Real estate refers to property that consists of land and the respective building along with its natural resources. Real estate can be broadly categorized into three major groups namely, residential, commercial and industrial. Real estate depends on a maxim which says, “Location, location, location” since profit in real estate is affected by the area in which it is located. One of the most globally recognised sectors is Indian real estate sector. They are shelling out little but getting high value. There are number of reasons why Punjab is leading in real estate market and why people have a keen interest in investing in property here. Few of them are listed below:
- Punjab has been always recognised as a city having sound infrastructure. It offers excellent roads and air connectivity.
- Punjab provides quick access to key markets like Delhi NCR and Faridabad. It is well connected domestically as well as internationally. It is well connected by road, railway and air.
- There are many attractive benefits which is introduced by Punjab to the investors specially the retention of VAT.
- Punjab Bureau of Investment Promotion is a platform introduced by local government which provides clearances to the investors. The process of application has been simplified to ensure timely and smooth clearances.
- Punjab provides 20-30% cost advantage in India as compared to any other metropolitan city. Places like Ludhiana and Mohali offers quality living in Punjab.
- The state is an established manufacturing base, specifically in the fields like agro and food processing, textiles, auto and light engineering segments. Punjab has a large industrial base.
- It has one of the most fertile lands and is a leading agriculture producer in India.
- Punjab has the best industrial and labour relations. No major incidents of labour have been recorded in the state.
All the above mentioned reasons make Punjab a leading name in real estate market. Punjab was ranked number one in “State of the States Surveys”, 2010 by India Today. Punjab has several policies and incentive schemes that automatically encourages investor friendly environment. Punjab has more than US$ 7 Billion of the total investments made by India’s leading developers. 34% urbanisation is there in Punjab which underlines a good opportunity for the real estate developers.