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Real Estate Amritsar
Amritsar, famously known for its Golden Temple is more than a mere 'holy city' nowadays considering the realty prospects and returns it is bringing. As the Indian real estate expands in all sectors - residential, retail and commercial, the investors are gradually showing interest for investments into smaller Tier III cities like Amritsar due to comparatively cheaper property prices and better infrastructural facilities. The initiative of the government of Punjab in promoting investments has gained positive response with large-scale investments in the realty sector. The most prominent among them is the Emaar-MGF joint venture between the Emaar group of Dubai and the MGF group of Delhi considered the largest FDI in Indian real estate. The real estate experts are overwhelmed at the growing interest by investors in Amritsar, which has not only promoted its economic growth, but has also made a niche for itself among the fastest growing cities in India.
Keeping in trend to the mall culture, which of now has become a trademark of being a happening city, Amritsar also joins the bandwagon with quite a few specialty malls cropping up. This has not only created business opportunities for developers in building up commercial spaces but has also opened up doors for investments into the retail sector. Moreover, as the residents of Amritsar tune themselves to the mall culture, the largely disposable income provided by burgeoning job opportunities in the service and realty sectors has in the last few years changed the entire lifestyle of the people of the city. A city famous for its dhaba culture and badly tarnished by militancy until the last decade has now awakened to a new age of liberalized economy.
However, the decision to develop a SEZ in Amritsar may be counted as one of the most glorious inclusion into the history of the city. The Amritsar SEZ to be developed in a 1000-acre land by the leading developer group, DLF with an investment of Rs 15,981.17 crores is expected to generate job opportunities of over 4.5 lakhs. The development of SEZ is expected to bring about a series of investors from the IT, ITES and the BPO sector as well as the hospitality industry. Moreover, with the growing up of service sectors there are also a growing demand for residential and commercial properties in the city. Sensing business prospects, developers are making a beeline for Amritsar as it get ready to embrace economic and real estate growth.
There are also proposals by ace developers like Alpha Corp. to construct hotels and entertainment complexes in the city, which besides bringing about a fair escalation of property prices in the adjacent areas will help in catering to the potential inflow of investors into Amritsar and promote the tourism industry. The company is also constructing a mall 'Alpha Mall' that by reports claim to have been booked for more than 80% and that too by premier brands in India. There are reports of technology giants like Wipro considering setting up developmental centers in Amritsar. With trends like this to continue, Amritsar stands a fair chance to present itself as one of the most promising and upcoming cities in India.
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