Real estate industry body, Naredco has launched its 9th chapter in Punjab with an aim to seek government’s support on regulatory issues and propel the state’s real estate towards growth. NAREDCO (National Real Estate Development Council), the apex national body for the Real Estate Industry which works under the aegis of Ministry of Housing & Urban Poverty Alleviation.
NAREDCO 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.
Commenting on the launch of Punjab chapter, Mr. Parveen Jain President NAREDCO said, “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. The Punjab chapter aims to help resolve local issues, initiate dialogue with the state as well as the national government to remove the uncertainties of the state’s real estate sector. We continue to get tremendous support from local as well as national level development firms in implementing the very objective of the chapter”.
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.
State offers some good options of real estate investments. Cities such as Amritsar, Ludhiana, Jalandhar, Mohali & Chandigarh offers good investment potential.