Affordable Flats in Punjab

With the Punjab State government relaxing norms of Punjab regional and town development act of 1995, the proposal of building 75 flats instead of 60 flats in one acre of land will act as a catalyst for real estate growth across cities in Punjab.

The fact that developers can now build 75 flats instead of 60 in one acre of land will not only propel real estate growth but the buyers will also be get affordable homes. According to an estimate with this proposal the cost of homes will come down by 25% even after the cost of construction remaining the same.

The housing department of the state has already started to follow the norm to increase population density and vertical growth as per master plans for the development of these cities, earlier 60 flats of 1,452 sq. ft. could be built in one acre of land, the costing of these flats came out to be between 40-55 lakhs depending on the developer and the amenities provided which was at times beyond reach of the average middle class society, however with this  new provision the size of the flats will come down to 1,150 sq. ft. bringing the cost between 30 lakhs to 35 lakhs making it more accessible to a larger segment of buyers.

Experts are of the view that this move will be beneficial for satellite towns like Mohali, Zirakpur, Panchkula and other towns across Punjab planning to build affordable homes.

These new provisions will not only give boost to Government policy to provide housing for all but also bring in revenue for the state exchequer.  

However there as is the case always a downside to these norms- Rise in density means more congestion on roads, crime graph in various cities could go up. There would be requirement of more hospitals, schools, commercial centers, community centers and basic civil amenities. Whether the existing infrastructure in place in various cities can handle this extra load population remains to be seen.

Before actually starting to clear projects in haste, government should start strengthening the infrastructure to provide basic civil amnesties like roads, hospitals, schools etc. If, government is unable to improve basic infrastructure we will be looking at urban slums and the motive of this move will be defeated. Keeping this in mind it is very important for the state government to plan way ahead, before actually giving the go ahead to projects the Government should start working and show results in the development of basic infrastructure so that developers also start to show interest in these projects and be a part in the true growth story of Punjab.In Punjab, There are various residential & commercial project are in onging status which is developing by different developers from India and other country. Mona Greens Flats, Escon Arena, Sushma Buildtech are few economical residential project which is now under consutrction in Mohali region.