If you want to buy real estate in Punjab...
Property prices in the last two years have seen a dramatic jump in Punjab. This is due to a lot of development projects getting approval from PUDA and encouragement from the Government to develop new ( duly approved) colonies and townships.
Chandigarh and it's periphery, Ludhiana, Patiala, Amritsar and Jalandhar have attracted huge investment in recent times. This is the right time to (carefully) invest in residential, commercial and industrial property in Punjab.
Before you buy property in Punjab...
- Check to see if the developer has valid permission for change of land use from the Government, if the property in question falls within 16 Kms of the radius of Chandigarh.
- Buying in unauthorised colonies amounts to a criminal offence
- No plots can be sold by developers on the basis of a Letter of Intent or pending approval of Layout plan and issue of the required notification under Section 44 of PAPRA
- Display of a "PUDA approved hoarding or advertisement could be misleading.
Where should you buy?
Although buying within Govt. developed Urban Estates (phases, sectors etc.) is always a good idea, the last two years have seen tremendous price increase in PUDA approved colonies, which have been developed by private real estate developers and promoters. So, investing your money in these Govt. approved colonies can also pay rich dividends.
Why should you buy property in Punjab?
The best part is that commuting distances in Punjab cities are still very practical; this is one of the prime reasons for rising real estate prices in the outskirts of developed cities in Punjab. Another reason is that important establishments like IT parks; relocated municipal, and other government offices; automobile agencies etc., have found their new homes on the outskirts due to dearth of land in the congested and inaccessible areas within the cities. Also, the government is showing active interest in real estate development activities in Punjab, and is encouraging established builders around the world to set up world class residential, commercial, industrial (and now agricultural) facilities in Punjab. Investing in Real Estate in Punjab now is a great idea, if the property is clean in all respects, and is situated near or within fair commuting distance--say 10 kms--of important landmarks like bus stand, railway station, airport, school, city centre, shopping malls, govt. offices etc.
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