Big realtors catch fancy for Punjab

Considering the interest being generated by realtors like DLF, Emaar MGF and Tata Housing, 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.

Tata Housing Development Company Limited (THDC) CEO Brotin Bannerjee believes Punjab is turning out to be highly promising and is gradually emerging as an important investment hub for real estate in India.

Tata Housing Development Company Limited, the housing arm of Tata group, believes the state not only leads in agricultural and business activities in the country but also holds distinction of having a massive non-resident Indian population residing primarily in the developed countries of Canada, England and America.

THDC which 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.

“As there is a lot of economic progression happening in Punjab and there is opportunity for us to develop both, affordable and premium segment housing. Our subsidiary – Smart Value Homes Limited, launched in 2010 will cater to the development of affordable housing, while Tata Housing will focus on premium developments”, believes Bannerjee

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.

DLF Executive Director (North) Rahul Mehta believes with Punjab being a highly urbanised state, it is obviously a big attraction for the realtors. Real estate player DLF has significant land parcels in major cities of Punjab like Jalandhar, Ludhiana, Amritsar besides 1,000 acres of land in the vicinity of tri-city (Chandigarh, Panchkula and Mohali).

The state has appetite for retail, residential and commercial spaces and depending on the appetite, developers are ready to cash in on the demand.