kdsingh80 Posted August 26, 2011 Report Share Posted August 26, 2011 Luxury car sales boom in Punjab, Haryana NEW DELHICHANDIGARH: The fact that Punjab is a major market for luxury cars is old hat, but proceeds from real estate deals for Punjab and Haryana-based farmers have added fuel to that trend. Luxury car makers such as Daimler Chrysler are now witnessing a sudden surge in demand. The sales of Mercedes Benz cars in the primarily agricultural state has surged by 27% as compared to the company's expected annual growth of 10 to 12% in 20010-11. Punjab, in any case, is the third biggest market after Delhi and Mumbai for Mercedes cars. Rural areas of the two states are emerging as the new hunting ground for luxury car makers after the real estate boom. Land prices in both Punjab and Haryana have skyrocketed during the last one and half years due to construction of shopping malls, hotels, apartments and multiplexes. "With the real estate boom in these states fetching handsome land prices, farmers in a couple of areas, including Bathinda and Nabha, have shown keen interest in buying Mercedes Benz cars during the last one year," said Manjit Singh Bala, MD of Chandigarh-based Tai Pan Traders (authorized dealer for Mercedes Benz). In fact, in Haryana the Reliance SEZ project may have run into political controversy, but the farmers who have sold their lands have made a neat profit and are among consumers who are on a luxury car buying spree. So far, the SPV of Reliance and HSIDC has procured close to 1700 acre of land in Jhajjar district. The price of this land till about an year ago was barely Rs 4 to 5 lakh per acre. Today this land is being sold at Rs 22 lakh per acre. This has come a big windfall for farmers. As Rohtak MP Deepender Hooda says that delegations of farmers keen on selling their land to the SPV are visiting him in increasing numbers. In fact, this phenomenon was also witnessed in Himachal Pradesh earlier. In 2002, when the Union government provided special tax concessions to industries based in Himachal, the prices of the land in Baddi-Barotiwala area went up by 4 to 5 times. Land, which had no takers for a long time, was then sold at a premium. The increased prosperity led the locals to invest in automobiles. However, since these people had never owned a vehicle ever in their life, there were grotesque instances of a family having three vehicles, with no one to drive. It goes without saying that the services of local village youth who could drive a scooter or more importantly a car were available for a premium. The sale of high-end cars has also received a fillip with rise in tourism (especially NRI visitors in Amritsar). As per estimates, 41% of the total sales of Toyota Corollas comes from north India. ******Related pics of imported luxury cars in Punjab and Haryana are coming soon********** http://www.royalloops.com/pg/blog/read/5447/luxury-car-sales-boom-in-punjab-haryana 0 Quote Link to comment Share on other sites More sharing options...
SURYADEV Posted August 26, 2011 Report Share Posted August 26, 2011 However, since these people had never owned a vehicle ever in their life, there were grotesque instances of a family having three vehicles, with no one to drive. It goes without saying that the services of local village youth who could drive a scooter or more importantly a car were available for a premium. Haha I was just watching a BBC2 documentry just now, 'India on 4 wheels'. They were on about car ownership in India. They went to UP were quite a few villagers bought new cars at a local auto fair. Funnily enough non of them could even drive a car. As they tried to drive off, stalling the cars, the presenter commented that the blessings given to car by the local preist was absolutley required for this reason! 0 Quote Link to comment Share on other sites More sharing options...
kdsingh80 Posted August 26, 2011 Author Report Share Posted August 26, 2011 (edited) Haha I was just watching a BBC2 documentry just now, 'India on 4 wheels'. They were on about car ownership in India. They went to UP were quite a few villagers bought new cars at a local auto fair. Funnily enough non of them could even drive a car. As they tried to drive off, stalling the cars, the presenter commented that the blessings given to car by the local preist was absolutley required for this reason! Unfortunately these people don't know that they are bringing white elephants which will end up draining their wealth .Its much better if they sell their land and buy some rental property which will provide them stable income as well appreciation in future Edited August 26, 2011 by kdsingh80 0 Quote Link to comment Share on other sites More sharing options...
SURYADEV Posted August 27, 2011 Report Share Posted August 27, 2011 Unfortunately these people don't know that they are bringing white elephants which will end up draining their wealth .Its much better if they sell their land and buy some rental property which will provide them stable income as well appreciation in future True, unfortunately its the same with all the nouveau riche the world over. I'd say give them a few years or even a generation and then they will become sophisticated enough to understand the concept of assets and preserving wealth for the next generation. In last weeks programme of the same time, Anita Rani visited a MahaRana in Rajhastan. Here is a man living in a palace with servants, he owns a fleet of uber luxury cars, inc an origiinal working Rolls Royce from the early 20C , that his grandfather imported to India. Even he stated that there are doctors and other succesful professionals who own modern cars that he just cannot afford to buy/run. He has the sense not to spend his wealth on conspicuous consumption and get involved in collecting trophies like the rest of modern India is doing. I personally cannot uinderstand why anyoone would have a BMW/Porshe or any expensive car in India. Can these western cars cope with the Indian infrastructure? ie broken roads, cars accidents etc. 0 Quote Link to comment Share on other sites More sharing options...
kdsingh80 Posted August 27, 2011 Author Report Share Posted August 27, 2011 True, unfortunately its the same with all the nouveau riche the world over. I'd say give them a few years or even a generation and then they will become sophisticated enough to understand the concept of assets and preserving wealth for the next generation. In last weeks programme of the same time, Anita Rani visited a MahaRana in Rajhastan. Here is a man living in a palace with servants, he owns a fleet of uber luxury cars, inc an origiinal working Rolls Royce from the early 20C , that his grandfather imported to India. Even he stated that there are doctors and other succesful professionals who own modern cars that he just cannot afford to buy/run. He has the sense not to spend his wealth on conspicuous consumption and get involved in collecting trophies like the rest of modern India is doing. I personally cannot uinderstand why anyoone would have a BMW/Porshe or any expensive car in India. Can these western cars cope with the Indian infrastructure? ie broken roads, cars accidents etc. I drive old scooter whenever I see a SUV I just try to overtake it because I know that SUV in India move like Bail gaadi as roads are quite small. 0 Quote Link to comment Share on other sites More sharing options...
HSD1 Posted August 27, 2011 Report Share Posted August 27, 2011 Better than spending it on drugs. Shame there are no indigenous car manufacturers in Punjab that could sell cars to Punjabis. 0 Quote Link to comment Share on other sites More sharing options...
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