A mid-priced segment house in Amritsar
The city has three main residential clusters – the old city, the newer but developed areas and then, the outer developing area coming around national highways connecting the city with major towns in the state. “Green Avenue, Vasant Avenue and Ranjeet Avenue are the developed areas with most supply concentrated in the secondary market. Price movements here are relatively stable. Grand Trunk Road (NH-1) is the new hub for supply creation. Majitha and Airport roads are also witnessing supply expansion.
Some of the projects coming up around these areas include Ansal City (NH-1), AIPL Ambuja Dream City (NH-1), Amritsar One (NH-1), Splendor Mayfair County (Airport Road), Alpha International City (NH-1), SG heights (Majitha Road), Blessing City (Airport Road), and Global City (NH-1).
Buyers have options to choose from integrated townships to smaller group housing projects. Plots are available in different sizes, generally varying from 50 sq yard to 1,000 sq yard.
The mid-priced residential segment is the most dominant segment in terms of supply and demand in Amritsar, so a buyer looking for a plotted or multistorey housing in the city has relatively more options than buyers in other price segments.
Apartment prices vary according to size, builder, location, and possession status. Though, prices range from ₹30 lakh to ₹2 crore for apartments, but, most of the apartment supply is in the ₹40 lakh to ₹60 lakh price range. Most of the current supply is located in the 1,700 sq ft
AMRITSAR RESIDENTIAL SEGMENT OFFERS VARIOUS OPTIONS FOR HOUSE HUNTERS IN THE BUDGET OF ₹40 LAKH TO ₹60 LAKH
to 1,800 sq ft sized apartments with 2-BHK and 3-BHK (bedroom-hall-kitchen) configurations.
Apartment supply is mainly targeted towards the demand from outside the city. Within the city, most demand is located in the plotted segment. In the plotted segment, in the older parts of the city, most supply is concentrated in the resale market. In the Improvement Trust-developed areas like Green Avenue, Vasant Avenue and Ranjeet Avenue, in this prices range 100 sq yard to 200 sq yard plots can be explored. In the New Amritsar area on the GT Road, the price range for a plot is around ₹20,000 per square yard to ₹25,000 per sq yard.
In new projects coming up in the city, prices on an average are around ₹10,000 to ₹20,000. Plots on the city's outskirts cost about ₹9,000 to ₹10,000 per sq yard.
In these areas one can explore plot sizes ranging from 250 sq yard to 500 sq yard.
The floors gained in relevance as plots became expensive in the city over the last decade. It has become unaffordable for most buyers to buy land near the city and construct a house in the price range of ₹40 lakh to ₹60 lakh.
Most floors are available in this price range. Floors in the city are available in different locations, but, most of the supply is concentrated on the GT road and the airport road. The ground plus two (G+2), G+3 and G+4 are the main configurations for the floors in the city. Floors generally come with provisions for open parking, stilt parking and basement parking varying with project and configuration.
The price for floors range from ₹40 lakh to ₹60 lakh in most projects. The 2-BHK (bedroomhall-kitchen) floors are available at an average price of ₹42 lakh.
The relatively bigger 3-BHK and 4-BHK are priced between ₹55 lakh and ₹65 lakh. The size of 2-BHK floor ranges from 1150 sq ft to 1,400 sq ft, and for the 3-BHK floor, size varies between 1,600 sq ft to 1,850 sq ft.
The midpriced residential segment is the most dominant segment in terms of supply and demand in Amritsar, so a buyer looking for a plotted or multistorey housing in the city has relatively more options than buyers in other price segments.