Panipat is slowly evolving as a residential area in Haryana. It is known to history lovers as a famous place where three historical battles were fought. This makes it a major tourist destination, with the archaeological remains of such battles. It consists of two sub-divisions, Panipat and Samalkha, which constitute five tehsils.
According to the 2011 Census, Panipat currently has a population of 404,000. It is often known as the “city of weavers” as it has various industries producing textiles and carpets. The blankets prepared here are usually sent to the Indian Army. This makes Panipat an industrial area. Moreover, it offers good connectivity through the air and railways.
Read along to get a better understanding of the residential real estate sector of Panipat.
Top Reasons to Invest in Residential Real Estate in Panipat
One might wonder if investing in the residential real estate properties of Panipat can be profitable. In that case, here are the top reasons why you should consider this option.
The best part of Panipat’s residential real estate sector is its affordability. In most areas, the price of residential properties is much lower as compared to other parts of Haryana. There are various housing societies and independent properties available at low prices. You can find these by exploring the current real estate market of Panipat.
- Industrial Area
As discussed already, Panipat is emerging as an industrial area. The industry for manufacturing and selling cotton textiles is probably the most popular one. Businesses producing and selling woollen, silk and artificial clothing are also popular. Other sectors include agro-based products, jute items, rubber and plastic items, mineral-based products, electrical machinery, etc. It thus offers massive employment opportunities.
- Connectivity & Transport
Panipat offers great connectivity to the residents. National Highway 1 passes through it, connecting Delhi with Punjab, and extending up to the Wagah border. Panipat Elevated Expressway is useful to reduce traffic from the Delhi Amritsar route of NH 1. Indira Gandhi International airport is only 99 km away, and the railway of Panipat junction connects it with significant states of India. You will find good bus services here.
- Local Amenities
Panipat has some great educational institutes, like Pratap Public School, Apollo International School, Delhi Public School (DPS) Junior School, Kurukshetra University, Chaudhary Devi Lal University, etc. It has access to good healthcare facilities with hospitals like Ravindra Hospital and Chhabra Hospital. The city and Sadar police stations are always available to assist the residents.
Residential Real Estate Investment Opportunities in Panipat
Panipat is attracting residents with its residential real estate properties and local amenities. Here are some of the areas you can check out.
- Sector-6 Huda
Located in the Rohtak Division, Sector 6 is a popular residential area in Haryana. Connectivity is easy through NH46 and NH152D. You can find good educational institutes here like Elite Institute Of Fashion Design, Arya PG College, Vidya Vatika World School, etc. Various hospitals and restaurants in this area also add to its appeal. A 2BHK apartment starts from around ₹ 37 lakhs here.
- Grand Trunk Road
This area in Panipat is again known for its exceptional connectivity and transport facilities. NH 19 and NH 44 connect it with different parts of Haryana. It is near schools and colleges like Prayaag International School, Heritage Convent School and S.D. (P.G.) College. Various hospitals and bus stands are close by. The price of a 2BHk apartment starts from ₹ 25 lakhs here.
- Model Town
It is another popular residential area in Panipat, located in the Rohtak Division. It offers good transport facilities, as Panipat Junction Railway Station and Binjhol Railway Station are close. Additionally, Sewah Bus Stand is the nearest one. Nearby educational institutes are Prayaag International School and Siddhi Vinayak College. 2 BHK apartments in this area start from ₹ 28 lakhs.
- Virat Nagar
This location has again caught the attention of residents with its transport infrastructure, containing buses and trains. Moreover, it is located close to vegetable shops, grocery stores, markets, hotels, restaurants and hospitals. Siddhi Vinayak College and Arya PG College are close to this area. A large 3BHK apartment starts from about ₹ 95 lakhs here.
Things to Consider Before Investing in a Residential Property in Panipat
It is always better to avoid rushing into a decision when investing in something big like a residential real estate property. Here are a few things you must consider during the process of planning.
- Local Environment
The local facilities might differ from one place to another. For instance, some areas experience extreme traffic during commutation, while others deal with air and water pollution. These are side effects of rapid urbanisation. You must check the environment and inspect the facilities in detail before finalising a property.
- Infrastructure & Amenities
The infrastructural development might not be as good in some areas, which are still rural in Panipat. They might have issues with the drainage system and road conditions. Moreover, they might not have access to healthcare facilities in close proximity. You should avoid such areas while purchasing a property.
- Construction Quality
The construction quality of a building should be another point of concern for a buyer. Even though it looks good for the exterior, it is important to check whether the quality is good from within. Thus, you should avoid such properties offering suspiciously low prices, as they can be dangerous. Consult a professional broker for help.
- RERA Registration
The Indian Government developed the Real Estate Regulatory Authority (RERA) as a statutory body for tracking real estate transactions. It aims at making the process transparent and fair to all. Every seller must register their properties under RERA to sell them legally. Thus, check the website of RERA Haryana to ensure that your chosen property is legal and reliable.
Stamp Duty in Panipat
You should be aware of the stamp duty charges in Haryana while purchasing a residential real estate property. The current stamp duty charges are listed below.
- Stamp duty Based on Area & Gender:
|Area||Male Ownership||Female Ownership||Joint Ownership|
- Stamp duty Based on Area & Documents:
|Type of Document||Urban Area||Rural Area|
|Exchange deed||8% of the market value or property value (whichever is highest)||6% of the market value or property value (whichever is highest)|
|Loan agreement||₹ 100||₹ 100|
|General power of attorney||₹ 300||₹ 300|
|Special power of attorney||₹ 100||₹ 100|
|Partnership deed||₹ 22.50||₹ 22.50|
Registration Charges in Panipat
Knowing the rate of property registration can also be essential when investing in residential real estate properties. Here are the rates you have to pay in Panipat based on the value of your chosen property.
|Property Value||Registration Charge|
|Up to ₹ 50,000||₹ 100|
|₹ 50,001-₹ 5 lakhs||₹ 1,000|
|₹ 5 lakhs-₹ 10 lakhs||₹ 5,000|
|₹ 10 lakhs-₹ 20 lakhs||₹ 10,000|
|₹ 20 lakhs-₹ 25 lakhs||₹ 12,500|
|₹ 25 lakhs||₹ 15,000|
|₹ 25 lakhs-₹ 40 lakhs||₹ 20,000|
|₹ 40 lakhs-₹ 50 lakhs||₹ 25,000|
|₹ 50 lakhs-₹ 60 lakhs||₹ 30,000|
|₹ 60 lakhs-₹ 70 lakhs||₹35,000|
|₹ 70 lakhs-₹80 lakhs||₹ 40,000|
|₹ 80 lakhs-₹ 90 lakhs||₹ 45,000|
|Above ₹ 90 lakhs||₹ 50,000|
Panipat Residential Real Estate Sector-What’s the Forecast?
Haryana has been at the forefront with its superior urbanisation. Currently, the real estate sector in Haryana is responsible for attracting about 49.7% of the overall state investment. There has been a 2% growth in stamp duty for the transfer of immovable properties in Haryana. While it might increase living costs, it will also improve the housing infrastructure of Haryana, attracting residents.
Despite being a tourist destination, Panipat has gained popularity as a residential area. The price of properties starts from about ₹ 1,710 and can increase up to ₹38,759. Many upcoming residential projects, such as Emperium Happy Homes, Golden Empire State, and Splendor Paradise Floors, will further add to its appeal.
This shows that the residential real estate sector is growing in Panipat. In future, it will develop more urbanisation and thereby retain more residents.
Residential Real Estate Vs. Other Asset Classes
There might be some doubts about whether residential real estate properties can be a good form of investment. Let us compare such properties with other asset classes to clear this doubt.
- Residential Real Estate vs Gold
Gold is often considered an ideal option for both long-term and short-term investments. It is one of the highest-valued metals in India, and people often use it to prepare jewellery and accessories. Selling and purchasing gold is simple, and so is liquidating it. However, gold can hardly generate as much return as residential real estate properties.
- Residential Real Estate vs Commercial Real Estate
Properties for commercial real estate are used for business purposes. Tenants tend to pay higher if they rent a place to run their business. However, finding tenants for such buildings is often challenging, making it a time-consuming process. Moreover, the tax benefits are also better for residential properties than commercial properties.
- Residential Real Estate vs Stocks and Mutual Funds
Stocks and mutual funds are often considered ideal investment forms to generate a high return on investment. However, the risks are also high, as these are more volatile than residential real estate properties. The returns can fluctuate highly based on the changes in the economic condition.
- Residential Real Estate vs Bonds
Bonds are popular investment methods for those looking for less risky and more guaranteed returns. These yield much lower returns than mutual funds but are less volatile to the market conditions. The returns remain more or less fixed. While residential properties generate higher returns, they can be more volatile than bonds.
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If you still need more clarity, the following table will help you compare different classes of assets even better.
|Parameters||Residential Real Estate||Stocks & Mutual Funds||Gold||Commercial Real Estate||Bonds|
Steps to Invest in Residential Real Estate in Panipat
If you are wondering how you can invest in residential properties, here are the steps you can follow while investing in residential real estate in Panipat.
Step 1: Determine the location and amenities you prefer for a residential real estate property. Fix a budget.
Step 2: Start looking for properties keeping the criteria in mind. Shortlist a few of them.
Step 3: Visit the locations and inspect the areas in detail. Consult a professional broker to get real-time reviews of the property.
Step 4: Make your final choice from the shortlisted properties. Contact the seller and fix a meeting.
Step 5: Consult a lawyer and assess all the documents, like the sale deed and title deed. Make the final payment after paying stamp duty and registration charges.
Step 6: Keep copies of documents with you after the procedure is over. Get an insurance policy for your new property.
Thus, if you are looking to invest in the residential real estate sector, Panipat in Haryana can be a good choice. It is a rapidly urbanising city with various options for industries and employment. Moreover, the price of real estate is also more or less affordable here, and the transport facilities make it highly connective across India.
Frequently Asked Questions
What are the top localities to buy a property in Panipat?
Areas like Model Town and Sector 6 Huda can be good options for purchasing residential real estate properties in Panipat.
Is residential real estate expensive in Panipat?
Real estate prices are currently affordable in Panipat. It ranges from ₹ 1,710 to ₹38,759 per sq. ft.
Is it profitable to invest in Haryana’s residential real estate properties?
Yes, Haryana’s residential real estate sector is growing with rapid urbanisation. Moreover, the development of business industries and its connectivity to Delhi makes it suitable for residence.
Who are some popular builders in Haryana?
Some reputed builders in Haryana include Swaraj Homes Builders & Developers, CGHS Group and DLF Limited.