
Amritsar,
famously known for the Golden Temple, is more than a 'holy city' nowadays.
As the Indian real estate expands in all sectors including residential,
industrial and commercial, the investors are gradually showing interest for
investments into smaller Tier III cities like Amritsar. This shift is
primarily due to comparatively cheaper property prices and better
infrastructural facilities. A city famous for its dhaba culture has now
awakened to a new age of liberalized economy.
The real estate experts are overwhelmed at the growing interest by
investors in Amritsar that has not only promoted its economic growth, but
also has made a niche for itself amongst the fastest growing cities in
India.
The initiative of the government of Punjab in promoting investments has
gained positive response with large-scale investments in the realty sector
because of the realty prospects and returns it is bringing. The most
prominent among them is the Emaar-MGF joint venture between the Emaar group
of Dubai and the MGF group of Delhi, the largest FDI in Indian real estate.
Property Trends

The
residents of Amritsar have started to tune themselves to the mall culture.
The largely disposable income provided by excellent job opportunities in the
service and realty sectors has changed the lifestyle of the people of the
city in the recent past.
A new trend is being witnessed in the city as more and more people are
opting for living in open places. Such a lifestyle is free of the
constraints of narrow lanes and traffic hazards and noise of the interior
city. Another shift is observed amongst the people living in villages near
the city. They have settled down in the city for better prospects of
education and livelihood. Mr Rajesh Bhalla, a real estate consultant, says
that such a shift is not surprising and already been observed in the cases
of Delhi and Mumbai.
Basis For Boom
- Mall culture
- Boom in retail sector
- Liberalization of FDI norms by government
- Development and improvisation of infrastructure
Special Economic Zone (SEZ)
The Amritsar SEZ to be developed in a 1000-acre land by the leading
developer group DLF. DLF is expected to invest Rs 15,981.17 crores that will
generate job opportunities of over 4.5 lakhs. The development of SEZ is
expected to bring about a series of investors from the IT, ITES and the BPO
sector as well as the hospitality industry.