Announcement

Collapse
No announcement yet.

Selling property in Chandigarh

Collapse
X
Collapse

Selling property in Chandigarh

Last updated: March 27 2015
22 | Posts
4771 | Views
  • Time
  • Show
Clear All
new posts

  • Selling property in Chandigarh

    I am thinking of selling a 2 kanal house (old, unlivable and will have to be torn down) in a very nice and quiet area of Sector 16. The Circle Rate for that is Rs 1,65,000 per sq yard. This multiplied by 1208 sq yards (=2 kanals) gives a Circle Rate of over Rs 19 crores. I am told I won't get this in current depressed state of the property market. Need advice:

    1. Is the Circle Rate (obtained from the internet) correct and current?
    2. Should I hold on and wait? If so approx how long?
    2. What happens if I sell below the Circle Rate?
  • #2

    #2

    Re : Selling property in Chandigarh

    That's slightly high for 2 kanal considering it's just land, you should expect a fig near about 17 to 18 cr. the market looks to be back on track and may change within a year, so ideally hold on. As for the impact of selling below circle rate, nothing for the seller but the buyer has to register his property at the circle rate and not the rate at which he's bought it

    Comment

    • #3

      #3

      Re : Selling property in Chandigarh

      Many thanks, Sir. Any advice on how I should go about selling it? Most brokers or property websites seem to deal with smaller and lower value properties. Are there any reliable ones I can reach out to? Or should I place a box ad in top line national papers like Economic Times etc? Your guidance will be greatly appreciated. Thanks and regards

      Comment

      • #4

        #4

        Re : Selling property in Chandigarh

        Are you sure this is the circle rate seems quite high please recheck i will also confirm in meantime be advised the rate you will get is around 10 to 12 cr nothing more in 16 sector...what the location is it behind the 16 GMCH or behind market as there are very different rates ...

        Comment

        • #5

          #5

          Re : Selling property in Chandigarh

          Seeing prices for 2 kanal houses around 9 cr at this time.

          Comment

          • #6

            #6

            Re : Selling property in Chandigarh

            Originally posted by shivneet View Post
            Seeing prices for 2 kanal houses around 9 cr at this time.
            Can you point out the exact property you are quoting this for or if it's for multiple such properties. the location is going to have a bearing on the value.

            Comment

            • #7

              #7

              Re : Selling property in Chandigarh

              Saw 2-3 such ads for houses in sec 20/21 etc. in newspapers/online. Market is clearly showing signs of further weakness. Personally, I feel we may see another 15-20% drop, there are really no buyers !

              Comment

              • #8

                #8

                Re : Selling property in Chandigarh

                Originally posted by shivneet View Post
                Saw 2-3 such ads for houses in sec 20/21 etc. in newspapers/online. Market is clearly showing signs of further weakness. Personally, I feel we may see another 15-20% drop, there are really no buyers !
                The market surely will crash further. My Aunt recently got an offer for 10 Marla single story built for 2.75 Crore. They did not proceed because Aunt was offering 2.5 Crore.

                Comment

                • #9

                  #9

                  Re : Selling property in Chandigarh

                  Originally posted by sunbaj View Post
                  The market surely will crash further. My Aunt recently got an offer for 10 Marla single story built for 2.75 Crore. They did not proceed because Aunt was offering 2.5 Crore.
                  Soon the seller would regret of not selling at 2.5 cr.

                  Well I can't say anything about crash or anything, but for me even if rates remain stable for 2-3 years it would mean a depreciation of 30% taking into account opportunity cost of capital at 9% a year for 3 years.

                  I would love to be proved wrong but here are few reasons why I believe property prices would not increase for few years..

                  1) Unless rentals increase to a level where property prices start looking cheaper again, property prices would remain stable.

                  2) Huge inventory all over India - Over supply in the tricity region that makes all of us think why to invest in a highly priced property which do not fetch you good return. (barring end users).

                  3) Circle rates keep increasing every year that requires a good portion of white to be shown which many don't fancy.

                  4) Unfortunately Employment story from IT sector looks bleak as compared to what was promised few years back, many companies left and few just hanging without any expansion plans specially in tricity region. India focusing more on manufacturing sector.

                  5) Finally BJP govt is there to stay if not 10 years at least 4.2 years noone can push them out. They have a track record of keeping property prices low and Modi has announced clearly house for all by 2022, which implies excess supply all over India which certainly will have an impact on properties.

                  These are few of my reasoning why I think property market will not see the same kind of pace what we saw from 2000 to 2009.

                  The only +ve I see is lowering of interest rates in 2015 and 2016 but would that be enough to give a push to property prices. I doubt.

                  Would love to hear counter-arguments but with reasoning please.
                  Cheers,

                  Comment

                  • #10

                    #10

                    Re : Selling property in Chandigarh

                    please metion range per plot

                    Comment

                    Have any questions or thoughts about this?
                    Working...
                    X