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- Naresh ji i would be curious to know which property in 2008 was worth 25 lakhs and is worth 1 Cr in 2011 ? If you had said 2005 i would have agreed but 2008 when there was a recession in the world ?
In any case what we are talking about is the decline in property prices now in last a few weeks and not from couple of years back. If my grandfather buys a property it will have increased when my father got it....will increase when i get it.....will increase when my kids get it....we all agree with that and that is not the concern here. We are looking at the present scenario and if it is a good time to take a plunge.CommentQuote1Flag
- Originally Posted by AnkurPuneHi Altguy, Jatinderchd,
In my opinion it is just too high a premium to pay for staying in the best place in north India.
You can get an independent 10 marla house on rent in some sectors of Panchkula for 15K per month. If you want to buy you would have to shell out 2.5 crores or more. I guess EMI would work out to 2.5 Lakh per month which is many many time the monthly rent.
If Emi would have been even 3-4 times monthly rent, I could have considered buying but at current ratio I would never. Only reason one would buy is if you are sure that property prices are going to keep on going up which I seriously doubt, atleast in the core sectors.
Anyhow that is my personal opinion.
Coming back to the forum after many years.
So turns out that correction atleast in Panchkula / Zirakpur is for real.
Few of deals that I know about:
1. Back in peak times, 10 Marla houses in sector 4 Panchkula were going around 2.25 - 2.5 Crores. However I know of 3 deals which happened in sector 4 Panchkula around 6-8 months back where 10 Marla houses were sold for around 1.6 Cr.
2. Asking price of park facing 10 Marla house in Sector 10 Panchkula touched almost 3 Cr some years back. However now deals for the same are happening for below 2 Cr.
3. I have seen adverts for 1 Kanal plots in sectors 23 and above in Panchkula with asking price of 1.8 - 2 Crores. Final negotiations would bring this down by some percentage for sure.
4. Asking prices for societies in Peer Mushalla have come down considerably. One society I know of where a deal for a flat happened around 58 Lakh 3 years back. In the same society asking price had come down to around 50 Lakhs for a similar property. I also remember back in 2012 people in the same society saying that they will only sell their flat when the price crosses 75 Lakh. I guess I will talk to them again in 2025 :)CommentQuote0Flag
- Ankur - Any idea about 1 canal or 14 marla plot in MDC sectors or society flats in MDC ?CommentQuote0Flag
- Originally Posted by ATLGUYAnkur - Any idea about 1 canal or 14 marla plot in MDC sectors or society flats in MDC ?
Hi. Sorry not aware of those sectors.CommentQuote0Flag