Punjab’s real estate landscape is witnessing a perceptible transformation amidst surge in residential, commercial and hospitality developments, driven by a strong infrastructure and connectivity push. The fast-evolving real estate market has been seeing a robust demand for premium, lifestyle oriented, amenity rich developments for both end-users and investors, with TriCity of Chandigarh, Ludhiana, Amritsar, Jalandhar emerging as high growth centres.

Vinod Behl

With over 3000 Rera-registered projects and real estate contributing 8% to Punjab’s GDP, there is a potential growth opportunity, which   according to Rakesh Kumar Goel, Chairman, Punjab Rera, is clearly established by the sale of nearly 2 lakh properties in the last 5-6 years. Umang Jindal, CEO, Homeland Group, sees a great scope for mixed-use office cum retail developments, with Tri-city Chandigarh fast emerging as a luxury retail destination. 

There are several key drivers for real estate in Punjab. The rapid urbanization coupled with the rise of Tier-2 cities, infrastructure and connectivity upgrades, increasing employment opportunities amidst emergence of satellite offices, growing lifestyle retail and entertainment options, together with balanced growth across segments, are cumulatively contributing to overall real estate growth in Punjab. Moderate property prices are also helping real estate maintain its growth momentum. ” Except for Mohali, property prices in other Punjab cities are still not high. Moreover, the good track record of Rera has kept homebuyer sentiment high”. says Goel. As per Punjab Rera data, there are only about 1500 complaints from homebuyers and largely these complaints pertain to pre-Rera period. Moreover, there are fast-track project approvals and case disposal rate is quite high”. Punjab real estate, according to Mukul Bansal, MD, Motiaz Group, has seen a transformative trend of changing customer preferences from affordable housing to premium, lifestyle-oriented living. As a result of this, new asset classes of luxury villas, branded residences and integrated townships are much in demand. 

Capitalizing on this potential opportunity amid rising demand, many leading developers including Omaxe, TDI, Hero Homes, Sushma Group, Motiaz, Experion Developers, AIPL, Vardhman Amrante (Oswal Group) are upping their ante in Punjab. They are targeting high potential cities of New Chandigarh, Mohali, Ludhiana, Amritsar for future growth.  In fact, Ludhiana has emerged as a most sought-after destination. Clearly, there is a distinct reason for that- Ludhiana is a major industrial and economic hub of North India, besides a high potential centre for retail, offices, multiplexes and leisure& entertainment zones.  Omaxe Group, a dominant player in Punjab, with a strong footprint in New Chandigarh, Ludhiana, Patiala, Amritsar, Bhatinda, Dera Bassi, has lined up two projects in Ludhiana. a 70- acre integrated township and a 5-acre mixed use project. Says Mohit goel, Managing Director, Omaxe, ” We have played the role of a key catalyst in Ludhiana’s real estate evolution- from introducing the city to new-age curated lifestyle- oriented housing formations including gated communities”. Significantly, in June this year Omaxe had launched the first phase of 260-acre ‘New Amritsar’, integrated township, involving an investment of over INR 1000-crores.

Sushma Group which has already delivered more than a dozen projects in Punjab, is expanding its footprint in the state with a new project in Ludhiana to meet the increasing demand from homebuyers and investors. TDI Group which already has a township project in Mohali, is now planning a township in Ludhiana. Hero Homes has launched,’ One Treasure’- Phase 2 of Hero Homes in Ludhiana, with lifestyle features including golf putting greens, plunge pool in every apartment. Vardhman Amrante, an Oswal Group real estate entity has joined hands with Marriot International to debut Westin Hotels & Resorts – a mixed-use development with a hotel, retail spaces, multiplex and a gaming zone.  

“This development is aligned with our vision to elevate Ludhiana’s hospitality landscape with a wellness- driven luxury experience”, says Adish Oswal, Chairman, Oswal Group. AIPL Group which has been active in Punjab for the last about two decades, having a 500+ acre township, AIPL Dream City’ in Ludhiana and a 148-acre township,’AIPL Dream City’ in Amritsar, has now planned, ‘AIPL Dream City NXT’ in Amritsar.

Amidst all these mega expansion plans, as developers focus on premium, sustainable and lifestyle -rich mixed developments, Punjab’s real estate will have a more vibrant landscape, offering long-term value opportunities to developers, homebuyers and investors as Mohit Goel puts it, ” We are continuing to expand in the region with an eye on long-term value creation”.