Real estate prices shoot up in Punjab

August 21, 2008	(Be the first to rate this story!)  Loading ...
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The property prices of prime locations in Punjab have shot up by 40-55% in the last two years. The cash-strapped state, which desperately needs to push the growth of industrialisation, is facing shortage of land, which has pushed the prices upwards. “Property prices in Mohali, Jalandhar, Bathinda, Amritsar, and Ludhiana are scaling new heights. We have been fetching more price than the reserved cost from our previous auctions. A maximum price has been fetched from Ludhiana as it is an industrial belt. Now we have kept a reserve price of Rs 165 crore for the forthcoming auction of a 5 acre site scheduled to be held on August 26 in Amritsar”, chief administrator, Punjab Urban Development Authority (PUDA), Som Parkash stated.

The state government recently acquired 300 acres for the proposed Mohali international airport for which the government paid compensation of Rs 1.5 crore per acre to farmers whose land was possessed. This was the highest ever compensation paid for acquisition by the state government to farmers which has certainly set a benchmark. Lately Greater Mohali Area Development Authority (GMADA), a one kanal seven Marla plot in sector 69 fetched a whopping Rs 3.11 crore against its reserve price of Rs 2.3 crore. The reason this plot went for such high prices could be that Mohali is all set to develop a state-of-the-art town centre in Sector 62, which is near Sector 69. Real estate experts have projected that with the upcoming international airport, Knowledge City and the rapid development in Mohali will keep the reality prices upward only.

Apart from this, the much-talked Trident group’s land acquisition deal was settled only when the group paid 102 cheques of worth Rs 8 crore of the enhanced 70 % price to the original cost to the farmers of the three villages of Sanghera, Dhaula and Fatehgarh Channa in Barnala. It may be recalled the group had acquired 376 acres for expansion plans. The real estate developers in Punjab are extremely happy with the trend.

News Published Under:   Real Estate India, Chandigarh |

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