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Amritsar, an NRI attraction

The border city of Punjab has for long attracted NRIs as tourists (Golden Temple being the main draw) and as investors in housing. The 2004 trade pact with Pak has added a new appeal.

Amritsar
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The border city of Punjab has for long attracted NRIs as tourists (Golden Temple being the main draw) and as investors in housing. The 2004 trade pact with Pakistan has added a new appeal to Amritsar's real estate.

Price Propellers

Some projects underway that could influence real estate prices in future.

1. Transport

Widening and development of major roads, construction of elevated roads, widening of highways to Jalandhar, Pathankot and Wagah and a mass rapid transit system are part of the proposed integrated transport plan

2. SEZ

A 1,000-acre SEZ is being built by DLF on Jalandhar-Amritsar Road.The development is expected to bring investors from the IT, ITeS and hospitality industry and generate 4.5 lakh jobs

3. Airport Upgradation

With the upgrading of city airport, international flights to the city will increase from 12 to 80 per week, improving connectivity for NRI investors

4. Industrial Zones

Two industrial clusters, at Ludhiana and Amritsar, to promote textile exports and a general product zone in Amritsar are being developed with Central funds

Land Use by 2010

Residential44%
Government27%
Transportation12%
Industrial7%
Public7%
Commercial3%
Figures are percentage share of the total land area of 20,555 acres

A major chunk of Jawaharlal Nehru National Urban Renewal Mission (JNNURM) funds will go towards transportation, roads, traffic management and housing under the new Master Plan.

New Residential Projects

BUILDERPROJECTLOCATIONPRICE (Rs)*
AJ BuildersOrchard TowersAirport Road24 lakh
DC GroupCanton HeightsTarn Taran Road28 lakh
Elite CountyVrindavan GardensFatehgarh Road30 lakh
Collage GroupWindsorAirport Road32 lakh
NitishreeShourya NRI CityJalandhar Road32 lakh


*Average price of a 3-bedroom apartment

 

High purchasing power and investments by NRIs have led developers to launch big township projects

Retail Space By 2008

GT Road40%
City Centre20%
Lawrence Road15%
Mall Road15%
Others10%

Total retail space supply by 2008: 1.5 million sq ft
 

The retail landscape is changing from shop-based to the one driven by malls. Potential demand from Indo-Pak trade, investments by NRIs and tourist influx is pushing up demand.

 BUYING OPTIONS
 AREA CHEAP PRICE EXPENSIVE PRICE
 Central Shastri Nagar 3,500 Ranjit Avenue 5,000
 North Batampur 1,400 Suraj Avenue 2,100
 East Sant Nagar 1,200 Indira Colony 1,900
 West Adarsh Nagar 1,800 New Model Town 2,200
 South Uttam Nagar 1,500 Aman Avenue 2,100
 
Total retail space supply by 2008: 1.5 million sq ft

 

PRICE CHANGE
Average percentage price change in 2006 and 2007 (expected)
  2006 2007
 North 20% 15%
 East 15% 10%
 West 35% 20%
 South 25% 15%
 Central 35% 20%