Zirakpur has often hogged the limelight for being the choice of real estate developers as numerous housing projects have come up here in the past.
The appearance of the city has seen a tremendous change from one of lush green fields to concrete jungles. However, the estate developers till now had been a worried lot as their housing projects failed to do well. The condition has been so bad that they were forced to offer incentives in the form of gifts to persuade buyers.
According to Sanjay Dahuja, director, Berkeley Realtech Ltd, "the reason for housing projects not taking off well was the haphazard construction and no proper planning to develop the flats."
But now things have changed. Land prices along the highway in Zirakpur have already increased to Rs 6-7 crore per acre from Rs 2-3 crore per acre till a few years back. Many property developers in Zirakpur add that after the completion of the fly over and with international airport coming up, land prices could go in for further revision.
Also the affordability and connectivity of Zirakpur both with Panchkula and Chandigarh could fuel the selling off housing projects.
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Gurratan Sidhu, marketing manager, Pearls Infrastructure Projects Ltd, says that the biggest advantage of Zirakpur was the affordable flats it offered for the middle-class families. Sidhu said that a two-bedroom (BR) flat cost you anywhere between Rs 20-25 lakh at Zirakpur, while the same flat would cost Rs 55-60 lakh in Chandigarh.
A three-bedroom flat costs Rs 35-40 lakh at Zirakpur, while it costs around Rs 70 lakh in Chandigarh. With the number of shopping malls and five-star hotels likely to increase Zirakpur would soon catch the attention of one and all. The real estate players are hopeful of bouncing back of the demands.