Chandigarh Property News

Hansa group to set up industrial park in Punjab

Chandigarh-based Hansa Group of Industries has diversified into real estate development and is setting up an industrial park in Derabassi (Punjab) near Chandigarh. The proposed park will be spread over 80 acres and attract an investment of Rs 132 crore. The group has been granted approval for change in land use by the Punjab government for setting up the park.

Group Director Atul Gupta said, “The industrial park is ideally located on the Derabassi-Barwala Road, which is a state highway. The proposed industrial park will be the first ever in Derabassi and the second one in Mohali district. We will develop this park in accordance with international standards over 80 acres at an estimated Rs 132 crore. It will have basic amenities like wide road links, water supply, a sewerage treatment plant, and street lights.” Read More>>

Monday, November 03, 2008  India-Realestate

Realty boom in Chandigarh

The real estate market is once again booming in the Chandigarh periphery, if the official figures of land registration deeds are any indication. The number of land registration deeds touched an all-time high in two years at 446 in July 2008, followed by 393 in August 2008, after plunging to as low as 163 in September 2007. The state Government earned Rs 88.38 crore as stamp duty and registration fee from the 8,324 land deeds between April 2006 and August 2008, in the Chandigarh periphery, falling under the jurisdiction of Majri sub-tehsil. At least 69 defaulters detected between August 2006 and March 2008, evaded Rs 62.62 lakh on account of stamp duty and registration fee.

Official records with News line reveal that revenue of Rs 7.51 crore was earned in July 2008, on account of Rs 7.32 crore stamp duty and Rs 18.45 lakh from registration fee. The second highest revenue of Rs 6.64 crore was earned in June 2008 from registration of 366 land deeds on account of Rs 6.5 crore stamp duty and Rs 14.25 lakh as registration fee. The recession in the real estate market last year, was evident from the lowest revenue of Rs 63.27 lakh recorded in October 2007 when 218 land deeds were registered. Though the land deeds could not be registered below the minimum rates of registration of land fixed by the Collector, who is also the Deputy Commissioner, but the high and mighty connive with the concerned tehsildars to get their land deeds registered as per their whims and fancies. Read More>>

Sunday, November 02, 2008  India-Realestate

Chandigarh Realty Market Witnessing New Trends

India’s first planned city, Chandigarh, is witnessing a surge in the demand of new real estate segments like luxury homes, studio apartments and friend flats. People prefer small, cozy homes to the huge bungalows as has been the trend there in the past. And so, these are being converted to flats. Single professionals and new couples lift small, cozy homes that are easy on budget and have low maintenance costs. Elaborate housing usually spells immense infrastructure and high maintenance costs for them. New constructions are witnessing a boom in the demand for partner housing as compared to 2 BHK or 3 BHK apartments.

This demand has been fuelled by the migratory population. The city is no longer a home of the retired scores people. In fact young professionals and students from nearby areas of Punjab, Haryana, Himachal Pradesh and even Delhi commune to Chandigarh in search of better lifestyle and good infrastructure at low costs. Most of the old residential properties in Chandigarh are bungalows that are 2 - 3 storey gangling structures. The owners are remodeling these bungalows into single apartments, 2 BHK and 3 BHK and paying guest accommodations. This way, the owners can mint more money from rent and many family units can be accommodated within the same bungalow. This formula seems to be catching on with the residents and many people are opting for such remodeled accommodations. Read More>>

Sunday, November 02, 2008  India-Realestate

Chandigarh developers to sell land to cope with slowdown

As the real estate sector in Chandigarh is witnessing a slowdown, realtors are even planning to sell their land, which they had bought out of the profits they earned from the earlier projects, to fund their ongoing projects. The multiple interest rates coupled with inflation have slowed down the residential sales around the city, worsening things for realtors who are grappling with financial crisis. The realtors of the area are bearing the brunt of the liquidity crisis and are not able to fund their existing projects.

“Last few months have not been good for the market. The liquidity cannot be generated through the stock markets and even the banks have got strict over loans. In order to generate liquidity many developers around Chandigarh are ready to sign off their land holdings to generate liquidity for their ongoing projects,” General Manager of Berkley Realtech Kamal Jindal said. Explaining the cycle, Jindal said that when the real estate market was in a boom most developers with the huge profit margins created land banks around Chandigarh. But as the real estate entered into the correction phase, liquidity became an issue for the developers who are ready to sign off their land holdings in order to clear the debts and fund their existing projects. Read More>>

Sunday, November 02, 2008  India-Realestate

Land on Samrala Road fetches Rs 8.38 Crore

More than 100 bidders from Ludhiana, Chandigarh, Delhi and Chennai take part in auction. The live example of property boom was seen today in the auction of the Greater Ludhiana Area Development Authority (GLADA) where the highest bid of a shop-cum-office (SCO) fetched Rs 2.75 lakh per square yard against the reserve price of Rs 1.10 lakh per square yard. The booth measuring 305.25 square yard, which is in Sector 32 on the Samrala Road, was sold off at Rs 8.38 crore.

This SCO has been purchased by Deepak Land and Developers, a city-based real estate dealer. The GLADA had planned to auction more than 40 sites but after looking at the huge response they got from today’s auction, they have put the auction of the remaining sites on hold. Read More>>

Saturday, June 28, 2008  India Realestate

CITCO Plans to Set up a Five-Star Property in Chandigarh

The Chandigarh Industrial and Tourism Development Corporation (CITCO) plans to set up a five-star hotel on a prime three-acre plot on the Chandigarh-Ambala road in the Industrial Area, Chandigarh. The corporation is also in talks with major hotel chains, including Hilton, ITC, Marriott and Radisson to explore the possibility of the private-public partnership for the project. CITCO run Hotel Mountview is the only five-star hotel in the city.

According to sources in the corporation, the Chandigarh administration is likely to approve an alternative site for the shifting of CITCO’s iron and steel store from the Industrial area (where the hotel is to be set up) to village Hallo Majra. Many big hotel chains and real estate companies are planning to set up big hotels for the high-end tourists. The DLF is already constructing a five-star hotel in the IT Park, while the Uppal Group are coming up with a five-star hotel in Sector 35, Chandigarh. Read More>>

Friday, June 13, 2008  India Realestate

Malls to be constructed on Chandigarh Bus Stands

Bus stands would be the latest venues for modern multiplexes and glitzy shopping malls in Punjab. Realizing that most bus stands are usually located at prime locations in Chandigarh and other cities in Punjab and would be an attractive proposition for realtors, the Punjab Industrial Development Board (PIDB) has planned multi-storey structures, where the ground-floor would function as bus stand and the levels above would house showrooms, offices, restaurants and cinemas.

Top names of Indian real estate have already submitted their expressions of interest for this project. Bids have been invited for development of bus stands at Mohali, Patiala and Bathinda on PPP model. Applicants include DLF Ltd, Gammon Infrastructure, Nagarjuna Constructions, GMR, Unitech, TDI, India Bulls Real Estate, Parsvanath and Omaxe. Bids have also come from far off places like PD Aggarwal Infrastructure Limited (Indore), Akruti City, Oberoi (Mumbai), IDEB (Bangalore) and Bengal Silver Spring (Kolkata). Read More>>

Tuesday, May 06, 2008  India Realestate

Multiplexes & Malls opening up at Chandigarh

Starved of multiplexes and malls, residents of the tricity can now look forward to at least three such complexes in the next couple of months and double the number by the end of the year.

City Beautiful, which currently has just one multiplex to boast of, will get a second this week. DLF’s DT Cinemas will open at the Rajiv Gandhi Chandigarh Technology Park (RGCTP) on Friday with Saif Ali Khan-Kareena Kapoor starrer Tashan. Read More>>

Thursday, April 24, 2008  India Realestate

Hotel Booms “Checks in” Chandigarh

World’s major hotel chains are moving in to tap the hospitality boom in Chandigarh. While Carlson Hotels Worldwide Asia Pacific announced its plan to set up a hotel at Zirakpur, it is an indication as to how the city has caught the fancy of the hospitality sector that is willing to expand itself in and around Chandigarh.

According to hotel industry analyst, the total investment being made in the hotel projects by the companies could be anywhere around Rs 1000 crore. Including foreign direct investments, developers like Uppal’s project of developing a five-star hotel in Sector 35 in association with JW Marriott involves an estimated cost of around Rs 250 crore. Read More>>

Sunday, March 16, 2008  India Realestate

Chandigarh Housing Board to construct 13,000 units

The Chandigarh Housing Board (CHB) is to construct around 13,000 housing units under different categories in the city.

CHB has started construction of 160 houses in Sector-26 East (Bapu Dham) for low-income households. Over 8,000 houses are to come up each in Dhanas and Maloya-I. Read More>>

Saturday, February 09, 2008  India-Realestate

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