Changing the Face of Small, Border Towns
India Real Estate Blog
Source: Times News Network
Amritsar Real Estate: Holy City to Hep Metro Chic
The holy city of Amritsar, a name derived from Sanskrit Amrta-sarovar = Lake of Nectar, is not only home to Harmandir Sahib, but it is also the spiritual and cultural centre of the Sikh religion. Furthermore, when Maharaja Ranjit Singh reigned supreme, the city of Amritsar even superseded Lahore, as the state of Punjab’s most pre-eminent city. As well, the site of the Jallianwalla Bagh massacre, a bone chilling incident that occurred on 13th April 1919, at the behest of General Dwyer. who thought nothing of ordering the British Indian Army to open fire on an unarmed gathering of men, women and children, an incident that left 1,000-dead and wounded another 1,800-people.
That self-same Amritsar, historic city of Amritsar witness to the murderous sweep through of Mahmud Ghaznis and Mohammed Ghoris, their looting, plundering and razing to the ground, the same Amritsar is in for a major metamorphosis as the nation’s topmost developers and builders vie for a piece of Amritsar real estate to turn into special economic zones (SEZ) and foray into hospitality by setting up a 200-room luxury boutique hotel, the mega project that will set Delhi’s Alpha G. Corp back by Rs. 100-crore. Signing a joint venture with Punjabi landowners to conceptualise, design and develop the AlphaOne mega project in Amritsar, Alpha G’s idea is to build a destination centre that encompasses retail, entertainment, luxury (5-star) hotel and boutiques.
Phase I of the project is expected to see 2-million sq. ft. under development with a Rs. 270-crore investment. “The easing of Indo-Pak relations has succeeded in bringing a boom for the real estate market in Amritsar. Developers are anticipating the borders opening and for the customer base to increase which would include visitors from across the border up to Lahore. The large SEZ planned by the state through private public partnership is also a motivating factor.” according to Col. ‘Pickles’ Sodhi, Managing Director of Alpha G. Corp.
Spread over 25-acres on Grand Trunk Road, this is the largest city centre development project,thedenizens of Amritsar have seen, so far. Already, 80% of the retail space has been leased out to Shopper’sStop,Timezone, The Home Store, Arvind Mills, Wills Lifestyle, Provogue, Metro Shoes and Landmark, Fun Republic has signed up for a large multiplex for a heightened experience of good cinema.
With construction beginning in August 2006, the Phase I will be operational by March 2008. A large open atrium, the project will comprise of a shopping mall, super market, restaurants, recreational facilities, multiplex and space for cultural activities, all in keeping with global standards.
Those investing in Amritsar city are, indeed, a canny bunch, as once the borders between Pakistan and India open, the city will be flooded with tourists from inside and outside. Everyone will be flocking to the holy city, not only for paying obeisance at Harmandir Sahib, but also because Amritsar is the entrance point to Pakistan from our side and India, from the other. Retail, hospitality, rather, every kind of business will see its coffers spill over, a trend that will turn Amritsar real estate into India’s most expensive.Whether,thathappens, remains to be seen, but the indications are clear, Amritsar real estate is real estate that will be much sought after and prized!
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