Ludhiana, Jul 3: Ludhiana, the commercial capital of Punjab has seen a marked growth in the industrial front and has also witnessed a phenomenal rise in real estate growth.
Opulent mansions, bungalows and luxurious flats make it one of the fastest growing cities in India.
Dr Kuldeep, who was earlier living in a rented house, was able to purchase this property in the posh Model Town area. He now plans to convert it into a clinic-cum-residence.
Dr Kuldeep borrowed 45,000 US dollars from a bank to make his dream come true.
"I was in a hurry to construct a house of my own as I was paying a huge sum of money for renting out one. I purchased this land, which had an old house, which I planned to reconstruct. Now, I can save my rent money and pay off my loan interest. To own a house is a must in today's society," said Dr. Kuldeep.
Move-in-ready-houses are a big attraction and is a good deal for the private builders and property agents.
Basant Avenue, Sarabha Extension and South City are some of the most sought after areas in Ludhiana, where many new developments are taking place.
"People prefer to buy a house or a plot on loan. Earlier, people constructed these houses according to their budget. Now with the easy availability of loans, people are constructing houses of their choice. Non-resident Indians coming back home prefer to buy flats or invest in developed areas," said Kulwinder Singh, a property agent.
Seeing the growth in real estate in Punjab, many finance companies are venturing into rural housing finance.
"Housing finance activities have been increasing all over the country and commercial banks issue loans for home easily. Housing finance companies are also paying more attention. The government has decided to take up the deficit of 21 million houses in India. To recognize that, the government has given a tax concession to encourage people to invest in housing," said K G Sathyasingan, Managing Director, PNB Housing Finance Limited.