Ludhiana is the cultural capital of Punjab popular for its hosiery and sports goods industries. This industrial town of Punjab is the most populated city of the state. Ludhiana has been transforming itself from an industrial capital of small-scale industries to an emerging city with hi-tech prospects of growth. With the initiatives taken by the government and administration to attract investments from the IT, ITES and the BPO sector, the city has evolved and developed greatly today. Along with these initiatives, the acceptability, warmth and openness of its residents has also been helpful in the considerable progress of the city.
The growth of Ludhiana was not planned like in other cities and so, most of its developments were random. Therefore, Ludhiana is not a planned city, resulting in extension of its boundaries according to property consultant Knight Frank. As observed in the trends of development followed by other cities, the IT development in Ludhiana too, was subsequently followed by boom in its real estate sector. There are many reasons that led to a rise in Ludhiana property market, they are:
-Ludhiana is strategically located along the banks of Sutlej and is quite well connected to important cities of the country including the national capital, Delhi.
-The cost of land and labor is comparatively lower and the return on investments is quite high, thus, making Ludhiana a lucrative investment option.
-The law and order situation of Ludhiana is stable and the low crime rate makes it a significantly secure city.
-This city offers a congenial business environment encouraging more and more investments from various IT companies.
-Ludhiana is one of the historically important cities that are today known as a major industrial and educational center of north India.
- It offers a pollution free lifestyle together with the green surroundings, which is hard to find in the metro cities.
Ludhiana boasts of being a premier centre for education as it houses various reputed colleges and education institutes. It has, thus, carved a niche in the availability of skilled workforce and has become one of the most preferred business destinations. The major requirement of all the industries is well-trained workforce which can be easily procured in this city. This has attracted many industries from IT, ITes and PBO sector that are now pouring investments into the city to establish their presence.
Ludhiana, being an education hub, students from all over the country throngs the city to pursue their educational interests. Hence, in order to meet the accommodation needs of such students, more residential properties need to be developed. Also, with the industrial base setting in, employees from within and outside the city would be hired, raising the need for housing in the city. The demand for housing has grown manifold in the wake of increasing number of migrants entering the city every month.
This high rise in demand for residential property in Ludhiana has paved way for commercial development as well. The already populated city is expected to witness a rise in population soon with students and professionals coming in. This has generated need for shopping complexes, mall spaces, entertainment zones, etc. as a basic need to cater to the growing youth populate. Ludhiana will soon be a home to India's biggest SEZs and IT parks.
Ludhiana is emerging as a new real estate destination as the scope for development is unlimited. The property prices and rental values have also been growing correspondingly, making it one of the best investment options for real estate buyers and developers. Residential and retail sector is also rolling bringing the city closer to the cosmopolitan cities.