"Owners of flats and plots in the projects like World One and Unitech on the Kharar-Landran road are very eager to sell off their property at minimal profits. Flats at World One, which cost Rs 37 lakh around a year ago, are now available at a resale profit of just Rs 1 to 1.5 lakh," said Gurpreet Singh, sales manager of an online real estate company in Chandigarh.

Kunal Jain, a resident of Delhi, invested in a one-kanal plot at a rate of Rs 12,500 per sq yard in Unitech six months ago. Now, the going price is Rs 12,700 per sq yard. "I bought the plot for the sole purpose of investment. I completely banked on the brand name but it hasn't really worked out. I expected the land to appreciate to at least Rs 15,000 per sq yard within a couple of months but that never happened. Even in the coming months, I do not foresee any increase in prices," he said.

He never visited Chandigarh or the project itself. Now, apparently worse for the wear, Kunal categorically states that he will never invest in real estate in the region.

National developers like Unitech, Ansals and Emaar MGF confirmed that most of the investors were from Delhi. "There are hardly any local buyers for these projects as all are well aware of the current market situation," said a resident. But the developers are still quite optimistic about their projects. Unitech claims that their plots, which opened for bids in January, are completely sold out.

Last week, Unitech launched another scheme, the three-floor `Executive Flat' ranging from Rs 45 to 55 lakh. "Over 50 per cent of these floors were sold within a week. Most of the buyers of this scheme are genuine and not just looking for investment. Only a very small percentage of buyers -- about five per cent -- hail from Delhi; the majority are from Chandigarh and Punjab," said the sales manager of Unitech, Delhi.