Resurgent Panchkula
Although the verdict on stilt-plus-floors policy that is expected to boost real estate prices is pending, in the past few years, especially after Covid-19, the property prices in Panchkula have virtually skyrocketed. Especially in the residential segment, prices in the secondary market have seen significant appreciation, reflecting increased interest from both homebuyers and investors. The ongoing infrastructure improvement further enhances the city’s appeal to homebuyers of all ages and income groups.
Panchkula’s real estate sector has demonstrated remarkable resilience and growth post the lull triggered by Covid pandemic. Notwithstanding restricted road access from Chandigarh, the home-buyers’ preference for lush green cover and lesser dense areas is driving the Panchkula real estate market. Such is the situation that prices in some parts of the city are almost at a par with those in Chandigarh,” Rajan Puri, Proprietor, Puri Property Consultants.
“Many NRIs view the current weakening of the Indian rupee as a favourable opportunity to invest in the market. These investors typically seek high returns through property investments and prefer off-city destinations and larger, superior homes in more peaceful settings by trusted developers." said Aakash Ohri, Jt Managing Director & Chief Business Officer, DLF Homes.
Robust price appreciation
Property prices in Panchkula have almost doubled post Covid-19. Though a number of new high-rise projects are coming up in the extension area, the residential realty market in Panchkula is driven mostly by the inventory in the secondary market. “In the past two years alone due to restricted supply and amid high demand from defence personnel, doctors and other professionals, prices in HUDA- developed sectors have risen by 25-35 per cent,” said Tarundeep Singh, Founder & Director, i4 Investors.
In prime locations such as Sectors 6, 7, 8,9, a one kanal house (500 square yards) can fetch anywhere between ~14 crore to ~20 crore. Real estate consultants mentioned that demand is much more as there is limited supply of independent one kanal and 10 marla houses in HUDA-developed sectors. According to property consultants, price of a 10-marla house in these sectors hovers between ~6-10 crore.
Mansa Devi Complex area and Sectors 20, 21 have several high-rise projects offering premium and mid-segment flats. Price in the resale market here, too, has made a quantum leap. A flat measuring 1800 square feet in a group housing society in Sector 20, 21 will fetch between ~2 and ~2.15 crore. According to rough estimates, the cost of apartments starts from ~10,000 per square feet.
In Panchkula Extension I, where there is inventory of flats as well as plots, the prices of plots start from around ~45,000 per square yard.
With Panchkula IT Park, hospitals and a couple of reputed educational institutes setting up shops in this area, Sectors across the Ghaggar river are attracting homebuyers due to the scenic location in the foothills as well as good roads and connectivity. However the absence of big commercial establishments and virtual absence of malls and cineplexes remain a pain point for househunters.
Extension II, Panchkula, with planned 24/25 sectors is also seeing some action with developers acquiring land from HUDA to develop residential as well as commercial projects. Though it will take a number of years for this area to become comfortably habitable, yet the early birds (read ambitious investors) are eyeing these in the hope of a catching a ‘profitable’ worm.
As Panchkula grows towards Pinjore on one side and towards Barwala on the other, its realty market is set for happier times!
