Amritsar realty awaits growth push

Following heavy investment by colonisers and a comparatively small number of customers, real estate in Amritsar has entered an unpredictable phase that needs a development push to sustain the boom.

Experts fear the real estate boom will soon taper off if the government does not offer some industrial or other projects to push it to greater heights. Colonisers feel that rates have stabilised due to the coming elections and the formation of the new government and its policies would set the property trends.

Following the announcement of setting up special economic zones for export, the elevation of Raja Sansi Airport to international airport status and the signal of the opening of the Wagah Joint Check Post with Pakistan encouraged real estate czars of North India to move in with mega projects.

These projects offer state-of-the-art civic amenities with residential plots and flats along with foolproof security.

However, apart from the elevation of Raja Sansi international airport, no other project has got off the ground so far. Even the much-touted exports of vegetables, fruit and other eatables from the international airport have not reached a satisfactory level.

Meanwhile, Rajesh Bhalla, managing director, Heritage Group, which is developing integrated townships and shopping malls near Raja Sansi International airport, is pegging his hopes on NRI customers.

A large number of NRIs of Sikh origin want to have homes in this city. Bhalla cited the large number of cases of NRIs' properties being encroached upon by real estate dons, who take advantage of their owners being out of the country.

NRIs prefer to have their houses in these fortified and secure colonies with assured 24-hour security.

Bhalla hopes people living in the walled city would also prefer to switch to the newly developed colonies after some time. Over 200,000 people reside in the congested walled city.