Developers bullish on firm residential sector prices

Firming of prices in the residential sector around the Chandigarh region (including Mohali , Panchkula and adjoining areas) has buoyed developers.

They believe prices of residential sectors would appreciate hereon. Purchasing decisions made by buyers have to come now or else they probably would miss the opportunity.

Even as psychosis of property bubble is prevalent, the developers maintain already the prices are rock bottom and would head northwards.

The confidence among buyers is fuelled by investors and NRIs who are generating interest in the property around suggest channel partners.

Delhi-based Pearl Infrastructure Project Limited (PIPL) which last week announced launching of the 100 sector has priced plots Rs 25,000 sq yard upwards. Sector 100 is part of integrated township ‘Pearl City’ coming over ‘500’ acre spread over sectors viz sector 104, sector 100 and sector 99.

Four years back, the developer in sector 104 had launched the yard pricing at Rs 12,000 per sq yard.Officials in the project maintained the project was being targeted for the end users and prices for the residential sector would continue to chart an upward trajectory despite people anticipating any correction.

Officials from magicbricks (an online leading portal for property search) maintained prices in the region especially in residential sector have started firming once again. The reason for firming of prices are attributed to investors and NRIs who are back again in the market.

NRIs from countries like US, UK, Canada and Middle East to some extent with indigenous investors are propping up the property market to some extent.

Emaar MGF flagship project Mohali Hills spread over 3,000 acre of land and coming in Mohali is all excited to hand over possession of 100 villas to the owners.The company announced their project in 2006.

The company which already is doing development over 700 acres of land is offering mix of products like villas, plots, bungalows and apartments. Emaar MGF has priced villas Rs 22,500 sq yards upwards. NRI have shown fair bit interest in purchasing the property especially the villas.