AMRITSAR: Amritsar, the holy city of Punjab is on a roll with the whopping master plan announced by Punjab Chief Minister Parkash Singh Badal which is expected to revamp real estate sector in the city and as well in the state.
The city is well on its way to have a rapid action to become up coming commercial hub of the state rather than just have a destination for the pilgrims.
The biggest measure of this lies in the price of real estate in the city that has gone northward at a fast pace in the last two years. Land prices have appreciated by huge 50 to 60 percent in the civil areas and almost doubled on the outskirts. But his boom faced a plateau, even a downturn, in the last few months. The sudden stagnancy had both realtors and builders worried.
Residential property process in even the so-called unimportant localities like Ranjit Avenue, Medical enclave, Green Avenue and Rose Avenue have sharply risen to Rs 25,000 per sq yard, while the commercial rates for property in last two years in this area varied between Rs 40,000 and Rs 80,000 per sq yard. On the Main GT road land prices have gone up from Rs 40 lakh per acre to Rs 1.5 crore per acre in a year. Other residential areas too have witnessed an increase in property prices from Rs 10,000 per sq yard to Rs 18,000 per sq yard in the last year.
Besides this the commercial areas in Amritsar like Lawrence road, Mall road and court road that are witnessed a sharp hike in prices of over Rs 50,000 per sq yard. Leading developers from across the country have lined up along with local players to be a part of the expansion plans.
A local realtor informed that in the last three years, the real estate scenario has undergone a drastic shift. Land prices have almost doubled. In some places, the figures have even crossed the Rs 10 million per acre or Rs 50,000 per sq yard mark. But in the past few months, the market is in its correction phase.
A series of townships in villas, luxury apartments, service apartments and penthouses are being planned in keeping in with the commercial ambitions. The Delhi-based developer Advance India projects Ltd has planned a 115 acre township with a focus on service apartments and penthouses with a plethora of luxurious amenities. the Noida based Nitishree group will soon launch an elite Shourya NRI city on the Jalandhar-Amritsar Highway for NRIs. The city will comprise two and three bedroom independent bungalows, plots and split-level, hi-tech, wifi villas.
Amritsar Global city is another prestigious project coming up about 200 acres of land on the NH-1 and is being developed through a joint venture between city-based developer Sharma and Gangaher builders and colonizer and Delhi based Tewari Global infrastructure Limited. Local developers like The Heritage Group and Impact properties Pvt. Ltd have also planned a series of residential projects for the city. Alpha G Corp and Ansal API have announced their plans to develop massive projects in Amritsar.
Punjab Chief Minister, Parkash Singh Badal has declared that a separate Amritsar development Authority will be set up to create world class infrastructure in and around the city. The authority will be responsible for the planning, execution and supervision of all the development activities in the city. The CM stated that the government is committed to provide best possible facilities as required while preserving the historic character of the holy city.
A local realtor informed that with the announcement of a new series of developmental initiatives, one can expect the market would bounce back in the near future.
Meanwhile Badal has also announced that the elevated road to the Golden Temple would be completed by December 2008. Unfolding the development bonanza for the city, he said that the ambitious projects require an investment of Rs 2,567 crore for the urban transportation and road network. Besides, this Rs 312 crore has been earmarked for strengthening the water supply system, solid waste management and setting up of a sewerage treatment plant. Keeping in mind the amp-le scope for improvement of tourist facilities in the city Rs 105 crore has been set aside for the task.
The government also plans to set up three thermal plants in the state, of which the first one would be set up within the city limits. Along with this, a multi product Special Economic Zone (SEZ) is on the anvil at Goindwal Sahib industrial complex. In a positive move, no power cut period for the complex has been extended from 2010 to 2015.
http://www.punjabnewsline.com/content/view/4269/38/
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