Property market picks up pace in cities

Shivani Bhakoo

Tribune News Service

Ludhiana, November 4

It is believed that in this phase of recession, properties are worst hit, but the data available with the registrar’s office tells otherwise.

As compared to 2016, 2017 and 2018, maximum properties were registered in 2019. Leading property dealers in Ludhiana also believe that genuine buyers (the end buyers in need) have greatly benefited from the Prime Minister’s scheme, which offers around Rs 2.5 lakh subsidy and people, who could not afford to have a house earlier, have started taking such decisions.

Talking to The Tribune, Kamal Chaitley, dealing in real estate for decades, said recession was a temporary phase but it didn’t not mean that people had stopped investing in property.

“In fact more and more queries are coming from people, for whom buying a house is a dream. People want to get benefit from the Prime Minister’s scheme, which provides them subsidy. We are also coming up with offers of flats and people are taking these,” said Chaitley.

At the same time, he said there was definitely a slump in agricultural property. “The condition in villages is not good. There, youths are hooked to drugs and more and more people want them to go abroad. So they are not purchasing agricultural properties for their wards, which they used to do to settle sons who were into agriculture,” Chaitley said.

Interestingly, when people are raising hue and cry over the “recessionary trends”, “absence of liquid cash”, “tight market”, maximum properties in Ludhiana got registered in 2019.

The data with the Revenue Department shows that in 2016 (from April 2016 to September 2016), total 49,795 properties were registered in Ludhiana district while in 2017 (same period) these came down to 46,500. Again in 2018, the market improved and 47,789 properties were registered. However, till September end this year, total 52,363 properties were registered.

Another property dealer in Dugri, Gurvinder Singh Lamba, said ups and downs were part of any business, but real estate keeps on moving. Those in need to buy residential or commercial property will have to buy it, he added.

“During this time, starting from October, November to March and April, there will be a boom in property. There is no recession as far as property dealing in cities is concerned, but suppose one has purchased a chunk of huge land in some village, it will be difficult to sell it,” the dealer said.

Revenue dept data

Year Properties registered

2016 49,795

2017 46,500

2018 47,789

2019 52,363