Ludhiana – As real estate developers spread their operations past A grade cities, and prepare to urbanize the rural landscape, small towns are getting the best of both worlds – a low cost but high value, pollution free lifestyle. Stylish homes and swank malls are no longer the preserve of metros alone, and Ludhiana is one such city, where real estate development has thrived.The city has long been known for its very affluent population – the Punjabi entrepreneurial spirit has made Ludhiana the country’s sports and knitwear capital. Characterized by unplanned development till the state government’s urbanization policy which encouraged private property developers, Ludhiana will soon boast of the largest malls and value-added commercial spaces in the country.
Real estate in Ludhiana has grown along the arterial roads leading out to Chandigarh, Jalandhar and Ferozepur. Improvements in city infrastructure and the access given to established property developers of North India facilitated a conducive environment for real estate to develop quality projects.
Real Estate Projects in Ludhiana
Commercial property: Ever since the urban policy of the Punjab government came into force in 1997, the property market in Ludhiana has seen an upward trend. Mall Road, Ferozepur Road, Link Road, Ghumar Mandi, Sarabha Nagar Market and Feroze Gandhi Market have emerged as new retail and business zones, even as residential properties in the heart of Ludhiana get converted to commercial spaces, especially on Pakhowal Road.
The City Centre, the 4th largest project of its kind in the world, is spread over 26 acres on Shaheed Bhagat Singh Nagar at a cost of Rs. 2,000 crore. With a helipad, a mini golf course and provision for 8000 cars in the parking lot, the City Centre has sent property rates in Ludhiana zooming.
With the involvement of the Ludhiana Improvement Trust, Today Homes and Infrastructure, Larsen and Toubro and the world’s leading architectural firm HOK, City Centre promises the biggest shopping malls in the country, 12 multiplexes, museums, parks, food courts, five star hotel and residential apartments,
As many as 11 malls are in various stages of construction on Ferozepur Road and GT Road, and established retail malls include the Ansal Plaza Mall, Centrestage Mall and Vishal Mega Mart. The Westend Mall on 4.7 lakh sq. ft is under construction, as are the Gold Souk and Festival City by Aerens, likely to be completed by 2007 and 2008 respectively. Omaxe Plaza and Omaxe Mall on Ferozepur Road are offering commercial spaces on lease, in contrast to the local trend of selling off the developed properties
On Chandigarh Road, commercial projects are on the anvil for telecom and other service sector corporates. The international airport at Halwara is expected to further commercial activity along Jalandhar Road as well.
As for rates for commercial properties in Ludhiana, the range is between Rs.3, 500 to Rs. 4,500 per sq. ft and the rentals quoted between Rs. 60 to Rs. 110 per sq. ft. per month, depending on the neighbourhood
Residential Property: With independent houses still the choice of homemakers in Ludhiana, residential apartments and high rises have not been able to make a mark here. Sarabha Nagar, Kitchlu Nagar, Gurdev Nagar, BRS Nagar, Civil Lines and Club Road are posh residential colonies in West Ludhiana. Property rates vary from Rs. 2,200 to Rs. 3,500 per sq. ft for plots in these suburbs.
Apna Punjab, an NRI Township, South City and Samrali Farms are upcoming residential projects on the outer ring of Ludhiana. Chandigarh Road is also developing integrated townships and mixed-use projects. AKME Projects are developing the AKME POLIS Model Township near Kohara on this road
Plotted residential properties are also available in Model Town Extension, Rajguru Nagar, Maya Nagar and Green Park in a range of Rs.1, 660-2,200 per sq.ft. Residential apartments in Ludhiana fetch rates of Rs.1, 400-1,800 per sq.ft.
Prices are expected to stay stable and affordable in 2007 for those looking to invest in Ludhiana.