Panchkula still a poor cousin of Chandigarh

While the Greater Mohali Area Development Authority (GMADA) has gone ahead with several successful auctions in the recent past, most auctions in Panchkula has proved to be a total flop show.

The property dealers of the area blame lack of basic facilities and new opportunities in other areas as some of the reasons behind the poor show.

Sample this: While luxury apartments being developed by private builders are priced over a crore-and-a-half in Chandigarh and nearly Rs 75 lakh to Rs 90 lakh in Mohali, the highest Panchkula has seen so far in luxury housing is Rs 60 lakh.

Also, there is sharp difference in rates of property in its central sectors and those in the outer reaches.

“There are hardly any big private players who want to go ahead with their projects in Panchkula in comparison to that of Chandigarh and Mohali. In fact, lack of options, opportunities and infrastructure has resulted in the poor response in the city. While there is hardly any single road connectivity between Chandigarh and Panchkula and whatever infrastructure is available here is far less than the required standards,” said Suresh Aggarwal, President of the Panchkula Property Dealers Association.

While there was a lukewarm response in the December auction of the Haryana Urban Development Authority (HUDA), the city failed to attract even a single bidder for the auction of the eight-acre freehold five star Delux hotel site at Indradhanush Auditorium, Sector 5 in January. Not only this, the first phase of the Panchkula IT park failed to attract big private players.

Talking to Newsline, a HUDA official on condition of anonymity said that the authorities were still watching various market forces before they could start with the process of auctions in the near process again.