Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
The Chandigarh Housing Board (CHB) has received 6,300 applications for its self-financing housing scheme in Sector 53, a significant rise from 178 applications in 2018-19. The scheme offers 372 flats across HIG, MIG, and EWS categories, with revised prices ranging from INR 53 lakh to INR 1.65 crore, making them more affordable than previous offerings. This pricing strategy aligns with trends seen in Mumbai (MHADA) and Delhi (DDA), where reducing prices boosted demand. The Sector 53 scheme's success highlights the importance of flexible pricing in making affordable housing more accessible, setting a model for future urban housing projects.
The Chandigarh Housing Board (CHB) has received a remarkable response to its demand survey for the self-financing housing scheme in Sector 53, with 6,300 applications submitted by March 3, 2025. This surge in interest comes in stark contrast to the previous survey in 2018-19, which only attracted 178 applications. The scheme, offering 372 flats across three categories-High-Income Group (HIG) with 192 flats, Medium-Income Group (MIG) with 100 flats, and Economically Weaker Sections (EWS) with 80 flats-was launched on February 22, 2025. Applicants were required to pay a confirmation deposit of INR 10,000 for HIG and MIG flats, and INR 5,000 for EWS flats. This deposit will be adjusted in the Earnest Money Deposit (EMD) once the scheme is officially launched. Advertisement
The initial response to the scheme is a stark contrast to its first attempt in 2018 when high prices led to poor participation. Back then, the one-bedroom flats were priced at INR 86 lakh, 2BHK flats at INR 1.28 crore, and 3BHK flats at INR 1.5 crore. These high prices resulted in only 178 applications for 492 flats. After this, the scheme was abandoned in 2020 due to a lack of response. However, following feedback, CHB revised its strategy and reduced the prices for the 2023 revision. The new prices for the 372 flats in Sector 53 range from INR 53 lakh to INR 1.65 crore, which has attracted significant interest from potential buyers.
This shift in pricing strategy reflects a broader trend in India's real estate market, where developers and housing authorities are increasingly adjusting their offerings to cater to a wider range of income groups. For instance, in 2022, the Maharashtra Housing and Area Development Authority (MHADA) restructured the pricing for their affordable housing projects in Mumbai. In their Borivali and Kandivali projects, the prices were revised from INR 1.2 crore to around INR 60-70 lakh, leading to a 40% increase in applications. Similarly, the Delhi Development Authority (DDA) also adjusted the prices for their 2022 housing scheme, reducing prices of flats in prime areas such as Dwarka and Rohini by 10-15%, resulting in a 30% higher participation compared to previous schemes.
The Chandigarh Housing Board's approach to adjusting prices and focusing on affordable housing options in high-demand areas reflects a broader strategy that has proven successful in cities across India. The success of these revisions in Chandigarh, Mumbai, and Delhi shows how flexible pricing can significantly increase interest in previously underutilized schemes, benefiting both developers and homebuyers. By revising prices to cater to a larger audience, CHB is tapping into the growing demand for affordable housing and ensuring the scheme's success.
This increase in participation in the Sector 53 housing scheme signals a shift towards a more inclusive approach to real estate development. With the positive response from applicants, the CHB can now move forward with the launch of the scheme, setting a precedent for similar projects in other cities. As municipalities across India continue to refine their housing policies, the Chandigarh model offers a roadmap for overcoming previous hurdles and effectively addressing the demand for affordable housing.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
