Real Estate Boom Reaches Jalandhar

(More Realty News about Jalandhar)

Monday, April 16, 2007

Jalandhar real estate has got a booster dose with the ongoing construction activities, which are taking place at a hectic pace.

The market in Jalandhar is offering a large scope for property developers to develop a substantial presence for themselves.

With the sprouting mall culture in Jalandhar, the city has a plethora of opportunities for retailers as well. DLF, the Indian real estate giant, is coming up with a mall called Galleria on Nakdoar Road which spreads across 1.6 lakh sq ft. Jalandhar will have three glitzy malls by Collage Group.

The development will be over by the end of 2008. With the group constructing a mall on GT Road, covering a space of about 4.5 million sq ft., Star City Builders are also constructing a multiple-cum-mall on Amritsar Road.

The city is showing great buying power and with a strong inflow of foreign investments, the real estate developers expect more property buyers in Jalandhar as compared to other cities. More malls have been lined up to come in Jalandhar and after some years there might not be too much land available on the outskirts of this lively city of Punjab.

The prices in areas such as Model Town are in the Rs 5,000 per sq ft bracket. Big players like DLF and Ansals have entered the market and are planning townships in the city as well. Likewise, the city’s real estate is equally zooming in as far as its residential property is concerned.

The demand for residential colonies is both investment and residential driven. Some renowned names in Indian real estate such as Ansals and DLF have forayed into the market and plan to develop Mega Township in Jalandhar.

Commercial development in Jalandhar is commanding high rental values and these could vary from Rs 150 per sq ft, per month. Not many apartments are being constructed in the Jalandhar but there are a lot of integrated townships coming up in the city.

A majority of local players believe that NRI money is driving the growth in the city. As for commercial property in Jalandhar, it is commanding high rental values which are no less than Rs 150 per sq ft, per month.

Although, there is no multitude of apartments in Jalandhar but integrated townships have certainly lined up to come up in the city soon. Such construction activities have emerged as a source to attract NRI investments in Jalandhar real estate.

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