Property values remain dull near Singhu-Kundli border

New Delhi: Realty industry has experienced hype in the current year, but property preferences at Singhu-Kundli border are yet to see an upward trend due to ongoing farmer's protest. The farmers' agitation completed its one year on November 25, as thousands of agitators continue with their sit-in on the Singhu National Highway 44 which has remained closed ever since.

Arvind, a property dealer based off Narela, told Bizz Buzz that residential and commercial property near Kundli, Haryana remain bleak as the national highway has been sealed shut. Although one can access the Singhu village to enter Haryana region, broken roads have proven to be a deterrent factor for potential buyers.

"With the ongoing protest here, occupants at TDI City Kundli have sold off their flats and moved away to different locations, all in a span of one year. People, who bought these residential properties for Rs 30 lakh, sold it off for Rs 23 - 24 lakh. While some have not sold off their flats, the residents, however, have moved to other locations and left the premises vacant," he said.

He also said that some of them have relocated to Narela, New Delhi, property rates here in too have not seen much appreciation since Covid outbreak. According to the property dealer, residential property in Narela, approximately 4 - 5 km away from Singhu protest site, have seen a marginal appreciation of 5 - 8 per cent, an appreciation of Rs 1.5 - 2 lakh on property valued at Rs 30 lakh.

Similarly, industrial property projects and rates too have taken a hit at the Narela industrial area, with projects remaining incomplete due to logistical challenges of transporting raw materials. Dealers say that only narrow roads through Singhu village are open for personal vehicles with heavy duty commercial vehicles unable to enter the NCR region.

"Most of the industrial companies based here are plastic industries. For such industrial properties, per meter is rated at Rs 1 lakh on an average. So, most of these units range from 100 m, 200 m, 250 m or 300 m. Not much of an impact was there due to Covid, but because of the ongoing protest, the property value remains stagnant," said Bajrang Gupta, a Kundli based property dealer.

He said that ongoing projects are witnessing a delay since highways have been sealed off, as they highway connects to Delhi's neighbouring states of Punjab and Haryana. He added that construction materials such as raw metal and ready metal are unable to be transported to their respective destinations.

"Once the highway roads a cleared, and the construction gains a momentum here, it is possible that property rates may enjoy of surge of 10 - 15 per cent," Gupta said.

While some of the residential properties near the Kundli village are seeing surge in buyers, commercial space in the area remains untouched.