Haryana Haryana is located in the Northern part of India. The surrounding states of Haryana are Rajasthan to the West and South, Himachal Pradesh to the North, and Uttar Pradesh and Uttarakhand are in the Eastern part. Haryana surrounds Delhi on three sides, from the North, South and West. Like Punjab, the capital of Haryana is Chandigarh. A large part of Haryana is considered as N.C.R (Northern Capital Region).
Real Estate Scenario To measure the economical growth of a State, there are certain key parameters. These parameters include overall physical infrastructural condition, property market, business environment, social infrastructure, economical condition of the people etc. Among all other states in India, Punjab and Haryana have been making strong impact in the fast growing real estate market of India. The two cities of Haryana, which are undergoing the boom of real estate are Gurgaon and Faridabad.
There are different key factors which are responsible for such a huge boom in the real estate market of Haryana. These key factors are:
- Haryana is an adjoining state of Delhi, and certain parts of this state come under the NCR region.
- Many conglomerates, like Maruti Udyag Ltd., Hero Honda Ltd, and many more other big industrial players have been operating their businesses in this state.
- Government is also continuously assisting in making favorable industrial environment in the state.
- Due to fast industrial growth , many people from different regions are moving in the states for employment and to secure better life standard.
- The fast changing life's of the people in this state due to rapid economical growth. The buying/purchasing power of the people has also been growing very fast, and this inclines them towards the purchase of new properties.
Chandigarh is the city in Punjab and Haryana, which gets the lion share of the entire investment for real estate. All the three segments of real estate have been growing here drastically. With comparison to other cities in Punjab, the commercial and residential sector of the real estate is growing more prominently in Chandigarh.
Types of Real Estate The total growth of real estate in Haryana and Punjab comprises three elements. These three elements are:
Residential Real Estate Recently, the Haryana State government has taken a decision regarding the setting up of a separate residential zone. This proposed zone will include from sector 70 to sector 90. On completion of the project, this residential area will be included in South Delhi. The benefit of this mega project is that, the residents this area will get all the advantages of being located in the proximity of Delhi.
Commercial Real Estate The commercial real estate includes furnished & unfurnished office space, BPO, KPO, call centers, factories, warehouses, software companies, retail & commercial spaces etc. In Haryana, the call centers, BPOs and KPOs are growing like the flood water, and these require commercial place. This is the reason, why the commercial real estate is in the booming phase in Haryana. Many other industries, either which have already been set up their businesses here or going to set up their businesses, require vast commercial space for constructing ware houses, retail outlets, offices etc. in Haryana. This also pulls the growth rate graph of commercial real estate in the upward direction.
Industrial Real Estate As Haryana is an adjoining state of Delhi and certain parts of the state comes under the NCR , therefore there is direct connection of these parts with Delhi and other parts of NCR. Therefore, people never mind to stay here and make their own residential place in these parts. In Haryana itself, different type of industries are opening at a faster pace, and this also encourages the people to come and settle here permanently. Therefore, the demand of new residents is growing sharply.
Punjab Punjab is located in the North-Western part of India. Pakistan is to the West of Punjab, Himachal Pradesh is to the North-East, Jammu & Kashmir is to the North, Rajasthan is to the South-West and Haryana is to the South and South-East of Punjab. Chandigarh is the capital of Punjab and it is a Union Territory, which is governed separately. The other big cities of Punjab are Jalandhar, Amritsar, Patiala and Ludhiana.
Real Estate Scenario This is a wonderful state for its enrich cultural heritage, architectural heritage, social and other different type of heritages. The famous historical places and monuments of Punjab, like Kurukshetra, Anandpur Sahib, Sheesh Mahal, Jallianwala Bagh, Wagha Border etc are the remarkable tourist places in Punjab.
In the recent period of time, this state is growing in every stair of development. Among all these stairs, the real estate is a special aspect, in which this state has registered a wonderful growth performance. Each day, in the real estate sector, this state is setting new bench marks of growth. This state is carving out adequate niche for itself among other competitive states. As an effect, the cost of property in Punjab is also hiking tremendously, and according to a current survey, the rate of property in Punjab has been increased by 30-40% during a period of 12 months.
The announcement of real estate related projects or completion of earlier real estate projects become a common thing in Punjab. The excess of different type of real estate projects provides the buyers that much of liberty to choose as per as their requirements and financial capabilities. The boom in real estate in Punjab has been proved as baptism for the people to choose any one at every segment.
Types of Real Estate Both the three segments of real estate has been flourishing in this state. The descriptions are as follows:
Industrial Real Estate The government has declared few adjoining suburbs of Chandigarh as SEZ for more industrialization. Therefore, the industrial real estate in these area has been growing very fast. The demand of new industrial infrastructures are required in those areas, which encouraging the growth of real estate. In other major cities of Punjab, many new textile industries, small machinery industries, cotton industries, chemical industries etc. have been setting up every day. These all require proper industrial infrastructures and real estate industry is getting oxygen from these requirements for further surging. Cities like Ludhiana, Jalandhar and Amritsar are registering fast growth an therefore there has been an increase in demand for industrial properties.
Residential Real Estate As a result of new industrialization in Punjab along with the old trend of adequate agricultural performance, the state has become a hub of attraction for the people from other states. Every now and then, people from other parts of India and from the rural areas of Punjab are rushing to the towns and cities with the hope of new employment. This causes pressure on the individual/residential infrastructure. To solve the problem, different real estate industries are constructing new residential apartments, condominiums, sky scrapers, complexes etc. in the major cities and towns of Punjab. This is inducing the growth of residential/individual real estate industries in this state. NRIs from across the globe are investing in new projects because of high rate of return.
Commercial Real Estate As the commercial requirements are the supplements of industrial requirements, therefore, with the growing industrialization, the commercial real estate is also growing in this state. New multiplexes are opening in different cities of Punjab along with shopping complexes, malls, showrooms, multiplex theaters, parkings, wire houses, offices of the big industrial conglomerates, showrooms for retail outlets and many others. All these require new commercial structures, which must be attractive. These requirements are propelling the commercial real estate in Punjab. Prominent realty developers like Omaxe, DLF group, Parsvnath developers are undertaking large commercial projects in different cities.
Future Development of Real Estate in both Punjab and Haryana According to an estimation, by 2010, the total domestic and foreign investment in real estate will be around of Rs.1,30,000 crore, and along with Haryana, Punjab will get a major chunk of this investment. This shows that the real estate business is in boom in this state. Out of the three categories in real estate, the commercial real estate growth rate is the fastest one in Punjab and this trend will be there within next 4-5 years. In case of Haryana, all the three segments of real estates are growing at equal pace. Some big Indian industrial houses, like Reliance group, Birla group, Bajaj industries etc. have announced some big projects in different parts Haryana, which in turn will encourage the real estate industries more intensively in near future in Haryana.
The major cities of Punjab and Haryana like Jalandhar, Amritsar, Ludhiana, Patiala, Faridabad, Gurngaon, Manesar etc. have been registering strong impact in the field of real estate. The demand of residential sector is growing in such a huge way in Chandigarh that it will becomes more than the supply in the near future, according to a current survey.