With the sensex riding on bull market in the country ahead of the Prime Minister elect Narendra Modi’s swearingin ceremony on Monday, it has also provided much-needed positive sentiment to the real estate market in Ludhiana.
Real estate that was so far trying hard to lift itself due to lack of sales of properties was now feeling that Modi factor would also af fect the real estate in the country. Ludhiana being an industrial city, real estate projects that came up in different cor ners had high hopes. However, their hopes were dashed to the ground due to few buyers turning up even in some of the high profile projects, especially on Ferozepur Road.
But now the sense of positivity has come in the market and sales in dif ferent townships have started rising. Though the increase is not considerable, but an upward movement is there now.
Hemant Gupta, head sales, IREO Waterfront Township, Ferozepur Road, said, “There was a sentiment in the market that a stable government could result in gaining up of momentum in sale of properties in the townships of the city. Sale in our township has started to rise sometime ago when there was a sentiment in the market that a stable government was about to come in the country. I believe that if new policies are formed for the real estate sector in the state, a boost would be witnessed in the sector.”
Several townships have come on Ferozepur Road, Pakhowal Road, GT Road and Chandigarh Road. However, so far buyers were showing interest mostly on Ferozepur Road, as it has been declared residential area in city’s master plan.
Townships that have come up on Ferozepur Road have a variety of properties, like studio apartments, floors, villas and plots for elite as well as for middle class. Others have 3BHK and 2BHK floors to appeal the ear ning class and some townships are meant for elite class of the city that are seeing an upward trend.
Vikas Gupta, joint managing director of Earth Group, said, “The market sentiments are likely to improve after the formation of new government at the Centre. Even surveys are speculating that real estate prices are likely to increase post elections over six months.”
Vikas said currently the real estate companies were facing economic burden due to higher cost of borrowing, as banks were reluctant to lend them.
There is a general feeling among the residents as well that the cost of their properties would increase after Modi takes over. For the past five-six years the prices of properties in every part of the city were stagnant.
“Now we hope that real estate sector will also witness a boost that will raise the cost of properties in the city. This is the time to buy properties, as their prices are likely to increase in the coming days,” Narinder Singh, a real estate agent, said.