi, Mumbai and Bangalore property prices have dipped beyond normal recession levels", he adds. The main reason for this sharp plunge is the speculation which occurred during boom time three years ago. "Today the buyer is absent from the scene", says Arvind Mehta who co-ordinates land transactions.

In Chandigarh, a 10- marla house in the southern sectors is priced around Rs 30 lakh and a one- kanal house is going for anything above Rs 50 lakh (older houses), a rate unheard of a few years back. Even agricultural land which is of great interest to investors is not sought after. Besides the market position and recession, the keen interest of the Income Tax Department in sales and land deals has reduced the value of property as an investment, say dealers. Today an IT37 clearance is a must for the buyer, whereby the Income Tax Department certifies that the seller does not owe anything to the tax authorities. The administration too has caused reduction in the cash component of deals by fixing the rates of various categories of houses. All these factors combined with the declining turnover in all types of business have caused the slump.

The prices had also been overinflated ,therefore a decline in the rates was inevitable, says Dayal. Earlier, the auctions held by the Chandigarh Administration as well as those by PUDA and HUDA were dominated by consortiums which would artificially jack up prices. These prices would then set a benchmark which would be used for further deals. This artificial pumping of prices leads to some temporary enhancement of rates but the prices eventually even out, says Dayal. With the fall in rates, people hold on to property and thus the market comes to a standstill. Today a one- kanal property owner in the city, who has heard of houses going for as high as Rs 90 lakh, will not settle for Rs 60 lakh.

A few months ago, several plot transactions had taken place in Sector 21, Panchkula, as the deadline on the date of construction had drawn near.However with the current extension and the incidents of attacks and robberies in the sector , the investment has dampened. Also rentals in the sector are on a downswing despite the intensive patrolling by police.

Rentals are however on an upswing especially in the main sectors of the city where the going rate for a new one- kanal house is Rs 20,000 a month. The ground floor of ten- marla houses can fetch Rs 7,000 to Rs 8000, while the first and second floors can bring Rs 5,000 and Rs 3,000, respectively. The same accommodation is available at half the rates if one moves to Panchkula or Mohali. A one- kanal house in Sector 12 of Panchkula is available for around Rs 10,000. Multinational companies have pushed up prices in Chandigarh, says K. K. Arora, a property consultant, citing the case of a telecom firm which recently picked up 12 one- kanal houses at a monthly tag of Rs 25,000 each for its managers.

Agricultural land which was much sought after for farmhouses in the vicinity of the city is now priced out of the reach of the casual buyer, says Mehta. The buyers who are interested in acquiring such land plan to convert the area into resorts, banquet halls or small getaway motels with swimming and riding facilties. Several parties are looking out for land in Perch, Jayant Devi for such getaway resorts, he claims. Earlier such activities were confined to the Dera Bassi belt. A similar skyline is envisaged at the northern end of the city where a steady stream of clientele is expected from the university campus and colleges.

Meanwhile, everyone does not agree with the gloomy picture painted by the Delhi experts. Mangat, a dealer from Chandigarh, says the ‘genuine buyers’ are still present in the market. Their number may have decreased but the decline in prices has been marginal, he claims.Even though financers and money players are no longer active, the sales are down by a mere 10 per cent, he concludes.

May all lead a happy life

By Sansar Chandra

THE first and the foremost edict of the Hindu way of life is to accept the entire human race as one family (Vasudhaiva-Kutumbakam) and to vouch for its happiness, health, benison and troublefree existence. This is why at the close of every ritual or religious event, God is invoked to shower His choicest blessings on His creation in the form of a common prayer:

Sarve bhawantu sukhinah
Sarve santu niramayah
Sarve bhadrani pashyantu
Ma kashchid dukhabhag bhavet.

(May all live happily. May all remain healthy. May all enjoy His blessings. No one ever should face any affliction.) In other words, when we see the people of Punjab craving for the oft-repeated orison ‘Sarvatta da Bhala or Bole so Nihal, it amounts to the same version of the above prayer.

Although every science, art and literature are inter-related among themselves in one way or the other, you cannot rule out the exceptions that emerge out of them in a given situation. For instance, we can cite the example of religion versus ethics. The former advocates the well-being of every individual. The latter favours only the deserving ones. The ethicists do not agree to what our religious protagonists preach. According to them, the benedictory prayer quoted above is meant for the civilised and law-abiding citizens only. Those who are anti-social or villains of peace do not figure among them and should be condemned outright. Hindi poets, who are specially at home in didactic poetry, have been extremely harsh to such unruly elements. Vaital, a renowned expert in didactics, has drawn out a list of seven such undesirable elements who are a burden on Mother Earth and the earlier they make their exit from it, the better.

Mare bail gariyar
Mare vo ariyal tattu
Mare karkasha nari
Mare vo khasam nikhattu
Brahmin vo mari jaye
Haath lai madira pyave
Larika so mari jaye
Jo kul mein daag lagave
Aru anyayi raja mare
Tabhi chain bhag soyiye
Kahe Vaital Vikram suno
Aite mare na royiye.

In other words, the poet says let the death take the following in her custody: a sluggish ox; a stubborn pony; a wife, who is a shrew; a good- for- nothing fellow as husband; a Brahmin serving drinks with own hands; a son who tarnishes the image of his forefathers; and an iniquitous king.

Bhartrihari, a king-turned-poet, is another ethicist. He had seen many ups and downs in life and destiny pushed him to monkhood, when his treacherous queen betrayed him. The world, according to him, was just a mirage and the only reality was God. In his Niti-shatak, the searching eye of the poet has picked up 12 such persons who face certain doom. A king is destroyed by his ministers; an ascetic is destroyed by companionship; a son by excessive love; a Brahmin by illiteracy; a legacy by a loafer son; character by associating with a villain; modesty by addiction to drinks; farming due to lack of supervision; affection by living abroad; friendship by unjust behaviour; prosperity by following a wrong policy; and wealth by negligence.

According to another poet, a discontented priest, a contented king, a bashful courtesan and a shameless well-born woman are also destined to meet the same fate.