Punjab Real Estate Trends Summary

The real estate sector which was looking for some good news for some time now finally had something to cheer towards the end of June 2015 when our honourable Prime Minister announced three programs. The launch of smart cities, Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and housing for all. These announcements are expected to pump Rs 4 lakh Crore directly or indirectly in realty based projects.
The smart city and AMRUT projects will get Rs 48,000 crore and Rs 50,000 crore respectively in next five years in form of grants, whereas through housing for all by 2022 scheme, government will spend Rs 3 lakh crore in next seven years to construct over two crore residential units in the country.
Industry experts term this as a positive step towards creating an urban infrastructure required to make the economy efficient. The process of building this infrastructure will lead to a positive economic growth as the execution of this grand vision would entail a large scale consumption of cement, metals, plastics, materials, services etc. This will lead to more employment in these sectors; it will also lead to innovation and new technologies that will make India a global player in the real estate sector.
Under this scheme announced by our Prime Minister, Punjab is getting 3 smart cities and 17 cities under AMRUT; besides Chandigarh figuring in smart cities list developers like Omaxe, Ansals, Mona Townships Pvt Ltd maintain that, market will gain momentum as investor sentiment in smaller towns will be bolstered and scope for real estate projects will increase, and a huge opportunity has come before the real estate sector with these three projects taking shape., our prime minister dream that every single man and woman should be realized. With the roadmap firmly in place, the first project; housing for all will ensure that everyone gets a roof over their head, in the middle there would be AMRUT project where you would move from base living to higher living, and then there are smart cities that will be the next level development in infrastructure. With the intention of the Central Government in place, the strategy planning and effective execution will now be the major deciding factors that will owe to the success of the mission. The main challenge for state governments and urban local bodies will be to get things going by making effective use of huge investments, new technology and innovative methods in rejuvenating our cities
The real estate sector grew around 30% in the past year; with these announcements made the sector is expected to grow further, the major drivers supporting this growth will be rising income level, young population and growing number of nuclear families and expected growth in the market, with the steady inflow of the IT/ITES sector in Punjab, things are really looking up for the sector in Punjab.

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