Global financial meltdown and the NRIs fear psychosis with the collapse of financial institutions seems to have by default been the catalyst to the realty boom in Punjab. Punjab has, of late, been heading to a realty boom with the top realtors showing interest in land acquisition and projects. If the interest shown by realtors like DLF, Emaar MGF and Tata Housing is any indication, Punjab is turning out to be a promising market from the realtor’s perspective.
The state better known for its green revolution and significant contribution towards agriculture is now catching fancy for realtors in a big way who are looking ahead of the northern capital territory (NCR) region.
Sunil Dahiya, Managing Director of Vigneshwara Developers believes the NRI community of Punjab has been the demand drivers and the developers have sensed this pulse of the market. “With the financial institutions collapsing in several other countries, the NRI community of Punjab now wants to park their money into the safe territory and real estate is definitely the best investment instrument in the asset class,” he says.
Tata Housing Development Company Limited (THDC) CEO Brotin Bannerjee agrees that Punjab holds distinction of having a massive NRI population mainly residing in the developed countries of Canada, England and America. “Punjab enjoys one of the highest per capita incomes in India for the past several years. Not just the state leads in agricultural and business activities in the country As far as investing in real estate in Punjab is concerned, the environment is quite conducive at present. As there is lot of economic progression happening in Punjab there is opportunity for us to develop both, affordable and premium segment housing,” he says.
Tata Housing Development Company Limited (THDC) plans to invest around Rs 2,000 crores in Punjab, Himachal and in the periphery of Chandigarh as part of a long-term expansion plans has substantial part of investment lined for Punjab.
Similarly, Emaar MGF the joint venture between Dubai based Emaar group PJSC and MGF development of India which has around 3,500 acres of land in Punjab believes the state is traditionally a prosperous region marked by significant propensity for consumption and aspiration levels, Punjab and its people have a penchant for best-in-class communities townships owing to its close global linkages.
