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Karnal in Haryana and now included in the Delhi-National Capital Region since January 2014, is a city that blends the flavours of Haryana and Punjab, with an interesting cultural history in its own right. Thanks to its wealth of imposing historic monuments and other sightseeing attractions, Karnal was a major tourist destination long before it began to rise on the Delhi NCR real estate firmament. The fact that is very close to the equally popular tourist destinations of Ambala and Chandigarh made it part of a Golden Triangle that few visitors to the region tend to miss.
Today, Karnal is a prosperous and fast-growing city. Attractions such as Karnal Lake, Kalandar Shah's tomb, Karnal Fort, the Cantonment Church, Anjanthali Temple and Alamgir Miran Sahib's tomb continue to draw tourists from all over the country and abroad. This city has continued to thrive economically.
With a rich melange of variegated economic drivers, Karnal is now a focal point for most major developers in the Delhi-NCR region. In the midst of the growing interest for starting projects in this region, local developers with their own land holdings have been able to hold their own and even outstrip the competition. The fact is that in catering to the demand for affordable housing from Karnal's industrial and Iinformation technology-centric work-forces, the inherent strength of local real estate developers has provided them with a decisive edge. This is because these developers have a better understanding of Karnal's fertile real estate market than even big-banner players which have sought to establish themselves.
A continuing concern larger developers face is land acquisition, which is far from easy. This is why local players with historic holdings have been able to launch and market budget homes at a much faster rate. Budget housing is a volume game and the speed with which a developer can mark his project to market is a decisive ingredient for success. Also, while big-banner developers are struggling with the considerable finance required to complete larger projects, the more reputable names among Karnal's local developers, such as Aegis Homes, are able to deliver their projects in time and as specified. The current residential property rates at Karnal are Rs 2,300-3,400/sq ft.
The writer is CEO, operations, Jones Lang LaSalle India
