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« GOA: An ‘Intelligent... | Main | Commercial realty to... »
 
Wednesday Sep 26, 2007
 

Amritsar attracts investments in real estate sector

The thaw in Indo-Pak relations has attracted investment in mega projects, worth Rs. 3,204.59 crore, in Amritsar. Moreover, with a majority of the projects belonging to the real estate sector, it seems that the city will soon have more malls, multiplexes, townships, and penthouses. This investment also includes infusing fresh capital of Rs.765 crore by four industrial houses.

 

Of a total of 25 projects, 21 projects are from the real estate sector. Real estate developers like Alpha G Corporation Ltd, Dynamic Continental (P) Ltd, PVP Entertainment (P) Ltd, PVP Entertainment (P), Ansal township & Project Ltd, DLF, Parsvnath Developers Ltd. are making their presence felt by building township, malls and multiplexes. Confederation of Indian Industry (CII) Northern Zone Chairman Gunbir Singh said: “There is immense Potential in Amritsar. Also, the modernization of the city will help in attracting tourists. At present, in the absence of professionally managed hotels, most of the tourists do not want to stay in the city.”

 

Alpha G Corporation is investing Rs. 239 crore for the development of a city center and a hotel, Dynamic is investing Rs. 100 crore, PVP Entertainment Rs. 105 crore, DLF Rs. 463 crore, and Ansal Township Rs. 800 crore. While DLF will develop an SEZ in Amritsar, Ansal will concentrate on building townships.

 

Alpha G Corp CEO S K Sayal said: “Developers planned by the state through private-public partnership is also a large motivating factor.”

 

Also, India’s largest waste paper unit at a single location, Khanna Paper Mills, will be investing Rs. 500 crore for capacity expansion, while Rana Sugar Mills has already set up their distillery unit with a total project cost of Rs. 35 crore. Also, Khusi Ram Bihari Lal, a company engaged in rice processing, is investing Rs. 205 crore in a new unit in Amritsar.

 

Already, 17 companies (three industrial houses and 14 real estate companies) have signed the memorandum of understanding (MoU) with the state government and the remaining would also sign the MoU shortly. According to sources at the district industries center, these projects will be completed within three years from the date of signing the Mou. The development has also led to a sudden hike in land prices immediately after the announcement of advent of big business houses.

Posted at 06:59PM Sep 26, 2007 by thomas mike in Real Estate  |  Comments[0]

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