The real estate market that was facing a huge slump one year ago has started showing signs of recovery in the property business in Ludhiana.
Situation of real estate market in Ludhiana during the past few months was improving with several people buying flats, plots and other units in different areas.
Rohit Puniani, director of GK Estate and member of Confederation of Real Estate Developer's Associations of India (CREDAI), said, that sentiments in real estate business was improving. “It will be only positive from now onwards as there was a stalemate in property business for the past some years,” Puniani said.
Though the situation in general areas may not even seem bright, but the footfall of people inquiring about properties in townships located in different areas of the city has started to increase. Experts say this was not a “boom” in the market, but only signs of recovery.
He said residents were now showing interest in flats built in different townships. “Flat and independent floor culture in Ludhiana is developing at a fast pace and in the coming 5-7 years, a large number of people will intend to buy flats in different areas,” he said.
Townships on Pakhowal Road, Ferozepur Road, GT Road, Chandigarh Road and Hambran Road among other areas are offering flats to customers. However, till recently people of the city shied away from flats, however as the space for independent houses were decreasing day by day, flats were coming to the prominence.
In Ludhiana, real estate is directly linked to different industries. In wake of recession in the industries in the past some years, there was no boom even in the property business that at once was a major gainer for many investors.
Different schemes and discounts offered by townships have also attracted the end users as well as investors.
Amandeep Singh, marketing officer of Vipul Arcade Township on Ferozepur Road, said, “There was a time when one or two people used to visit us in a week inquiring about properties inside the township. “However now everyday at least two customers visit us inquiring about plots and flats. Several families have also shifted to the flats built inside townships,” Singh said.
Meanwhile, the business of commercial properties was also showing a positive trend now. Parminder Singh, a realtor, said, “The sale of commercial properties has also increased during the past sometime.”