Amritsar Property Prices Fall

June 12, 2007	(4 votes, average: 4 out of 5)  Loading ...
Print This Story   Email This Story Subscribe Newsletter

Amritsar that was witnessing real estate boom is now seeing a downslide in its property prices due to the Sikh Dera Sacha Sauda conflict which came at the time when it is the peak of the tourist season. Tourists are canceling their hotel bookings following the upheaval in Punjab.

The ongoing ‘unrest’ in the state has brought woes upon hoteliers and property consultants who are extremely tensed. If the adversity continues, the state’s development phase will end before it starts.

Earlier, NRIs were showing large interests in buying property in Amritsar, now there are no enquiries from them regarding new real estate deals. Moreover, they are even ready to sell off their lands at lower prices.

The sharp fall in Amritsar real estate is clearly evident with sky high property prices undergoing significant correction across the city. The land at Ajnala Road which was no less than Rs 20,000 per sq yard is easily available for Rs 17,000 today. Likewise, other places in Amritsar are also seeing drop in land prices. Fifteen days back 1 acre of land was available for Rs 35 lakh, now it is on sale for Rs 30 lakh.

However, the areain proximity to Golden Temple and Durgiana Temple has been the only exception where the property prices seem to be stable. But, there are no buyers for big real estate deal in the city these days.

Usually, it is difficult to find rooms in Amritsar because of seasonal influx of tourists, but now they are easily available in plenty as tourists are afraid to travel in Punjab.

News Published Under:   Real Estate India |

Comments