Punjab offers countless opportunities for those wishing to own property. As of now, investing in the Punjab real estate market can ascertain high profits as several real estate projects are ongoing in and around the area. Most of these projects include mega housing and infrastructure ventures involving construction of townships, residential apartments, villas, commercial complexes, farmhouses, shopping malls, etc. The cities witnessing a flurry of activity include, Chandigarh, Amritsar, Jalandhar, Ludhiana and Patiala.
Upcoming residential developments:
"The residential market in Punjab is fairly balanced," says Miftaf Sami, Manager-Sales, Ambuja Housing & Urban Infrastructure Ltd. "The trend is more towards mixed-used developments like independent villas and studio apartments. While, Amritsar is generating most interest for being a well structured city and also a major tourist destination, other cities like Mohali and Chandigarh are fast gaining pace." Some of the major upcoming projects in the state include:
1. Impact Heights by Impact Projects Pvt Ltd comprises two towers offering 56 2BHK deluxe apartments with all modern amentities and conveniences.
2. Palm Grove by Ansal API on 250 yards in Mohali offers 3BHK apartments having a super-built-up area of 1,525 sq ft approximately.
3. Gillco Heights by Gillco Developers & Builders Pvt Ltd in Chandigarh comprises two towers of G+10 floors having total 160 apartments (2/3 BHK) with amenities like swimming pool, clubhouse, gym etc. The project will complete by May 2011.
Upcoming commercial developments:
The commercial real estate sector in Punjab is formalised and the market is growing both quantitatively and qualitatively. There is a fundamental and growing demand for office and retail space in Punjab due to the sustained economic activity driven by software companies establishing their presence in the state. Market across all verticals including commercial, retail and hospitality is positive with new projects being announced regularly. Some of these upcoming commercial projects include:
1. India Trade Tower by Omaxe Ltd is a contemporarily designed fully centrally air conditioned tower in Mullapur. Spread across approx 26 acre, the tower will comprise G+19 floors with a total area of 245,000 sq ft.
2. Park Plaza by Sarovar Hotels & Resorts will be 133-room hotel in Chandigarh that will provide all modern amenities. The project will complete by November 2010.
3. Spread over 2 million sq ft, AlphaOne Amritsar will be strategically located adjacent to the emerging New Amritsar economic zone. It will comprise the hypermarket, retail outlets, a 5-screen multiplex and family entertainment centres.