Amritsar

Located in the northwest part of Punjab, in Northern India, Amritsar is a renowned and well developed city. The city has seen numerous development in the last few years. Modern Amritsar is on the road to rapid urbanization.

Real Estate Scenario in Amritsar
The city is experiencing a high growth rate in real estate since 2004. The Government of India and Punjab is making all efforts to fasten the development process, and has thus allocated nearly 780 million USD for making Amritsar a world-class city.

The allocated amount is being used for improving the current infrastructure and by building more roads, improving waste management, water management, and also introducing mass rapid transport transit system. This transport system will connect the city with Delhi via Chandigarh.

Efforts are also being made for restoring the historical sites and popular religious shrines. Some part of the total budget has also been allocated to this end. The upcoming 'City Convention Centre' has been allocated nearly 100 crores.

The Government has been encouraging enterprising real estate developers in the city to undertake development projects in different parts of the city. This has fastened a smooth transition from old colonies and independent houses to multi -story buildings.

All the above developments have considerably escalated the realty prices. Both residential and commercial properties are on an all time high. This has attracted huge investments from global investors.

Residential Real Estate: This holy city is now making way for construction of apartments, condominiums and penthouses. The residential real estate is also changing from the traditional bungalows, kothis to high rise buildings and flats for accommodating the increasing working population.

Ranjit Avenue, Green Avenue are some of the oldest areas in the city. Prominent names in real estate development acre constructing service apartments, villas and condominiums etc. The Shourya NRI City on NH 1 has attracted astounding investments from NRIS all across the globe. The real estate prices have experienced a growth of 30-50% in the last three years.

Commercial Real Estate: The city is a hub of various commercial activities like carpets and fabrics, farm produce, tourism, handicrafts, service trades and light engineering to name a few. With the ongoing retail boom, the city is being transformed with construction of numerous shopping malls, specialty malls, parks etc.

The local authorities and the state government are making every effort to make this city at par with the international standards. Leading real estate developers like DLF, Omaxe, MBD Group, RSA Builders, Dynamic and Continental group are undertaking large projects in different parts of the city. The commercial real estate prices have experienced a rise from Rs 5,000-6,000 per sq yard in 2003 to almost Rs 20,000-35000 per sq yard in 2007. The rates vary depending on the locality.

Industrial Real Estate
The city is known for Tea Trade, Dry fruit business, Woollen Blankets and tourism. The prices in the industrial areas have also risen considerably owing to improved infrastructure, more opportunities for industrialists.