Monday, October 2

Reasons behind the Rise in Demand for Properties in Amritsar

Amritsar is a major spiritual and cultural hub in India, attracting more visitors than the Taj Mahal. The city is also the second largest in Punjab, after Ludhiana. Amritsar’s strategic location with excellent connectivity to most cities of India and even Pakistan has led to an increase in property sale in Amritsar. The demand for plots for sale in Amritsar has seen a sudden jump, especially among the Non-Resident Indians (NRI).
There are several reasons behind the emergence of Amritsar as a real estate hotspot, some of which are:

Strong Industrial Sector
The city has a diverse economic sector with the manufacturing and service sectors forming the backbone and with around 93% of the workforce engaged in secondary and tertiary services. Amritsar has around 25,000 industrial units, with major commodities of production and export being woollen blankets, printed textiles, shawls and carpets, etc. The city is also the largest grain and commodity trade market of Punjab.

Emphasis on Heritage and Spiritual Tourism
The Government has chosen Amritsar as one of the heritage cities that is to be developed under the Heritage City Development and Augmentation Yojana (HRIDAY). The scheme lays focuses on the development of 12 heritage cities. This will be done by improving the aesthetic appeal and accessibility. Under the scheme, the following projects are proposed to be developed:
The façade of the Dharam Singh Market building
Town hall with horticulture and landscaping
Heritage park at Jallianwala Bagh
Roundabouts at Ambedkar Chowk and Fuwara Chowk
Night time illumination of important buildings

Increased Connectivity
As the city grows, the administration has started widening the existing roads with the development of a Ring Road underway. Another major infrastructural development is the modernisation of the Amritsar Airport. Around 44 acres of land has already been acquired for it. There is also a 31 km long BRTS corridor under construction in the city. And the development of a high speed rail corridor between Delhi-Chandigarh-Amritsar will further boost the development of the area in and around Amritsar.

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