Real Estate in Amritsar Evolving Everyday

Real Estate in Amritsar Evolving Everyday

Amritsar literally meaning The pool of Immortality' in the state of Punjab is very close to Western border of India. The Golden temple in Amritsar is so popular that it is known to attract more visitors than Taj Mahal in Agra, the seventh wonder of the world. Being, the most preferred NRI destination in India, real estate in Amritsar is attracting huge investments while growing by leaps and bounds.

The state of Punjab offers great opportunities for investment in its cities like Chandigarh, Ludhiana, Mohali and Amritsar. The growth of Chandigarh real estate has been phenomenal with world class architecture and quality living being blended together. Similarly, property in Ludhiana has been so progressive that it is emerging as a real estate destination today. Next in line comes Amritsar realty as it offers the divine atmosphere along with greenery and open spaces. From being just a holy city, Amritsar of present times is all set to be transformed into a modern city that follows international standards of quality living.

With property developers making a beeline to launch residential and commercial projects in the city, Amritsar property market is bound to grow manifold. Like real estate in Chandigarh, Ludhiana and Mohali, Amritsar is also beginning to see numerous modern townships, commercial complexes and shopping malls. The growing aspirations of the residents, the rising disposable incomes and the need to match the global lifestyle are some of the factors propelling realty growth in the holy city of Amritsar.

The large scale developments in Chandigarh property market translated into its red carpet entry in the property market with it becoming the most preferred residential destination across the country. The upcoming property projects planned in Amritsar are bound to do the same for the holy city of Sikhs. Not only are the private players taking interest in pumping money in Amritsar property, Central and State governments are also stepping up. As announced today, the Punjab Heritage and Tourism Development Board (PHTDB) plans to develop a Heritage Village on the campus of Guru Nanak Dev University (GNDU). Named as Sada Pind Saadi Virasat', it will be built on 11acres and is expected to be operational in a year from now.

With great efforts of property builders, congestion-free and environment friendly living in the outskirts Amritsar-Jalandhar G T Road, Amritsar-Ajnala Road, Amritsar-Wagah Road and Amritsar-Majitha Road has been possible. The shortage of land in these areas has resulted in a sharp increase in property prices with some areas appreciating by 50 to 60 percent in just two years. Property in Amritsar holds huge potential and scope for expansion unlike other developed areas as years of development has resulted in their saturation. In wake of the immense demand from high-end to mass housing to low-end products, the residential property sector is booming.

The property market of Amritsar is so famous that not only local developers but those from nearby areas like Delhi and even other national builders are willing to establish residential and commercial buildings there. As property rates sky rocket every year, investors are sure to have a gala time few years from now as they get good returns. On main GT Road, land prices have jumped from Rs 40 lakh per acre to Rs 1.5 crore per acre just in the matter of 12 months. In residential areas, the prices have almost doubled from Rs 10,000 sq. ft. to Rs 18,000 per sq. ft. in the same time. In Lawrence Road, Mall Road and Court road, the prime commercial areas, property costs have zoomed to over Rs 50,000 per sq. ft.

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