BJP rout hits Bathinda real estate

BATHINDA, Dec 2: In an upside down trend, the prices of landed properties around the site of oil refinery project near here which were fa...

BATHINDA, Dec 2: In an upside down trend, the prices of landed properties around the site of oil refinery project near here which were facing a slow recession for the past six months, got a further blow with the crushing defeat of the BJP in the recent Assembly elections.

Ironically, apprehensions regarding the clearing of Punjab’s maiden refinery project had been put to rest only recently with Prime Minister Atal Bihari Vajpayee formally inaugurating it early this month. But with the results of the Assembly elections of four states coming in, the people of the region have started relating the project with the life of BJP-led government at the Centre.

Amidst the apprehensions, the deals virtually have come to a standstill. This area had earlier got the fancy of the speculators who spent abundantly on the real estate business after the proposal was made for setting up the country’s biggest oil refinery project in the border state.

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Rama Mandi, a town only 6 km from the site of the refinery, witnessed a phenomenal 50 to 100 per cent increase in the prices of the landed properties. The areas of special attention were Rama-Talwandi Sabo and Rama-Phulo roads.“But a gradual recession started taking place as the speculators failed to further dispose off their properties" admitted a property dealer S.C. Garg adding that the lack of buying capacity had put a damper on the real estate business.

Madan Lal Kapoor, president of the Punjab Pradesh Beopar Mandal (Kapoor group) said that the persistant cycle of crop failure which caused a resource crunch had affected every trade in the region.

Tehsildar of the Talwandi Sabo sub-division Mool Chand told The Indian Express that hardly any deal of property was taking place while the tehsil complex remained packed with the people seeking loans by mortgaging their lands.

Jaggar Singh, a local property dealer, said that nobody was ready to spend on property till the work on the project of refinery started. DC Sucha Ram Ladhar however claimed that the work on the project would start shortly." While the Union Cabinet has approved it, then where lies the scope of apprehensions?, he asked.