This change is a result of Punjab’s evolving demographics with high disposable income desirous of modern amenities like parks and clubs, security and safety.
The industrial city of Ludhiana in the last decade or so has undergone a slow metamorphosis in living preferences with a vast majority of the city’s wealthy and rich population moving away from age-old traditional large-sized kothis in the city’s posh colonies like Model Town, Dugri, BRS Nagar, Gurudev Nagar, Civil Lines, Sarabha Nagar and Kitchlu Nagar to elegant penthouses in integrated townships and residential complexes in areas like Pakhowal Road. This change is a result of Punjab’s evolving demographics with high disposable income desirous of modern amenities like parks and clubs, security and safety.
The city’s fast-growing nuclear families, senior citizens and NRI populace are looking for safety, security and a culture of community living and peer group interaction. Presently, the city’s rich reside in Kothis priced between Rs 2.5 and Rs 3 crore, which is comparable to the price of penthouses.
A major industrial center of North India, Ludhiana is home for many NRIs with capacity to investment big. Well connected to other parts of the country, the city has witnessed an increase in investment from IT companies and manufacturing sector, which has led to creation of job opportunities and demand for living space. The rich and wealthy locals and NRI populace along with this new generation of professionals have necessitated the demand for apartments and penthouses in emerging locations like Ferozepur road and Pakhowal road; a movement away from traditional homes and colonies in Ludhiana.
With the advent of national real estate developers, this transformation in housing preference has become more prominent and this slow shift is fast becoming a trend.
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Penthouses have found acceptance mainly due to their comparable size to Kothis. Some realty players offer penthouses in sizes of 7500-8000 sq. ft. and apartment in sizes from 850-4276 sq. ft. in 2/3/4 BHK options with surrounding greenery and open spaces, fully gated community with manned security and CCTV cameras etc. and amenities that the city’s age-old kothis are deprived of, mainly parks and club house with facilities like pool, gym, restaurants, banquet hall and outdoor sports facilities like Lawn tennis, basketball, kids play area. The facilities for shopping have also been developed to make living self-sufficient.
The rising demand for apartments and penthouses has seen property prices beating trend as compared to other cities, appreciating by 70-80% in the last 5 years. Even apartment sizes are large as compared to other parts of the country. The developers too are meeting this demand and are ensuring that the buyers get the feel of royal living within the boundaries of new lifestyle.
With the festival season coming in a few months, inquiries have already increased and with the quality of projects available here, the conversion of inquiries to sales is likely to bring in the heydays for real estate here.
(By Mohit Goel, CEO, Omaxe Group)
(Disclaimer: These are the views of the author. Please do your own research before investing in any project)