Amritsar, the city of Golden Temple, is one of the important spiritual and cultural centres in India which attracts more visitors than Taj Mahal. Amritsar is the second-largest city of Punjab after Ludhiana and the most ancient and historic town for Sikhs in Punjab. It is also the most popular tourist destination.
The city enjoys a strategic location with excellent connectivity to major cities of India and Pakistan, as it is only 28 Km from the border of Pakistan. Along with excellent connectivity through rail and road transport, the city is also home to an international airport with a capacity of 150 commercial flights per week, both domestic and international.
The city’s economic fabric is diverse, with manufacturing and the service sector buttressing and about 93% of the workforce engaged in tertiary and secondary services. Historically, Amritsar has been part of international trade routes such as the ancient Silk Route from China to Europe.
There are approximately 25,000 industrial units in Amritsar district, with the significant commodities of export and production being woollen blankets, shawls, printed textiles, local cuisine perishables, embroidered clothes, carpets, etc. It is also among the 20 focal point industrial estates identified by the State Government of Punjab. Amritsar is the largest grain and commodity trade market of Punjab, supported by strong healthcare and educational facilities which provide a plethora of opportunities for growth of the city.
The city is strongly visualized to captivate future investments into the real estate sector in the near future due to the following attributes:
Industrial developments to boost the economy
The Ministry of Commerce and Industry has proposed 550,000 sq km Amritsar-Delhi-Kolkata Industrial Corridor with an initial investment of INR 5,749 crore. This industrial zone will be spread across 20 cities in seven states and will be built along the 1,839 km-long Eastern Dedicated Freight corridor between Khurja and Mughalsarai. ADKIC will boost industrial employment and act as a growth instigator.
Every state could promote at least one cluster of about ten sq km area as Integrated Manufacturing Cluster (IMC), in which 40% area would be earmarked permanently for manufacturing activities in the first phase. This project is expected to attract investment from national and international players to Amritsar. Development of activity nodes such as SEZs, IT Parks, and Industrial estates will support the city’s economy.
Top-ranked city in Smart City Challenge
Under the Smart City Mission, Amritsar topped the list of 27 new Smart Cities announced in round two by the Urban Development ministry. The city has focused on developing self-sustainable public infrastructure, civic infrastructure, and e-governance. The compact area of the walled city, which is more than 950 acres, is meant to be developed under the retrofit programme. In comparison, Majith Mandi and Katra Ahluwalia (area of 50 acres) will be developed under the redevelopment programme. The Smart City initiative will improve Amritsar in terms of sustainability, liveability, and economic development.
As the city is proliferating, the widening of existing roads and development of a Ring Road are underway. Another significant infrastructural development is the expansion and modernization of Amritsar’s airport. 1,613 hectares of land is required for this, of which 44 acres have been acquired already. A 31 km BRTS corridor is under construction in the city. A High-Speed Rail Corridor between Delhi-Chandigarh-Amritsar is another major infrastructural initiative, a step taken to boost tourism, reduce travel time, and improve Amritsar City’s connectivity with the rest of the country.
Seeing the recent developments, various major residential plots providers in Amritsar are investing more and are ensuring that the residents will be equipped with everything they want. One of such providers is Experion Virsa. They are known to have one of the best real estate properties in Amritsar that aims to provide comfort and luxury.