If you have been searching for a house in the Tricity but were not able to finalize a deal in the recent past you would be well aware that the prices in the last six months have increased in the range of 15 to 25% on an average.
Robust demand, increased raw material cost and increase land prices have all played a role in the price increase.
There have been numerous news reports recently that have been warning about the price increase.
In fact, price have been increasing ever since the second lock down happened.
Mohali Vs Zirakpur?
Property prices in both the towns have increased although some luxury projects in Mohali have really been relentless with the price increase. I think robust demand is the only factor that can explain it because these properties have increased prices even before the recent hike in the cost of the raw materials.
Overall, Mohali seems to have been a bit ahead in the price increase as compared to Zirakpur.
Zirakpur, surprisingly has many exciting new projects coming up and people who cannot afford a big house in Mohali may turn to Zirakpur for some great options.
I say this because Mohali, frankly speaking, spare a couple of projects is fast getting out of reach of the middle class or of people who want bigger houses.
Zirakpur on the other hand is offering some great options. Bigger houses, Great project planning, Mivan technology etc. at a lower price.
Of course some may argue that they don’t want to live in Zirakpur. I understand this argument but it is not so bad. I live in Zirakpur myself and it is ok.
Traffic in Mohali is as bad as in Zirakpur but yes Mohali is better planned of course.
If you are on a budget then of course you will have no choice than to look at Zirakpur.
If you can afford it then I still recommend Mohali over Zirakpur.
Will the property prices come down?
I don’t see the property prices coming down for the next foreseeable future. A multitude of factors and the local market conditions indicate that property prices may continue in the same price range and may even increase in the next few months.
If you are looking for a home to purchase then you may want to look for some good options that offer value for money.
Every home buyer has different requirements and different goals so you may want to shortlist properties according to those criteria.
Anyway, thanks for reading this short blog. In case you need more information on the local property scene or want to buy a commercial or a residential property in ZIrakpur or Mohali feel free to get in touch with me here.
I can help get you a great deal with a trusted builder.