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