Amritsar Real Estate Market Overview
Amritsar district is the second most populous district after Ludhiana. The name of the city is derived from the name of the ‘Holy Pool of Nectar’ (Amrit: Elixir and sar: short for sarovar (lake)). The city of Amritsar is the headquarters of this district. The city is center of spiritual and cultural belief towards Sikh Religion, The Golden Temple. In the heart of Punjab, it is well developed city with their cultural assets. It is situated in the northern part of Punjab, lies about 15 miles east of the border of Pakistan. It is the major commercial, cultural and transportation center. The city is famous for its rich cuisine and culture, and for the tragic incident of Jallianwala Bagh in 1919 under British Rule. Being a major magnet for tourists, lot of stress is being put on taking extra care of the religious and historical places.
Real Estate overview:
Residential:
Since 2012, Amritsar’s real estate has been stagnating. The property prices in the city have not shown much improvement over the past one year, mostly reflecting the slow trend. The city has no shortage of residential units and in addition, a number of mini township projects are coming up. A number of Malls and parks are in progress in this city. According to developers, due to the downturn in the economy, very few people are stepping forward to buy apartments and plots even of the smaller size. The real estate market is largely end-user driven. The market is now witnessing people going in for multistoried houses and societies, shifting from independent houses and colonies
The property prices per square yard in high-rise area (Mall Road, Green Avenue, Basant Avenue) are in the range of Rs 45,000 to Rs 50,000 and between Rs 35,000 and 45,000 in Ranjit Avenue. For affordable property price, the land price vary between Rs. 14,000 to 9,000 per square yard in the localities like Fatehgarh Churian, GT Road and Loharka Road.
Commercial:
In parallel, the growth of commercial projects is attracting a lot of investors in the market. The renovation of the international airport saw more NRI traffic, which has led to increased activity in this sector. In Chhabba Village, DLF will start up a project of 1,000 acre Special Economic Zone which would cost around Rs 15,981.17 crore. At present, luxury hotels like Radisson, Taj and Tivoli Gardens have acquired land in the city for construction.
Future Prospects:
The present situation of residential properties is expected to boom with respect to upcoming commercial projects in and around the city. It has promising future for real estate market development considering it being religious and tourism based city. Although, the city has enough supply of residential units to cater future migration of population from nearby cities and town due to commercial development.
The government has approved the Amritsar-Kolkata Industrial Corridor (AKIC) project, which seeks to boost industrial sector of the country. The project is consider to be the second of its kind on the lines of the Delhi-Mumbai Industrial Corridor. The clusters envisaged under the corridor would be entitled to all the benefits under the National Manufacturing Policy (NMP) 2011. About 40 per cent of the land in each cluster will be permanently earmarked for manufacturing and agro-processing.
