Amristar, popularly known as Sikh Holy City is Punjab’s second largest town. Amritsar literally means ‘pool of nectar’ and is a premier tourist destination famous for Golden Temple built around the sacred pool. It is the spiritual and cultural centre for Sikhs and an important trading city of Punjab. Since the time the Central Government announced the opening up of trade avenues between India and Pakistan in 2004, the real estate in Amritsar is witnessing a boom.
The property market of Amritsar is developing rapidly as the Government of India and Government of Punjab have released heavy funds. With the mission of taking Amritsar up to the level of a world class city, both residential and commercial developments in the city are picking up very fast. A lot of attention is being given to improving basic services and amenities related to transportation services, sewage management, water facilities, and various others. Leading realty developers like Emaar MGF, Ansals group and Collage India Group are soon to launch mega projects to build various apartments and malls in the city.
The face of this Holy City is all set to change with large number of luxury penthouses, apartments, flats, etc coming up. The townships of such high standards is apparently an entrée into urban housing enriched with landscaped gardens, golf greens, theme parks, tennis courts, play areas along with schooling, healthcare and other state-of-the-art facilities. Setting up of a financial centre, multiplexes, shopping malls, entertainment zones, recreation clubs and parks is also planned. This commercial stir has opened wide doors for retail investments in the city.
The building up of SEZ by prominent realtor DLF developers on 1,000 acres of land with an investment of around Rs.16,000 crores is the most important breakthrough for real estate in Amritsar. This mega project will be conducive to overall growth of the city as (a) it will create large number of employment opportunities for both locals and outsiders, (b) it is expected to encourage investors from IT, ITes, BPO and hospitality industries to enter the city and (c) will help in boosting the service sector in the city and make it an important part of the economy. The upcoming properties upsurge in Amritsar stands testimony to its potential of becoming a world class tourist destination.
The standards of living in Amritsar will evolve greatly into the contemporary mode to create international living style and shopping experience. The growth in IT industries and SEZs are elevating the real estate profile of the holy city. The role of Punjab government has been extremely crucial in trying to uplift the city to a higher level. It is actively participating in improving city’s infrastructure, transportation, water and electricity supply and other necessities. Their initiative of promoting investments in the city has received good response with various investment projects being pumped in the city. Amritsar is now more than a holy place, it is an upcoming real estate destination for the property investors.
After the development of cities like Chandigarh and Mohali, the economy of Amritsar is seeing an upward trend. The availability of better infrastructural facilities combined with cheaper property prices has led to exploration of residential, commercial and retail market of Amritsar. The response of investors and their growing interest in Amritsar real estate is (a) encouraging property developers to bring in more number of residential projects and commercial space, (b) nourishing the economy of the city and modernizing the trends, and (c) climbing up the ladder of growth quickly by ranking among the fastest growing tier-III cities of India.
With all this Amritsar is witnessing growth in residential, commercial and retail sector with numerous luxury projects in the pipeline. Amritsar real estate promises excellent returns on investments.