The Property Market of Amritsar

Amritsar, the holy city of Punjab, has derived its name from Amrit-saagar, meaning "The Ocean of the Nectar of Immortality", true to the city's religious aura. It is also home to the most beautiful Golden Temple or Harminder Sahib, and is the spiritual and cultural center of the Sikhs.



But with promising realty projects being lined up in the city, it is now more than just a holy place. The initiative government of Punjab's initiative in promoting investments has gained optimistic response with large-scale investments in the real estate sector.



Due to comparatively cheaper realty prices and better infrastructural facilities, Amritsar has become a hub of residential, retail and commercial activity. The realty experts in the city are overjoyed with the growing interest of investors in Amritsar, which has not only augmented its economic growth, but has also made a prominent position for itself among the fastest growing tier-III cities in India.



Keeping in trend with the mall culture, Amritsar also has a few specialty malls lined up. This trend has created business opportunities for developers in developing commercial spaces and it has also opened doors for investments into the retail sector by various retailers. The city is already witnessing promising developments with prominent realtors like Emaar-MGF, Ansal group and Collage India Group coming up with Apartments and malls in the city.



The residential sector in Amritsar is also witnessing a huge real estate growth; residential properties in Amritsar have risen from about Rs 1,500-2,000 per sq yard in 2003 to about Rs 5,000-7,000 per sq yard now. Amritsar now boasts of township living of international standards, which has changed its way into the urban housing scene Landscaped greens, theme parks, golf greens, tennis court, mall cum multiplex, health care centre and school that are the highlights of these township. One of the residential complexes coming up in Amritsar is Collage Group's Collage Windsor Apartments which has been developed on the lines of International Group Housing formats, with European architecture, wide open areas, traffic free spaces and proximity to malls, play areas and schools.



Amritsar, which is famously known for its Golden Temple is now more than a mere 'holy city' considering the realty prospects and returns it is bringing. As the Indian real estate is expanding in all sectors like residential, retail and commercial, the investors are slowly developing interest in investments into smaller Tier III cities like Amritsar due to comparatively cheaper property prices and better infrastructural facilities. The most prominent investment is the Emaar-MGF joint venture between the Emaar group of Dubai and the MGF group of Delhi considered the largest FDI in Indian real estate.



However, the decision to build up an SEZ in Amritsar may be considered as one of the most glorious development into the history of the city. The SEZ is to be developed in a 1000-acre land by the real estate major, DLF with an investment of Rs 15,981.17 crore. This SEZ is expected to create job opportunities of over 4.5 lakhs. Not only it will generate employment opportunities but it will also lead to over all development of the city as it is expected to bring about a series of investors from the IT, ITES and the BPO sector as well as the hospitality industry. Moreover, as Punjab is slowly also inviting the service industry besides its two main occupations of business and agriculture, the demand for residential and commercial properties is also growing in the city. Sensing this business development, realtors are making a beeline for the city as it gets ready to embrace economic and real estate growth.



Renowned developers like Alpha Corp. have also send proposals to construct hotels and entertainment complexes in the city, which might bring a fair acceleration of property prices in the adjacent areas and will also help in catering to the potential inflow of investors into Amritsar and promote the tourism industry. The company is also developing a mall called 'Alpha Mall' that according to reports have been booked by more than 80% of premier and luxurious brands in India. Besides that, there are reports of information technology giants like Wipro considering setting up developmental centers in Amritsar. If trends like this continue, Amritsar stands an excellent chance to present itself as one of the most promising cities in India.



Sukhpreet Kaur writes on behalf of 99acres.com,which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry. . At 99 acres, you can advertise a property, search for a property, browse through residential and commercial properties, build your own property Microsite, and visit other Indian and International sites.