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Real Estate Ludhiana
Real Estate Developments in LudhianaThe 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. 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. AppreciationCommercial 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 LudhianaIntegrated 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. |
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