On the Threshold of a Property Boom

Punjab Real Estate: Realty Springs to Life

Till just 3-days back, Tarn Taran was just for the Sikhs or others who went there to pay homage, a holy place just a stone's throw (22-km) from Amritsar. Today, Guru Arjan Dev's birthplace that so far, had remained serenely undisturbed by the pace of business life and spiralling realty prices in its neighbourhood, has woken up to its own realty potential.

With the Punjab Chief Minister Amarinder Singh declaring it a district on 16th June 2006, the opportunity of a lifetime has been granted to realtors and real estate developers, alike. Land that went for Rs. 40-lakh per acre a month ago is now priced at Rs. 1-crore per acre. As the government jumps in the land war intending to acquire acres and acres of Tarn Taran land for the construction of hospitals, offices, university and jails et al, the once upon a time, 1980's hotbed of terrorism, is now a place of attraction for anyone interested in buying or investing in real estate.

In direct contrast to Mohali, which also gained the status of a district a few months back, land prices did not escalate in this peripheral town of Chandigarh, as they have done so in Tarn Taran. That may be, because Mohali has always been in the limelight due to the interest evinced in it by IT firms. Awaiting the rush of investors and developers, a few have already made their move in Tarn Taran. Realising the potential of the region much earlier, UK based NRI, Anita Sharma bought two banquet halls Rose and Queen Farms on Albert Road and Batalla Road in Amritsar, a year ago. She has already sold the former for Rs. 5-crore at double the cost. Tremendously buoyed by her success, she is planning to launch her own company in the coming months. Once Anita Estates is launched, she plans to come up with a 4-star hotel in the area, and is scouting the land for other ideas.

Waiting for approval of Tarn Taran sight maps, realtors wait anxiously to purchase the sights, accordingly. Even as, land rates in prime Amritsar locations go as high as Rs. 5-crore per acre, and are expected to continue to rise further, once people come to know about project locations. With the government poised to acquire almost 200-acres, land prices can only be escalate further, in locations adjacent to the prime projects.

And, so the juggernaut of Punjab real estate experiencing a few highs and lows, a few peaks and plateaus, is on a definite roll, getting costlier by the day. Not wishing to play country cousin to other states of India as they transform themselves into glittering images of the world's famous cities, Punjab leaving behind its agrarian roots and shedding its image of country bumpkin, gains a veneer and a polish, in a bid to transform itself into Northern India's Silicon Valley, with its capital Chandigarh being touted as an IT city, a strong rival to South India's Bangalore city!

As for all those who in their ignorance sold out their inheritance, even though it was only a few acres of land for a meagre sum, in an attempt to buy a passage overseas i.e. USA, Canada, UK, Germany, France, Australia, etc. will rue the day when they thought a life abroad was better than in the Punjab. Not only is India on its way to becoming second if not the first economic world power, slowly it is transforming itself into world class cities, including improving infrastructure and amenities that make for comfortable living.

If, you own even a few sq. yds. of land in Punjab, my advice is to hang on to it, as property prices are only going to soar not dip!

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