Increase in real estate in Amritsar

Amristar, popularly known as the Sikh Holy City, is the second largest city in Punjab. Amritsar literally means “pool of nectar” and is a top tourist destination famous for the Golden Temple built around the sacred pool. It is the spiritual and cultural center of the Sikhs and an important commercial city of Punjab. Since the time the Central Government announced the opening of trade lanes between India and Pakistan in 2004, the real estate sector in Amritsar is experiencing a boom.

The Amritsar property market is developing rapidly as the Government of India and the Government of Punjab have released significant funds. With a mission to bring Amritsar to the level of a world-class city, residential and commercial developments in the city are picking up very fast. Much attention is being paid to improving basic services and amenities related to transportation services, wastewater management, water facilities, and various others. Major real estate developers like Emaar MGF, Ansals group and Collage India Group will soon launch mega projects to build various apartments and shopping malls in the city.

The face of this Holy City is ready to change with a large number of penthouses, apartments, flats, etc. luxury to come. Townships of such high standards are seemingly a gateway to urban housing enriched with gardens, golf courses, theme parks, tennis courts, playgrounds along with schools, healthcare, and other state-of-the-art facilities. The installation of a financial center, multiplex cinemas, shopping centers, entertainment areas, recreational clubs and parks is also planned. This commercial flurry has opened the doors wide for retail investment in the city.

The construction of SEZ by prominent DLF real estate developers on 1,000 acres of land with an investment of around Rs.16,000 crore is the biggest breakthrough for real estate in Amritsar. This mega project will be conducive to the overall growth of the city as (a) it will create a large number of employment opportunities for both locals and foreigners, (b) it is expected to encourage investors from the IT, IT , BPO and hospitality to enter the city and (c) will help boost the service sector in the city and make it an important part of the economy. The upcoming surge in properties in Amritsar is testament to its potential to become a world-class tourist destination.

Living standards in Amritsar will largely evolve towards contemporary mode to create an international lifestyle and shopping experience. The growth of the IT industries and SEZs are raising the real estate profile of the holy city. The role of the Punjab government has been extremely crucial in trying to elevate the city to a higher level. He actively participates in the improvement of infrastructure, transportation, water and electricity supply and other needs of the city. His initiative to promote investment in the city has received a good response with various investment projects being promoted in the city. Amritsar is now more than a holy place, it is an upcoming real estate destination for property investors.

After the development of cities like Chandigarh and Mohali, Amritsar’s economy is experiencing an upward trend. The availability of better infrastructure facilities combined with cheaper property prices has led to the exploration of Amritsar’s residential, commercial and retail market. The response from investors and their growing interest in Amritsar real estate is to (a) encourage real estate developers to add more residential projects and commercial space, (b) nurture the city’s economy and modernize trends, and (c Climb up the growth ladder quickly by ranking among the fastest growing Tier III cities in India.

With all this, Amritsar is witnessing growth in the residential, commercial and retail sector with numerous luxury projects in the pipeline. Amritsar real estate promises excellent returns on investments.