Chandigarh real estate is witnessing a similar trend. Recently property builder Unitech announced that they will offer smaller floor plates to property seekers, so as to make it feasible for users to buy their property. Unitech would offer these 'affordable' floor plates at Unitech World in Mohali.
The size of two-bedroom house there would range from 942 sq ft -1,624 sq ft. This means that the property developer would be able to push its sales while still not cutting down on its profits. And the property buyers will still be able to buy property with desired facilities and features in their budget.
The standstill in the Chandigarh Property market is prompting many property seekers to look for cheaper property in the near by areas. This has brought localities like Ludhiana and Ambala (in Punjab) and Baddi (in Himachal Pradesh) in the limelight. Property seekers and investors are inquiring about the property prospects and possible infrastructure developments in these areas.
Buying property in these areas, under present market conditions, means buying huge land banks at very affordable cost. Later, when the market is better, these land banks can be sold at higher costs and profits margins.
Small property developers are worst hit with the present slowdown. Many of them are new entrants who wanted to ride the real estate boom. They borrowed heavy sums from market lenders to launch property projects. However, the market lost sheen over night and many such projects remain uncompleted.
As a result, the funds remain stuck in such projects. There are very few takers for the completed property projects. These developments have worried many property builders. However, this slowdown is not expected to last long. And then the market may be more buoyant and more active.
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