Prices of Residential Plots in Panchkula Crash: No Construction Above Third Floor
The recent announcement by the Haryana Government and HSVP regarding ban on construction of stilt plus 4 floor building in Panchkula District has not only provided respite for the residents of HSVP developed sectors protesting against apartmentalization of residential plots, it has also simultaneously provided relief to the bonafide purchasers of residential properties by way of making available plots and houses at affordable prices.
The builders who had resorted to construction of stilt plus 4 floor apartments at residential plots meant to be independent dwelling units were making hefty profit by selling 4 apartments constructed over residential plots across Panchkula. It is a matter of common knowledge that each floor constructed on 1 Kanal plot was being quoted in the range of Rs.3 to 4 crores and each floor constructed on 14 Marla plot was being quoted in the range of Rs.2.50 to 3 crores. In the backdrop of such prevailing prices of the builder floors, the owners had started quoting very high prices for the residential plots as well as for old single storey houses, thereby making the same un-affordable for common citizens. With the ban on construction of 4th floor in Panchkula, the market economics has changed overnight. The price correction has started taking place and the real estate market observers pointed out that the prices of 1 Kanal plots are expected to drop by Rs.1.50 to 2.50 crores and the prices of 14 Marla plots are expected to drop by Rs.1 to 2 crores.
Real estate experts have predicted that the genuine buyers interested in constructing single family unit houses across HSVP sectors in Panchkula shall now be able to purchase residential plots at 20% to 30% lower prices in near future.