Real Estate Developments in Ludhiana

The Chandigarh and Ferozepur Roads have attracted maximum real estate development, with a string of integrated townships and mixed-use projects by local and national-level players. High-end plotted developments in Sarabha Nagar, Civil Lines and Gurdev Nagar have emerged as prime locations, where rates range between Rs. 2,200 to 3,300 per sq. ft.

Model Town Extension, Rajguru Nagar, Maya Nagar and Green Park are inviting interest and property rates here range from Rs. 1,660 to 2,200 per sq. ft.

Mall Road, Ferozepur Road, Link Road, Ghumar Mandi, Sarabha Nagar Market and Feroze Gandhi Market are the new retail and business districts in Ludhiana. The latter has become a hub for the city’s banks and financial institutions. Moreover, a trend of converting existing residential properties in Ludhiana to commercial spaces, as in the case of Pakhowal Road has been observed.

However, it is the upcoming City Centre that has veered real estate prices in Ludhiana to a new course. Property prices in Ludhiana’s Shaheed Bhagat Singh Nagar, which is in the vicinity of the City Centre, doubled in just two months in 2005. Measuring 26 acres on Shaheed Bhagat Singh Nagar, the 4th largest project of its kind in the world, has been estimated to cost Rs. 2,000 crore.

Mired in controversy, it is expected to be ready by 2008, and will include a helipad, a mini golf course, parking provision for 8000 cars, mall with shopping arcades, showrooms and offices; a health centre with OPD, emergency service, financial institutions and provision for a rooftop swimming pool, department stores, hotel, exhibition halls and trade centre, art gallery, auditorium, food plaza, cinema complex, library, museum and cyber cafes.

Adding to its hotel count are MBD, Park Plaza and the Oberois, in addition to 3 hotels that will be attached to the upcoming malls.

Appreciation

Commercial property rates in Ludhiana are low compared to Chandigarh and Amritsar, and the spread of the malls is expected to change the entire pricing structure. The rate of commercial properties in Ludhiana averages between Rs. 3,500 - 4,500-per sq. ft. in Feroze Gandhi market, and in upcoming malls it is around Rs. 3,200-per sq. ft.

Rental rates in malls are reported to be around Rs. 100 per sq. ft, and between Rs. 60 to Rs. 110 per sq. ft. per month for retail spaces other than the malls, depending on the locality. Currently, Sarabha Nagar, among the poshest markets in the city, has rental values of around Rs. 80-90 per sq. ft. per month.

As for residential property in Ludhiana, independent houses remain popular vis-à-vis high-rise apartments. Property rates for plots in Ludhaiana’s Sarabha Nagar, Kitchlu Nagar, Gurdev Nagar, BRS Nagar, Civil Lines and Club Road, the posh residential colonies, varies between Rs. 2,200 to Rs. 3,500 per sq. ft

Residential plots in Ludhiana’s Model Town Extension, Rajguru Nagar, Maya Nagar and Green Park are available in the range of Rs.1, 660-2,200 per sq.ft Rates of residential apartments in Ludhiana hover between Rs.1, 400-1,800 per sq.ft.

NRI Real Estate Trends in Ludhiana

Integrated township construction with a bungalow spread across acres of land is the most popular choice of investors in Ludhiana. Most of the deals in such townships are being signed by NRIs, either for investment, or for their relatives in Ludhiana.

Ludhiana’s first luxury apartments came up in B.R.S. Nagar, sought by young professionals moving to the city. Local developer Singla set up a Rs. 90-crore project with a 99 flat apartment and penthouse block. A two bedroom apartment costs approximately Rs.33 lakh, while Rs. 1.25-crore is the cost of the penthouses. Facilities like two air-conditioners, a refrigerator, washing machine, dishwasher, television sets, and other regular amenities are tagged to these apartments.

NRI investors are pouring money into the city, and the proposed international airport at Halwara is expected to bring about a fresh phase of development in Ludhiana.

NRIs are seeking select townships like Apna Punjab, South City and Samrali Farms on the outskirts of Ludhiana. On Chandigarh Road, integrated townships and mixed-use projects like the Akmepolis Model Township near Kohara is coming up. Housefed’s residential apartments on Samrata Road, Pakhowal Road and Bhai Randhir Singh Nagar are also sought after properties. In January 2007, the Punjab Government approved a golf view township for Ludhiana.

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