Unholy Row Leads To Plummeting Property Prices

                                                                                         

The holy city of Amritsar has seen property prices drastically slashed due to the Sikh Dera Sacha Sauda conflict. Sectarian tension is taking toll of Amritsar’s booming tourism industry, just when it is the peak of the tourist season. Many hotels have reported cancellation of bookings as tourists change itineraries following reports of ‘unrest’ in Punjab. Fear is rampant amongst property consultants and hoteliers that if the present conditions continue to prevail, the state’s developmental phase will grind to a halt.

Manjit Singh, a property consultant confirms the unholy situation saying, while earlier NRIs engaged in buying property, now there are no inquiries from them regarding new property deals, as they are even willing to dispose of their lands at lower prices, thereby incurring considerable losses. Citing one such example, while earlier 1-sq. yd. of land at Ajnala Road by the main road was available for Rs. 20,000, today the same land is available for Rs. 17,000. Ashok Soni, Director – Royal Property Consultant affirms that land prices at Wagah Road are also dropping. Fifteen days back 1-acre of land was available for Rs. 35-lakh, now it is on sale for Rs. 30-lakh.

However, prices in Civil Lines area, in the vicinity of the Golden Temple and Durgiana Temple remain stable, says Johnny Sharma, another Director of Royal Property Consultant, adding: “There are no buyers for big deals in the city these days.”

And, Pawan Kumar, a travel agent informs seven tourist groups, who were to arrive from West Bengal, have asked for their bookings to be cancelled. He says: “Usually, during this time of the year it is difficult to find rooms in the city, but now they are available in plenty, because tourists are afraid to travel in Punjab.”

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Source: IndiaRealEstateblog

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