Jalandhar: With result day of the assembly elections drawing near, the property market has started witnessing some movement and rates have started rising after a prolonged phase of sluggishness in the last two-three years.
According to realtors, they have started receiving inquiries from the buyers, mainly investors about the properties while earlier there were very few inquiries and fewer actual deals.
After the polling day, the inquiries have started increasing in the market and higher rates are being quoted as compared to the earlier phase of sluggishness. Our group has started working on three commercial projects in Jalandhar while we were sitting silent even as properties had been purchased and clearances had been obtained long back," said Anil Chopra, a leading realtor of Jalandhar who is also chairman of the Punjab chapter of Confederation of Real Estate Developers' Association of India ( CREDAI). He said that sale of flats at one of his projects in Ludhiana also increased in the last three weeks.
Surinder Nayyar, a leading realtor of Ludhiana, revealed that in this city of industry not only the inquiries increased but rates were also spiralling up. "The queries and the deals are mainly coming from the investors who expect an upward trend in the property business after political scene would stabilize after the election results," he said.
Avinsh Chander, a resident of Paras Colony in Jalandhar, said that he witnessed a query from a property dealer who quoted a profit of Rs eight lakhs for his house, which they purchased just two months back.
"A relative of mine has been offered a profit of around Rs 1000 per square yard on his property a few days back while he was being offered a profit of just Rs 300 per square yard till a months back," said K S Kochhar of Ludhiana.
However, Surinder Nayyar also sounded a note of caution stating that market was still speculative even as higher prices were quoted and actual trend would emerge after the results would be out.
According to realtors, they have started receiving inquiries from the buyers, mainly investors about the properties while earlier there were very few inquiries and fewer actual deals.
After the polling day, the inquiries have started increasing in the market and higher rates are being quoted as compared to the earlier phase of sluggishness. Our group has started working on three commercial projects in Jalandhar while we were sitting silent even as properties had been purchased and clearances had been obtained long back," said Anil Chopra, a leading realtor of Jalandhar who is also chairman of the Punjab chapter of Confederation of Real Estate Developers' Association of India ( CREDAI). He said that sale of flats at one of his projects in Ludhiana also increased in the last three weeks.
Surinder Nayyar, a leading realtor of Ludhiana, revealed that in this city of industry not only the inquiries increased but rates were also spiralling up. "The queries and the deals are mainly coming from the investors who expect an upward trend in the property business after political scene would stabilize after the election results," he said.
Avinsh Chander, a resident of Paras Colony in Jalandhar, said that he witnessed a query from a property dealer who quoted a profit of Rs eight lakhs for his house, which they purchased just two months back.
"A relative of mine has been offered a profit of around Rs 1000 per square yard on his property a few days back while he was being offered a profit of just Rs 300 per square yard till a months back," said K S Kochhar of Ludhiana.
However, Surinder Nayyar also sounded a note of caution stating that market was still speculative even as higher prices were quoted and actual trend would emerge after the results would be out.
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