The real estate industry of Punjab works totally different than those of other major cities in the country. Punjab’s realty is majorly dominated by local developers as the presence of National players pales in comparison. The main reason behind this is the diverse interest of the national developers. Owing to this, the projects witness unnecessary delays. The demand in the State is primarily for small ticket size and budget-friendly projects.
The realty scenario in Punjab changed when National developers entered the arena and brought a change in the way real estate works. A good thing these players brought along with themselves is a series of changes in terms of quality of projects. These developers started to buy large chunks of land, and the projects that they came up with changed the perception of people towards their dream homes. These developers promised features and world-class amenities and people steadily shifted to a new trend of apartments and penthouses from an old culture of living in Kothis, bungalows and homes in colonies. Henceforth, the buyers look for quality but from the developers with whom they can relate.
The real estate market trends in Punjab changed at a fast pace with the emergence of top local builders and developers, eyeing the vast stretches of uncultivated land and moulding it into world-class residential as well as commercial real estate. Group housing, sprawling shopping complexes and recreational hubs, integrated townships, office complexes, entertainment centres, and IT parks have generated plenty of scope for investment in Punjab property.
In order to meet the demand of customers, it is necessary to understand their needs and have the dynamism required to adapt to the ever-changing market conditions along with the norms set by the government. The developers in Punjab have successfully managed to do so. Owing to the fact that real estate is a substantial investment, the customers are more comfortable when they get a personal touch in the operations of the company. The same is happening in Punjab real estate.
The staggering variety of properties in Punjab offer numerous investment options for realtors and promise to provide a high return on investment. Chandigarh, being the State capital has been leading the list of developed cities and is the topmost preference for the people migrating from the neighbouring States because of its strategic location, connectivity, and better health and education opportunities. Considering the perks the city offers, some of the most ambitious Punjab real estate projects are planned in around this city. Out of Punjab, especially TriCity – Chandigarh, Mohali, Panchkula along with ZIrakpur is witnessing large-scale property development in an entirely new pattern. Consequently, the number of Grade-A office spaces for start-ups, co-working, and e-commerce have increased by manifold in these areas.
With the increasing scope of commercial real estate, sales in the commercial segment is also witnessing a steady hike. The new development in terms of commercial and residential real estate is set to transform the face of Punjab properties in the years to come.