Real Estate Jalandhar
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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Friday, July 27,2007: NRI scientist Himanshu Jain has grabbed the prestigious Otto Schott Research Award in glass research. 
