Jaaydaad.com to open 17 property shops in Punjab

Delhi-based Jaaydaad.com, a real estate marketing network, will set up around 17 property shops in Punjab in the next two years.

Also, the company is planning to organise a real estate exposition in Chandigarh and Ludhiana on the pattern of Jaaydaad expo-cum-sale world tour 2006-07, which would commence from December 15 at New Delhi.

Jaaydaad.com Managing Director SK Jain said: "The company is planning to open a nationwide chain of property showrooms by the name of Jaaydaad.com-The Property Showroom. It's a unique concept where property owners and buyers can buy, sell or rent properties instantly from these shops."

"We are planning to set up 600 property shops across the country in the next two years with an investment of Rs 120 crore. We will set up around 17 such property showrooms in Punjab. Twenty per cent of the shops will be owned by the company, while the rest will be opened on the franchise model," he added.

In the last financial year, the turnover of the company was Rs 20 crore, and with the opening of new offices the company is hoping to touch Rs 100 crore in 2007-08. The company is also planning to launch offline products, such as Jaaydaad Nama--a comprehensive directory on real estate sector, Talking Yellow pages i.e. 24-hour help line, an SMS service and a real estate academy.

Jain said, "The real estate market in India is booming and Chandigarh is no exception. In fact these small towns are going to drive the growth in the real estate sector."

"According to a recent report by global research and consultancy firm Ernst & Young, several cities with the population of 0.5 million to one million will emerge as the most promising market for residential and retail developments in the next three to five years. The rising property prices in metros, dearth of skilled cost effective manpower, comparatively high cost of living, high operational costs would drive the technology-sound companies towards tier-II and tier-III cities," he added.

"Besides Chandigarh and Ludhiana, the exposition would be organised at 15 other Indian cities including Mumbai, Kolkata, Chennai, Agra, Ahmedabad, Banglore and Bhopal," he said.