Rashmi

Punjab witnessed a whopping revival in the Real Estate Sector. The Bathinda Development Authority has created history by auctioning a 4.5 acre commercial site in Bathinda for a massive Rs. 184 crores.

Detailing the auction, BDA spokesman stated that 4 parties from all-over India participated in the auction held on Friday. Best City Developers Private Limited from Delhi emerged as the successful bidder capturing the well-located city property in a keenly contested auction at a price approximately 35% higher than the reserve price.

The Bathinda auction was the largest ever real estate auction in the history of the State. Before that, a 2.94 acre piece of real estate had been auctioned to Reliance by PUDA for Rs. 104 crores in Jalandhar. The same was followed by another high-priced auction of 5000 sq yard commercial property on Ferozepur Road in Ludhiana for Rs. 77 crores.

What was particularly significant was that despite a nation-wide recession in the real estate market, the predominantly rural area of Malwa real estate was commanding such high prices.

Media Advisor to Chief Minister Punjab Harcharan Bains said that the auction would provide a shot-in-the-arm to the newly constituted BDA as well as be a catalyst to the growth of Bathinda and its surrounding towns. He furthus added that Bathinda would soon emerge as one of Punjab and North India’s major growth centres, with work on the Oil Refinery underway and other major development projects on the anvil.

According to a spokesman of the Housing & Urban Development Department, the Government had started a chain of events to liberalize the housing sector and to promote properly planned development of towns and peri-urban areas. He further stated that Punjab’s urban landscape was poised for a major planned development in the next few years, with Singapore’s Jurong International undertaking master planning exercise in Greater Mohali area as well as in pockets of Amritsar and Master Plans for around 40 towns under preparation by the Department.


Source: IndianRealtyNews
Dec, 9, 2007