Ludhiana Real Estate Market Overview
Ludhiana, the largest city of the state of Punjab, is a major industrial center of northern India. It is known as the Cultural-cum-Industrial Capital of Punjab, It represents one of the biggest success stories of Punjab. The town is originally known as Lodhi-ana, which means the town of Lodi’s. The city is centrally located and falls in the Malwa region of the State of Punjab. The residents of the city are known as Ludhianvi, they have maintained the balance between modernity and their age-old rich culture and tradition. The city is the home for many NRI families and the increase in the investing power of the residents has been the main reason of growth of the city’s real estate market.
Connectivity:
The city is well connected by Road network, Railway network and air link. Ludhiana Airport is located near a small town of Punjab, Sahnewal, It is situated on the GT Road, 5 kilometers southeast of Ludhiana. There are two National highway passing which connects NH 1 (Delhi to Amritsar) at Doraha City and NH 95 (Ludhiana – Ferozpore) near Agriculture University Ludhiana. It is important station in between Delhi and Jammu & Kashmir.
Infrastructure:
Over the past few years, Ludhiana has constantly witnessed an increase in investments from manufacturing sector, IT companies, leading to job opportunities for people in and around the city. The growth is attributed to rise investments across industries, including IT companies, which is the main reason of rapid industrialization. This creates new job opportunities with improved infrastructure and urban governance. Punjab Infrastructure Development Board (PIBD) has prepared the detailed project report of the Bus Rapid Transport System (BRTS) in the city. The project has two lines which will be connected to the BRTS line (Ferozepur Road to Jagraon Bridge Flyover, and Vishkarma Chowk to Jagraon Bridge Flyover). Major roads of the city — including Hambran Road, Rahon Road, and Gill Road are also included in the project.
Real Estate Overview:
Residential
Due to rapid urbanization, the price of residential flats starts from Rs.33 lakhs (two bedroom apartments) and goes up to Rs. 1.25 crore (Penthouses). These flats are equipped with air conditioners, refrigerator, washing machine, dishwasher and television sets. Real estate developer Omaxe Ltd has announced the launch of a premium residential complex, spread over an area of 36 acres. Royal Residency, the complex would comprise a spa village, shopping mall, multi purpose court and business lounge with all other amenities.
Fero-zepur and Chandigarh road are the most attractive localities for mixed land use projects and integrated townships. Sarabha Nagar, Civil Lines and Gurdev Nagar are the prime locations for high-end plotted developments, the range of land price is Rs 2,200-3,300 per sq ft. Model Town Extension, Rajguru Nagar, Maya Nagar and Green Park are those new localities which are attracting the interest of developers. The property rates in these localities are in the range of Rs 1,660-2,200 per sq ft.
Commercial
The rate of commercial properties are comparatively low when compared to Amritsar and Chandigarh. At present, the rate of commercial properties are in the range of Rs 3,500-4,500 per sq ft (Feroze Gandhi market). All banks and financial service companies are located in Feroze Gandhi Market which is the commercial hub of the city.
