With Himachal's new BJP government showing positive inclination towards developing the much-needed infrastructure in the state's industrial hub of Baddi-Barotiwala-Nalagarh, the hopes of the realtors regarding a boom in real estate sector have been revived. In fact, it was the virtual neglect of infrastructure which had kept the buyers away from this area in spite of crores of rupees being invested in the housing sector alone here.
While Chief Minister P.K. Dhumal has already taken up the issue of providing a budgetary provision for the expansion of Baddi-Chandigarh railway line with the union government well before the railway budget, the construction of alternate routes connecting Baddi to Chandigarh too are in the pipeline now.
All this has given fresh hope to realtors in the area who are expecting good returns in the days to come.
'There is adequate scope for the realty sector to bloom in this industrial hub which produces finished goods worth Rs 70,000 crore annually and utilises raw material worth Rs 10,000 crore', commented a local real estate dealer.
'Add to this the large number of ancillary units that have sprung up in the area. All this presents a perfect picture of a flourishing economy. While a boost to business means added buying power and for young business executives it actually means interest in property related purchases,' opined another realtor. Moreover, being the lone new township being developed in the North, the rates of commercial complexes are among the cheapest here. While it has become virtually impossible for a middle class dealer to purchase a showroom anywhere in Chandigarh or its satellite towns, the lower rates here are attracting many to the area.
A comparison of the commercial rates of real estate reveals that while a moderate commercial complex is available at a monthly rent of nearly Rs 15,000 to Rs 40,000 in the Baddi-Barotiwala-Nalagarh area, the same would cost nothing less than Rs 5 lakh in the Chandigarh and its vicinity. Similarly, a two to three bedroom flat is well within the affordable range of Rs 18 to Rs 25 lakh in the Baddi-Barotiwala area. The Chandigarh area has, however, made housing an exorbitant proposition for the middle class with a simple two to three bedroom flat costing nearly Rs 35 to Rs 50 lakh.
Since a large number of investors as well as business executives working in the industries commute daily from Chandigarh and its surrounding areas, the demand for housing is immense. With spiralling realty rates in the city the dealers are now pinning their hopes on this class of business executives to invest here. It was the poor infrastructure which was acting as an impediment for the growth of realty here, opined a section of builders.
A delegation of builders who recently met Chief Minister P.K. Dhumal are optimistic that the government will pay due attention to the lack of infrastructural facilities. Lalit Jindal, a realtor from Baddi says, ' If a positive impetus is given to setting up of schools and hospitals in the region, then real estate prices will gain a positive momentum. We were assured of a positive response from the Chief Minister and what builds our confidence is the fact that he is well aware of the shortcomings of the region. He has further assured the realtors of getting another package worth Rs 2,000 for the region which is a very positive development.
' With nearly 1,500 flats in the construction stage in the industrial area and renowned names like Omaxe, Amaravati, Suncity, Monal, etc., having projects here, the realty sector appears to be heading for a positive change, assessed real estate dealers.
Apart from improvement in the condition of roads, the setting up of facilities like schools and hospitals has finally begun and this would augur well for the economy of the region.
