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Posted at: Mar 18, 2017, 12:45 AM; last updated: Mar 18, 2017, 12:45 AM (IST)IN CONVERSATION

Punjab is a buyers’ market

Punjab is a buyers’ market
Parveen Jain President NAREDCO
Real estate industry body National Real Estate Development Council (NAREDCO) launched its 9th chapter in Punjab earlier this week with an aim to seek government’s support on regulatory issues and propel the state’s real estate towards growth.

NAREDCO is the apex national body for the Real Estate Industry which works under the aegis of Ministry of Housing & Urban Poverty Alleviation and it already has a presence across 8 states in the country including Delhi, Maharashtra and Karnataka capturing some of the prime real estate metros. The newly launched chapter has membership from 15-20 leading and local development firms. 

Excerpts from an interview with Parveen Jain President NAREDCO on the sidelines of the launch : 

The National Real Estate Development Council (NAREDCO) has launched its ninth chapter in Punjab. Q. What is the prime objective behind launching a state chapter in Punjab?

The launch of Punjab chapter reinforces the need for the group of development firms to come together to raise local issues and regulatory concerns through a national platform where all the issues concerning the real estate sector can be put forward, discussed and resolved with the government. NAREDCO has been very successful in getting its recommendations implemented by the government, the most recent being infrastructure status allocated to affordable housing.

How will this benefit the buyers?

PThis will prove to be a boon for the people of the state as they can air their issues and problems to the Punjab chapter, which can do proper analysis and can understand these issues at the local state level and resolve them dexterously. It will be much easier for the buyers and developers to air their issues, grievances and recommendations for the growth and development of infrastructure, housing and real estate of Punjab as an entity. By understanding and resolving at the local state level issues concerning infrastructure, housing, it will pave the way for fast development and growth of the state as a whole.

Are the local developers going to play a pivotal role in establishing the base?

Yes, the local developers are going to play a pivotal role in establishing the base and improvement of real estate of Punjab as they are the best persons to know what issues, concerns and problems being faced by the sector and they would be the best to suggest and recommend measures to reslve these. Local developers can initiate a dialogue with the state and the national government through NAREDCO to sort out all the concerning problems and issues.

The newly launched chapter has around 15-20 local development firms as members. Some of the developers are Punjab Construction Company, Sharma & Ganga Har Builders & colonizers Private Limited, Vinayak Group, Samaira Infra & Uddhav Real Tech.

There is a mammoth slowdown in Punjab Real Estate Sector. As a result , people are skeptical about investing in the state. Do you expect the scenario to be better in 2017?

The situation is going to improve s far as growth and development of infrastructure of Punjab is concerned. Punjab's real estate has seen correction in prices post demonetisation. The state’s market has transformed into a buyer’s arena as people are now preferring greater transparency in property transactions. Punjab is also one of the states in the country to have placed an interim Real Estate Regulatory Authority post framing the rules of a Real Estate (regulation and development) Act. The state offers some good options of real estate investments. Cities such as Amritsar, Ludhiana, Jalandhar, Mohali & Chandigarh offer good investment potential.

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