Property boom fuels luxury car sales in Punjab

Luxury car makers like DaimlerChrysler are witnessing a sudden surge in demand from Punjab-based farmers who made handsome gains from the sale of their lands due to the real estate boom in the state.

"With the real estate boom in Punjab fetching good land prices, farmers in a couple of areas, including Bathinda and Nabha, have shown keen interest in buying the Mercedes Benz during the last one year," said Manjit Singh Bala, managing director of Tai Pan Traders (authorised dealer for the Mercedes Benz), here.

The sales of Mercedes Benz cars in Punjab surged by 27 per cent as compared to the company's expected annual growth of 10-12 per cent.

Punjab is the third-biggest market after Delhi and Mumbai for Mercedes cars.

The state has 1,400 Mercedes cars with Ludhiana topping the list with 450. Rural areas are emerging as new markets for luxury cars segment after the real estate boom.

"Farmers who have got good returns on land sales like to own luxurious Mercedes Benz and the C class model is quite a favourite among them," said Bala.

He further said, "We have sold about five cars alone in Bathinda belt which is turning out to be a promising market for us."

Land prices in Punjab have skyrocketed during the last one and half years due to construction of shopping malls, hotels, apartments, multiplexes.

Similarly, the demand for Mercedes Benz cars is also on the rise in Amritsar because of booming tourism industry there.