Realty market awaits correction in Chandigarh

With developers not willing to soften prices of their projects, transactions for residential apartments around Chandigarh have virtually come to a standstill.

“Only a small percentage of population is still scouting for plots and is actually making purchasing decisions," said Harish Kapoor of Maya Estatz, adding that most of the buyers are fence sitters awaiting correction in prices. “Even though queries are regular, their conversion to sales is negligible as people are awaiting positive news from developers.”

The local property agents maintain that the transactions for projects coming up in the periphery of Chandigarh have almost dried up with less than 5 per cent transactions taking place in the market.

“Since most of the projects are under construction and had been partly booked during the time of launch, developers are working on how to compensate the early birds if they start slashing the prices,” they said.

According to Manoj Kashyap, regional director (Chandigarh) of global real estate consultant Jone Lang LaSalle Meghraj, sales of residential projects around Chandigarh have virtually come to a standstill with the end-user refraining from making purchasing decisions.

“Despite the prices of raw material like steel and cement coming down considerably, an announcement from developers is awaited,” said Kamal Jindal, general manager of real estate solution providers Berkley Realtech.

Amidst the correction to the tune of 5 to 10 per cent made by some local developers, Jindal said correction to the tune of 20-25 per cent was awaited by the end-users.