INDIA  :   Real Estate

An overview of Panipat’s realty sector

Saturday , 13 February 2016

This industrial city of Haryana is seeing a lot of real estate development, currently

The city of Panipat has sealed its name in history books, as it played a key role in establishing Mughal rule in India. It also finds a reference in the Mahabharata. Modern day Panipat is famous as the manufacturing hub for quality carpets and blankets in the country. Real estate wise, it is one of the cities where NRIs from North India like to invest their money, due to its proximity to Delhi and Chandigarh, two major cities. It has witnessed a property boom of sorts, in recent times. Here is a realty overview of the industrial city.

Panipat is extremely well-connected by road. Buses from Delhi, Chandigarh and other cities of Haryana and Punjab ply to the city. NH 1, which is known as GT Road, runs through Panipat.

The railway station falls on the Delhi-Kalka line. The nearest airports are in Delhi and Chandigarh. A recent development that has improved connectivity to Panipat is the elevated expressway, which is a six-lane road of 10 km, on the Delhi-Amritsar route.

Considering the booming development in Panipat, a number of educational institutions are coming up here. Some of the noted ones are the Panipat Institute of Engineering and Technology, Asia Pacific Institute of Information Technology, Institute of Hotel Management and RN College of Engineering and Technology at Madlauda. It has reputed schools like Kendriya Vidyalaya, DAV and Bal Bharti.

Real Estate

There has been significant interest in the realty market of Panipat, since the past few years. Most of it has been from investors who wanted to park their money in long-term realty assets. Interest in commercial real estate in Panipat is high, as it is an industrial town. The mall culture is catching up in the city and there is a demand for industrial real estate assets like sheds, plots and warehouses. It is also a lot cheaper than Chandigarh, Delhi, Noida or Gurgaon. Describing the realty scenario in Panipat in 2015, Vivek Nagpal, owner of Vivek Properties said, “The appreciation of realty in Panipat this year has not been uniform.

In Model Town, which is one of the housing hubs, it’s quite stable. The maximum appreciation has been in agricultural land. People have been buying land parcels on the GT Road (NH 1), especially close to the flyovers and link roads. The rates were around Rs 1 crore per acre, at the start of the year but now they’re around Rs 2 to 2.25 crore per acre.? The slow movement in Panipat has discouraged new investors and the ones entering the market are those who are willing to wait for five years or more. “Besides locals, people from Delhi and Gurgaon are also buying properties in Panipat as the rates are better,? added Nagpal.

Housing hotspots

One of the realty hotspots in the industrial city is Baberpur Mandi. A number of townships are coming up here. It is at a distance of 10 km from the main city centre. ETT Group and Baba Ventures, Eldeco, Jay Shiva Earthmovers and Construction and Pardesi Group are some of the firms that have projects in Baberpur Mandi. One can purchase 2-3-4BHK flats as well as builder floor style apartments. The prices of flats range from Rs 35-50 lakh, here.

One of the prime projects is Eldeco’s Inner Circle, which is an integrated township on the Karnal GT Road. It offers plots and villas with modern recreational facilities.

Another posh project is TDI City, which is close to the upcoming refinery. The rates of land here are upwards of Rs 10,000 per sq yard.

Faridpur is another spot where a number of realty projects are under construction. Earlier, it used to be a large village but Parsvnath’s Paliwal City has given it a facelift. Redpro Developers and TDI have projects here. TDI’s villas are in gated communities and every villa comes with 4 to 6 bedrooms, lawn and common recreational amenities.

Haryana Urban Development Authority (HUDA) is also coming up with bungalows in various sectors like 13, 40 and 25 in Panipat. The most expensive localities are Model Town where the price of flats is above Rs 11,000 per sq ft and Sector 25 where they are more than Rs 12,000 per sq ft. Those looking for flats in the budget of Rs 3,000-6,000 per sq ft can check out GT Road Karnal, Sector 18, Virat Nagar and Ansals API.

Commercial properties

The demand for commercial properties has been pretty stable in Panipat since a few years. People like to invest in shops and showrooms in posh areas like Ansals Layout and Model Town. Land rates here start from Rs 2-3 lakh, per yard. With Panipat being a hub for petrochemicals, handlooms and thermal power, the government is hoping to attract more investors to the city. Those hoping to set up big commercial buildings are heading to sectors 35-40, which make up New Panipat. The rate of land per sq yard, in the refinery area is more than Rs 7,000 while it can be above Rs 1 lakh in the handloom market area. The government is trying to woo investors from foreign nations as well. Industrial properties are also an attractive proposition.