Aiming Big In Real Estate – The Punjab Property Market

By Author: mahesh sharma
Total Articles: 7
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Punjab, the land of five rivers has been known as the agricultural hub of the country. However, modernization has left behind its indelible impressions on this fertile land and today, the state is booming with industries and a robust infrastructure. Information technology forayed into the Punjab hinterland thus refurbishing the landscape of Punjab. This clubbed with the existing automobile industry has been responsible for boosting the state’s real estate market in general. Cities like Chandigarh, Mohali, Amritsar have come up in a really big way in the overall realty market of the state.

Real Estate in Punjab

With land resources dwindling and property prices mounting high, Punjab is all set to lead the country in the trail of growth by endowing high-rise and energy efficient buildings within the state. The state government is working towards further development of the state and has plans to attract more skyscrapers and also construct business parks. This measure has been taken by the state government in order to ensure rapid urbanization of the state, and especially cities like Chandigarh, Jalandhar, and Mohali. ...
... Such prospects have been vouchsafed by the deputy chief minister of the state.

The cities mentioned above have recorded an appreciation of 8-10% in the last two years. Such a growth has been noticed in the residential realty segment of the state. Land acquisition activities and rapid expansion of real estate projects are being noticed. Residential complexes, business parks, IT Parks are coming up in a big way in these cities.

Realty Market in Chandigarh

A demand for the residential realty segment has increased in Chandigarh all the more because of an upsurge in the commercial and retail segment of the state. Moreover, affordable rates of land and properties as compared to other cities in northern India have bolstered the realty market of the state to a large extent. The state government has joined hands with the Confederation of Real Estate Developers Association (CREDAI) in order to ensure a well-paced development of the realty sector in the state. Effective functioning of the government in land acquisition and clearance, early and easy approval are attracting more and more real estate developers with each passing day. Punjab’s real estate market has already been capitalized by renowned developers like Emaar Group, DLF, Eldeco and Unitech.

Known as City Beautiful, the realty market of Chandigarh has been on an upswing for quite some time now. The unique aspect about the city’s realty market is that, it has showed immense resilience even in times of economic resilience.

With multinational companies making an entry into Chandigarh, the city’s administrative officials along with the real estate giant DLF developed the city’s first Information Technology (IT) Park. Named as Chandigarh Technology Park, the complex houses offices of almost all the big names in the IT industry.

Needless to say that such a mammoth infrastructure further pushed the prices of commercial properties in the city. Suburban localities within the city like Mohali, Panchkula, Zirakhpur, DeraBassi have become the favourite destinations for both the investors and the end-users.

The residential segment has been no less. One of the trends observed that a demand for apartments in Chandigarh have increased considerably.
The average price band for a residential property in Chandigarh today would come at a cost of INR 20 to INR 25lakhs. It might go up, depending upon the locality and the size of the property.

Mohali Real Estate

Mohali near Chandigarh has also experienced similar waves in both commercial and residential segment. Mohali Junction in Mohali is a state-of-the-art commercial venture. A pioneering global concept, it is an integrated commercial township—first of its kind in north India. The complex houses world class office spaces, business houses, hotels, retail shops and entertainment. This promising project covers an area of 8 acres.

The residential realty market of Mohali has also increased at a rapid pace. End-users are investing as the properties in these areas are bound to yield good results in the coming future. The township’s closeness to Chandigarh has worked in its favour thereby fostering its realty market.

Seeing the promising future of the real estate, the Punjab Development Authority has already given its approval for the development of New Chandigarh and an Eco City. To wind up, it can be said that the property market of Punjab has a bright future. Builders and end-users investing on the state’s property market are bound to reap the benefits.