Growth in the earlier years has been slow and steady for Jalandhar real estate. However, the things have changed now. The development in Jalandhar commercial real estate sector is much formalized, as they intend to provide in a planned way. For that reason, the market is growing both quantitatively and qualitatively.

The city is seeing a lot of construction activity on the GT Road on the Ludhiana-Jalandhar segment with around 4 projects being in the pipeline. In addition, the city is all set to experience the phenomenon of a major retail boom, offering a plethora of great investment opportunity to all the investors (both domestic and international) at large. Jalandhar could see two to three exclusive malls in the next two years. However, the success of mushrooming mall culture in the long run would depend on the customers as opposed to sheer pitfalls created.

Tourism, a major contributor to the city's economy, is accountable for the financial growth of the city's residents thereby generating prospects for the influx of world class brands into the city.

Appreciation

The city is witnessing high demand as dozens of property deals are clinching each day. The demand for residential colonies is both investment and residential driven. And the prices in the posh Model Town area are hovering around Rs 10 lakh per 207 sq feet. Interestingly, the commercial property in the same area is much dearer.

Industry experts hold the same opinion for the major suburbs of Chandigarh as well. It includes the places like Mohali, Mani Majra and Zirakpur, which have been witnessed more than 70-80% appreciation in the last couple of years. These cities are not only grabbing the attention of the local populace but also business houses from other states.

The commercial land rate on Ludhiana road and central part of the city is hovering around Rs. 30,000 -Rs. 45,000 per sq.yd. The land rate has shot up to around 80% in the last one year.

Jalandhar is expected to witness an upward trend in the residential sector in the wake of integrated townships. Although, the investment is largely directed towards real estate development in commercial segment, but the residential sector is no far behind with its share of upcoming projects and rolling investments.

Major property developers in Jalandhar residential Sector are Ansal, Star City, and DLF. And, the rates of residential land have increased to approx. 300% in the past 5 to 7 years.

NRI Real Estate Trends

After having remained constant for the last few years, the real estate Jalandhar has started looking up towards the growth, thanks to the large contribution of Non Resident Indians (NRIs), who, have always been the biggest factor in fortitude of the real estate prices in the regions of Punjab.

Jalandhar offers large chunks of land for development and the city is expanding in the form of townships that are being developed by private developers. With the influx of a multitude of manufacturing units flocking to Jalandhar, client for lease of commercial and residential property is no more an issue. NRIs can make investments through their NRI accounts that can be repatriated back thereby offering a way to reap every benefit on the money invested.

The returns on investment in commercial properties in Jalandhar range in between 7% to 10% conservatively whereas the returns on the residential front vary from 4% to 7%. The upcoming localities in the outskirts have been seen as the most preferable destinations for making those handsome investments. Moreover, the prices in the city areas are relatively very high as compared to these locations.

Although, it will take few years, but NRIs looking forward to return back to their roots can think about Jalandhar as another ideal place to retire. Builders like Nitishree Group who envisages creating a inyernational living environment for the people from the west, is launching an exclusive Shourya NRI City on Jalandhar Amritsar Highway.

This vivacious NRI city will feature 2&3 bedroom independent bungalows, plots and hi-tech wifi villas. The project basically aims to cater to the demanding residential requirements of NRIs, and is expected to be completed in the next two years.

Shourya NRI City will spread over a large area of 150 acres and the first phase of construction is likely to start in April on Grand Trunk Road NH I, including both residential and commercial complexes, just 8 km from the Golden Temple.

Involvement of NRIs is evident of the fact that the lost glory of early nineties will be regained soon.

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