Punjab Real Estate

According to realtors, even as the residential sector has gained some traction in the region (Chandigarh, Mohali, Panchkula and neighboring areas) in the past few months, the commercial and retail sector has failed to gain momentum owing to various reasons.

While few realtors believe that oversupply of commercial property in the region led to the present situation, others maintain that rentals charged by owners were still exorbitant, making it tough for the commercial sector to stage a comeback.

The realtors predict that it would take a minimum of six months for the commercial sector to recover.

Sanjeev Sharma, broker officer of RE/MAX, a real estate franchising network, maintains that cost has been a major reason why retail sector could not stage a comeback.

Leaving aside some sectors, not many companies have immediate expansion plans and this probably is acting as a major deterrent to revival in the commercial sector.

Rajiv Mehta from Mega Marketing maintained that corporate sector was yet to come out from the cost-cutting mode.

While all 48 homemakers of the cooperative housing society exult in the glory of having a home of their own, it is an important milestone for Archana.

"A housing society of women, for women and formed by women, besides giving a shot in the arm to the women empowerment movement in Hayrana, would provide affordable housing for the middle income group", she says with a sense of pride.

"It is a part of my philosophy of `be the change' which got unstinted support from my husband, whose expert advice on the nuances of the real estate world saw the project from conceptualisation to the implementation stage," says Archana.

Source: The Tribune By Pradeep Sharma Home for homemakers

This was disclosed here by Managing Director of the corporation Rajeev Arora, IAS, while highlighting the performance of the corporation during the current financial year and plans for the next financial year. He informed that the major acquisitions during the financial year so far included 1,800 acres for Industrial Model Township (IMT) Rohtak, 300 acres for IMT Manakpur, 250 acres for industrial estate, Karnal, 350 acres for industrial estates, Rai and 107 acres for the Kundli-Manesar-Palwal Expressway for interchanges and railway sidings.

He added that further acquisitions of 3,000 acres till March 31, 2010 would include 679 acres for growth centre, Bawal, 651 acres for expansion of industrial estate, Barhi, 159 for provision of utilities in IMT Manesar and 1,500 acres for a greenfield industrial estate at Sohna in Mewat. He further informed that these acquisitions would involve a capital layout of about Rs 1,840 crore. He also said the corporation was in the process of inviting applications for allotment of plots in the industrial estate, Kundli (Phase V) and the industrial estate/agricultural implements park at Karnal.

Source: Business-standardHSIIDC acquires land for new industrial clusters in Punjab

The conversion could soon see the day of light as the four- member committee constituted to look into the demand to allow conversion has submitted its report, recommending the demand.

Director, Industries UT department,Vandana Disodia, who was part of the committee, said recommendations of the committee had been forwarded to the authorities and the final decision laid with them. She added once the notification permitting freehold of industrial plots was out, the administration stood to gain from the fees charged on conversion rates that could further be utilised to upgrade the infrastructure in the industrial area. The move is likely to benefit over 1,500 industrialists in the region.

It has been reliably learnt, the committee in its recommendation has suggested the conversion fee at Rs 10 per cent of the collector rate, which is Rs 30,000 as on date. While the conversion rate for original allotees of plots has been fixed at Rs 1,800 per sq yard, the conversion fee for General Power of Attorney (GPA) holders would be Rs 3,900 per sq yard.

This was stated at the 30th annual general meeting of Gurgaon chamber of commerce and industries in Gurgaon, which was also addressed by Haryana chief secretary, Urvash Gulati and financial commissioner and principal secretary, industries, YS Malik. Malik said the state government was providing all facilities to promote industries. He said a plan has been prepared to provide residential accommodation to industrial workers.

Director, town and country planning, TC Gupta said a proposal concerning CLU would be brought in the ensuing session of the state assembly.

In case, the applicant did not get the permission for CLU, it would be considered as approved. But if the industrial unit is not connected with a 18 metre wide road, it would not be issued permission for CLU. A self-certification policy will be implemented shortly for endorsement of site plan of the industrial unit.

Source: Financial ExpressPunjab alters land use policy

All the conditions of the Housing Mega Projects would be applicable for this residential pocket and the concessions provided under the Super Mega Mixed Use Integrated Industrial Park Policy would be available to the company only when the Industrial Pocket was developed by the company in accordance with the provisions of the Super Mega Mixed Use Integrated Industrial Park Policy.

The eight residential sites up for sale had no takers, and of the 45 commercial properties, only 12 were auctioned.

This year's first and seventh since its inception, the auction made GMADA richer by Rs 25.79 crore, which was mere 8.1 per cent more than the reserve price of Rs 23.86 crore.

Of the 12 commercial sites, seven were booths (three in Sector 67 and two each in Sectors 68 and 71), three SCOs (in Sector 70) and two SCFs (in Sector 71), GMADA Estate Officer (EO) Balbir Singh Dhol said.

But 23 booths, eight SCOs and two SCFs did not have any buyers 29 bidders participated in the auction, which lasted for around four hours.

As anticipated, not a single bid was received for the seven (one kanal each) residential plots in Sector 71. Though five bidders were interested in a partly constructed HIG house in Sector 48-C, a court order had stayed its auction.

EO Dhol blamed recession for the poor response. But realtors attributed it to the high reserve price, in case of residential properties, and lack of basic amenities, in case of commercial sites.

Source: The Indian Express By Nitin Jain GMADA auction flops, plots go unsold

By the end of this year, there will be online access to the land records which will benefit NRI population of the state. Besides, all 153 tehsils of the state would be computerised and the project will cost Rs 115 crore.

The project of land records is being implemented through Punjab Land Records Society. The BOOT operators CMC Ltd are handling the work for Sangrur and Barnala, while other districts are being looked after by CMS private Ltd. These operators are supposed to implement data entry and validations of all revenue records. Operation and maintenance of service centres (Fard Kendras) and registration of documents will also be done.

Currently, registration of deeds is being done by using the Prism software at all 153 Tehsils and a pilot project of registration is already implemented on BOOT at Sangrur and Barnala.

Anurag Verma, secretary, Revenue department of Punjab said, "There are few shortcomings in the software and we have decided to get new software developed from Microsoft. This will be integrated with land records, deed writers, stamp duty and Geographic Information Systems (GIS) module."

Outlining the vision of SAD-BJP government Sukhbir Singh Badal , deputy chief minister at the foundation stone laying ceremony of housing mega project of HB Estate at village Behlolpur near Maloya said, " Mohali, Jalandhar and Amritsar , after implementation of detailed plan submitted by these companies, were set to emerge as future investment destination for the multinational companies".

These towns are all set to emerge as 'Cities of Future' with world-class infrastructure including six-lane roads connectivity, with separate ducts for underground power and telecom cables. He said future plan of these cities envisage under passes and elevated roads with sky bridges and dedicated non- mechanical vehicles lanes to ensure hassle-free traffic.

Badal said the state government has given a go ahead to these companies to finalise the conceptual plans after incorporating the suggestions given by them.

The spokesman said that buildings would be leased out to the party making the highest bid. Upon acceptance, the highest bidder would be required to deposit three months lease rentals as security deposit (non-interest bearing) with the corporation within 15 days.

Incase the highest bidder was unable to deposit this amount, the bid money already deposited would stand forfeited.

However, the board, viewed as the poor cousin of the cash-rich Haryana Urban Development Board, which is its main land supplier, failed to catch popular imagination.

One of the main reasons behind the poor image of the board has been its not-so-satisfactory construction quality. Now the board has taken a major decision to remove this deficiency. It has decided to introduce the system of "third-party inspection" for its new projects.

Chief Administrator of the board Arun Kumar said that so far board officers had been inspecting the construction quality. In order to bring more transparency and effective quality control, now experts in the construction industry, who would be empanelled by the board, would be authorised to carry out periodical inspection and point out deficiencies in the projects, which could be remedied in time.

Source: The Tribune Housing board opts for third-party inspection

In the original and presen mutation record of land in and around Mohali, there is a difference of thousands o acres. But this difference hasn't been explained by the authorities to Chander Shekhar, Additional Direc tor General of Police (ADGP), Punjab.

Shekhar is investigating the case pertaining to illega acquisition of land by IAS and IPS officers and politi cians in the area.

In his detailed report sub mitted in the Punjab and Haryana High Court on January 29, Shekhar has ac cused the authorities of giv ing "incomplete, palpably false, misleading, incorrect" and "concealing" informa tion for "reasons bes known to them".

According to the report the "transfer" or "reduc tion" of over 21,000 acres o land in the records has no been explained by the office of the Deputy Commis sioner (DC); District Forest Officer (DFO), Ropar; Dist trict Revenue officer and District Development Pan chayat officer (DDPO), f Mohali.

The details furnished by Shekhar reveal that the re ports sent by the authorities with regard to the trans ferred land have many dis crepancies.

Referring to a report sent l by Mohali DC, Shekhar stated: "Reduction to the extent of 16,312 acres and 8 marlas of mustarka malkan land has not been ex plained. The report of Tehsil Dera Bassi shows 8,580 acres as the total shamlat land in 1966, but in the cur rent jamabandi (mutation), it is 7,218 acres. A differ- ence of 1,362 acres has not t been explained."

"In 1966, total mustarka , malkan land was 287 acres but the current record f shows 254 acres. The differt ence of 33 acres has not been explained. According to the report of Tehsildar, Mohali, the total shamlat or panchayat land transferred to various persons in 1966 was 249 acres. In the current mutation records, it is 149 acres, 2 kanals and 16 marlas. The difference of 99 acres, 7 kanals and 4 marlas has been shown only in six villagers, which is not satisfactory. No explanation has been given about the rest of the villages," Shekhar has submitted in his report.

Source: The Indian Express By Raghav Ohri `DC has no explanation for thousands of acres transferred in Mohali since 1966'

But for a different set of people, the city, located at an hour's drive from state capital Chandigarh, is seen in a very different light, holding a promise of a blossoming future. The city is drawing a good deal of retail players who foresee the city as becoming one of the centres of development after Amritsar, Ludhiana and Jalandhar.

Reliance Jewel on 5,000 sq ft area, Reliance Fresh with its own outlet and Bharti Retail's Easy Day Market on 45,000 sq ft are some of the brands in the large-scale retail format that have entered the city recently. Others such as Kapsons, Woodland, Jini and Jony and Koutons have also managed to settle into the new city. International brands such as FabIndia, Nike, Adidas, Levi's, Bata and McDonald's have realised the potential and purchasing power of the citizens.

Omaxe Group has not only announced its 330-acre plus residential complex but also has most of the popular brands in its Wedding Mall, located at a prime location on the Mall Road and surrounded by Baradari Park, a beautiful lake and Kali Devi Temple. Built with an investment of Rs 140 cr, the mall was unveiled only a couple of months back. Dedicated to the theme of marriage, it intends to provide a mega retail house for the best of marriage-related Indian and international brands.

Source: Economic Times Patiala realty: Retail tale again gets interesting

"We have received applications from six companies so far, which have submitted their project proposals involving investment in the range of Rs 150-250 crore for setting up a mega food park here, which will be the first ever in Punjab," a senior official of Punjab Agro Industries Corporation (PAIC) said.

Among other companies, which have shown interest for the project are Punjab-based International Fresh Farm Products Ltd, Maninder Rice Mills, Kolkata-based LMJ Ltd and Jodhpur-based Veer Prabhu Exports.

PAIC, which is the nodal agency for agri or food processing industries in the state, would facilitate setting up of the food park by making land available at the proposed location of Goindwal Sahib in Tarn Taran district.

PAIC had also intended to become a partner of the special purpose vehicle (SPV), which would be responsible for establishing, operating and maintaining the MFP. The proposed SPV, set up for creating the food park would also be eligible for availing one time capital grant from the Centre to the extent of 50 per cent of the project cost with a maximum ceiling of Rs 50 crore.

The proposed MFP would boast of a Central Processing Centre (CPC) where food processing units would be set up.

Punjab is among those four states, which have been named as potential locations by the ministry of food processing industries for setting up a MFP.

In a major reprieve for thousands of private plot holders in the city, the Chandigarh Administration has allowed them another chance for obtaining completion certificates. In a further relaxation, the mere submission of the requisite documents for obtaining the certificate will be considered as a `deemed completion certificate' and the plot holder will be entitled to all the subsequent benefits, including the sale of plots.

Procedure of inspection of plots

• Applicants to complete all formalities within 90 days of the first submission of their applications
  
• A list of applicants will be prepared by the Estate Office and of them, 25 per cent sites will be randomly selected through a computerised system
  
• The selected sites will be inspected by a team constituted by the Estate Officer
  
• At the time of inspection, the owner and architect must be present at the site, failing which a notice will be issued to them requiring their presence on the next date
  
• If the plot owner or architect are found missing on the next date also, the application for completion certificate shall be treated as cancelled
  
• After inspection, if any violation(s) are found, the same shall either be compounded or removed before issue of a completion certificate

Source: The Indian Express By VARINDER BHATIA UT allows `deemed completion certificates' for plot owners

As a result of this decision, permission will now have to be sought from the Director, Town and Country Planning Department, before carrying out any construction or digging and setting up brick- kilns.

The area falling between Kurukshetra and Shahbad has been identified as Pocket-1, which includes the areas of Awana, Khanpur Jatan, Dola Majra, Chudni Jatan, Gulabgarh, Atwan, Chanarthal, Saraisukhi, Rawalkheri, Dhirpur, Kanipla, Shadipur, Kohlapur, Dhudla, Masana, Dhantori, Beer Chappra, Machouli, Tyora, Bakana and Chhapri villages.

The area falling between Shahbad and the boundary of Ambala district has been identified as Pocket-2, which includes the areas of Mohari, Chhourpur, Samalakhi, Haldahari, Gauripur, Kalayana, Mahildeenpur, Boripur, Patti Boripur, Dau Majra, Gaon Landi villages.

Any kind of construction in the revenue estates of these villages is prohibited and for carrying out construction work in this area, permission from the Town and Country Department will have to be sought.

An official spokesman said here today that action under the Act would be taken against the violators of these orders.

Reason: The notification issued under Sections 47-A and 75 of the Indian Stamp Act, 1899, by Punjab Financial Commissioner (Revenue) Romila Dubey making the fourth amendment in the Punjab Stamp (dealing of under-valued instruments) Amendment Rules, 2009, to grant relief to plot owners in the state on May 28, allowed the benefit to only the "original and first re-allottees".

However, the subsequent re-allottees, who have bought the properties from the first re-allottees were not allowed the benefit of registration at old rates.

"We are bound to obey by the government order, which stipulates to extend the benefit to original and re-allottees only," said a GMADA official, adding that persons to whom the property was transferred by the original allottee or legal heirs of the original allottees were considered as re-allottees.

Up in arms against what they called as "discrimination", a large number of subsequent re-allottees held a meeting on Thursday and constituted a `Re-Allottees' Action Committee' to take up their cause.

Sukhpal Singh, who was made the president of the committee, announced to soon meet Punjab Chief Minister Parkash Singh Badal and seek an extension of the benefit to the subsequent re-allottees as well. The state government has extended the relief for three months, which was first introduced on March 2, 2009 and had expired on December 31, till March 31, 2010.

As per the notification, the stamp duty for registration of immovable property allotted by any government/semi-government organisation will be charged on the consideration amount fixed at the time of allotment of such property, provided that the document is registered by the original allottee and re-allottee, who have already made the full and final payment of their plots till September 2, 2009, while those, who are still paying the instalments, could avail the benefit within three months from the payment of their last regular instalment as per schedule of payment.

With the Greater Mohali Area Development Authority (GMADA) clearing the allotment of 14 acres land in Sector 76 here for the District Administrative and Court Complex (DACC) in Mohali, a ray of hope has emerged which may finally give a push to the project.

The allotment was cleared by Punjab Chief Minister Parkash Singh Badal, who is also the GMADA chairman, on a case moved by the authority following a request from the Punjab Department of Revenue.

The development assumes significance as even almost four years after getting the status of a district, Mohali was continuing without the DACC, which is one of the basic requirements for any district headquarter.

In the absence of DACC, offices of the district civil and police administration were working temporarily from the old PSEB office building in Phase I here while the district judicial courts were working temporarily from a community centre in Phase 3B1.

The District Consumer Disputes Redressal Forum was housed in a rented accommodation in Phase II.
Also, there was no residential accommodation available for officials of the district administration.

Confirming the development, GMADA Chief Administrator (CA) Vivek Partap Singh told Newsline that a formal letter to offer the land would soon be issued to the Punjab Department of Revenue, which was appointed as the nodal agency for procuring land, making payment and completing other formalities related to the allotment of land.

Source: The Indian Express By NITIN JAIN GMADA clears allotment of 14 acres

According to the complaint, Suraj Rathi, was alloted a plot by way of draw of lots held on January 16, 2002. The total price of the plot was fixed at Rs 2,45,025, of which Rathi had paid Rs 61,256.25 to the company. The remaining amount of Rs 1,83,768.75 was to be paid in six equal instalments of Rs 30,628.13 with 15 per cent interest.

Rathi alleged he deposited Rs 2,73,001 and requested the company to make it clear when he would be able to take the possession of the plot . He also requested to be informed about the balance payment if any. The last date of the sale deed was fixed on or before January 19, 2008. Rathi said he went to the office of the Sub-Registrar on January 18 and 19, along with the balance payment but none from the company's side came to seal the contract.

The company plans to pump money in three projects over the next three years in cities like Amritsar, Mohali and Khanna-Mandi Gobindgarh in Punjab. Meanwhile, AIPL Ambuja has already launched its first integrated township project-DreamCity to be spread over 148 acre in Amritsar and to be developed with an investment of Rs 600 crore, the Financial Express has reported.

"We have already sold 80% plots in the project, phase 1 of villas (30 villas) and independent floors have also been sold out. We are confident that by June, the project will be completely sold out. The plots are being sold at Rs 12,000-15,000 per sq yard and villas at Rs 3,000 per sq ft. Sample villas will be launched in the first week of February. However, possession of residential plots and villas will be handed over in the second and third quarters of this year," quoted Gurpreet Singh, CEO AIPL Ambuja in the report.

According to the report, DreamCity project will comprise luxury villas, independent floors, condominiums, hospital, commercial complexes and a luxury hotel.

It will offer about 900 residential units, which include over a hundred premium villas, high-end DC Floors and plots.

The Khanna-Mandi Gobindgarh project of AIPL Ambuja is slated for launch within the next three months. The project which is being designed by a Singapore-based architect will be spread over 80 acre with 70 acre for housing and 10 acre for commercial space, the report added.

Making a presentation to the Punjab chief minister Parkash Singh Badal at Kapurthala house, New Delhi, senior general manager of DLF Group, Ajay Chug assured Badal the group would complete the entire project by December.

Chug said the project would provide direct and indirect employment to 2, 75, 000 persons.

The industrial hub, christened as Hampton Court Business Park, will house only environment-friendly industrial units from sectors such as IT, apparel, sports goods, auto parts and electrical goods.

The park, which will come up in a 45 acre area, will have over two million sq ft built up area and will be wi-fi enabled complex. It will also have state-of-the-art integrated complex management system, facility management system and a business centre.

According to senior officials of the company, individual units will have the choice of acquiring plots of different sizes while using the common facilities and services on a sharing basis. The company will develop the facilities and provide common services. The initial investment in the project is estimated to be at the cost of Rs 250-300 crore.

Ansal API's decision to launch the business park in Ludhiana is aimed at tapping into the unmet need of the city's new generation entrepreneurs to upgrade their manufacturing facilities to a sophisticated, international business environment. This would not only facilitate optimum quality production but also open more business avenues in the global market.

According to Deepak Sachdeva, COO, Ansal API, the Hampton Court Business park will have world=class infrastructure facilities, including warehouse facility, multi-purpose exhibition halls, labs with CAD/CAM facilities, training centres and a convention centre.

Making a presentation to Punjab chief minister Parkash Singh Badal at Kapurthala House in New Delhi on Thursday, senior general manager of DLF Group Ajay Chug assured the CM that the group would complete the entire project by December 2010.

In another presentation made by Amtek Auto Ltd director Sanjeev Bhasin apprised the CM that Amtek Group had already approached the state government for facilitating setting up of their forthcoming mega project "Amtek Railcar Industries Pvt Ltd. (ARIPL)" for manufacture of different type of wagons for the railways.

The CM assured both DLF and Amtek Group of fulsome support and cooperation on behalf of the state government in setting up of these two prestigious projects.

Even the intervention of Punjab Chief Minister Parkash Singh Badal has failed to move the housing project of Housefed, which was awaiting a nod from the Greater Mohali Area Development Authority (GMADA) to construct 632 super deluxe multi-storied flats in Sector 79 here.

Almost 11 acres of land in two chunks 5.5 acres and 5.49 acres was allotted for a housing project in 2003 to Housefed, which had further allotted it to 632 eligible applicants after procuring Rs 40 crore in 2004 but till date no work has begun on the site, which has turned into neglected island.

Taking note of the plight of the allottees in October, Badal had directed GMADA to allow construction on the site.

Complying with the directive, GMADA had agreed to allow the construction but not without duly sworn undertaking from Housefed.

Intimating the decision to Housefed Managing Director (MD) on October 21, GMADA Estate Officer allowed the construction on the site as per approved site plans except an area of 3 kanal 2 marla under litigation in the pocket of 5.5 acres.

GMADA told Housefed that as the area under litigation was spread across roads connecting the project site, the connectivity of public health services and civil works could not be given to the pocket of 5.5 acres.

"Keeping in view the problem, Housefed may construct the flats on its own risk, cost and condition that in case of any future litigation arising out of non-provision of public health services and civil works and any competent court awards any compensation/damages, the whole responsibility would be that of Housefed," wrote GMADA Estate Officer, while seeking a written undertaking in the shape of a duly sworn affidavit from the competent officer of Housefed so that formal approval to construction could be issued.

Source: The Indian Express Even CM's intervention fails to move Mohali Housefed project

A single-member bench of Justice S K Mishra has issued notice to Omaxe Construction (now Omaxe Ltd) directing it to file its reply on it.

"Let notice (be) issue(d) to the respondent (Omaxe) to show cause why the company be not wound up," he said.

The court's direction came on a petition by Ritika Pvt Ltd, which had booked space in Omaxe Mall, Ludhiana, for a showroom.

As per the agreement, Omaxe was to complete construction and hand over possession by December 2007, Ritika Pvt Ltd submitted before the court. It had already paid Rs 4.

State Industry minister Manoranjan Kalia said a dedicated fund of Rs 150 crore per annum was being planned to create and upgrade industrial infrastructure to contribute to the Centre's schemes of cluster development, common facility centres, R&D Marketing.

While highlighting the state's programmes and policies, the minister said special package of incentives has been given to IT and bio-technology units and agro-based industries.

Besides, the government has taken initiatives including providing government land at concessional rates and supplying uninterrupted power to provide a fillip to IT & IT enabled services industry in Punjab.

Kalia further said 13 Special Economic Zone (SEZ) projects have been approved by the Centre for Punjab and 2 SEZs have already been notified.

One more SEZ has been recommended to the Centre for approval, Kalia said, adding that the state SEZ Act, 2009 has also been enacted which will facilitate development of SEZs in Punjab.

The auction for residential projects raised many eyebrows as it saw a 5 Marla (1 Marla=30.25 sq yards) plot being auctioned for a whopping Rs 1.4 crore and a 1 Kanal (1 Kanal=605 sq yards) plot being auctioned at Rs 4.06 crore, the Business Standard has reported.

According to the report, the auction that was held for 42 residential plots in various dimensions ranging from 1 kanal to 4 Marla house, saw as many as 33 plots being auctioned, but quite a few of the highest bidders in different categories backed out after the auction, indicating a possibility of prices being hiked by speculators.

Although estate officials refused to part with the information of how many highest bidders withdrew after the auction, the realtors maintain that withdrawing by some highest bidders in different categories indicate the auction could have been managed.

Source: Realty Plus Chandigarh residential plot auction indicates speculators' effect

The upcoming industrial park would house the companies operating in business process outsourcing, knowledge process outsourcing, legal process outsourcing and engineering process outsourcing. Besides software companies, software testing companies, hardware manufacturing companies, multimedia, graphic, animation and gaming industry, eAdvertising, eMarketing and ePublishing houses, consultancy firms and education & training institutions would also come up in the IT park.

The CM asked the Punjab Information & Communication Technology Corporation Ltd, which is the nodal agency to implement this project, to engage the services of some renowned international consultants for designing and developing the project and suggested to invite a global tender for seeking expression of interest from the interested consultants .

Industries & Commerce principal secretary S S Channy said the project would be developed in a phased manner with residential and social infrastructure facilities such as healthcare, recreation, health clubs and hotels.

Channy said that efficient and reliable power, water, waste management and technology facilities would be provided to the prospective entrepreneurs. A comprehensive network of logistic system encompassing road, rail and air linkages would be ensured besides adequate focus on security and disaster management systems. It had also been proposed to install internet tower with satellite connectivity for direct software export and communication and wi-max technology for high-speed wireless connectivity in SEZ. Exhibition centres including IT-BPO and international trade facilitation centre would also be set up there.

"We are talking to Hilton, Golden Tulip, Fortune and Palm Springs and for management of our hotel. The deal will be finalised in about a month," said G S Johar, chairman, C&C Construction.

The 100-room property will be completed by 2012. This will be part of Mohali's Bus Terminal that the company is upgrading at a cost of Rs 500 crore.

"The entire bus terminal will be developed in three years. The total development entails 15 lakh sq ft out of which about 6 lakh sq ft will be for parking," said Johar.

Source: Realty Plus C&C Construction in talks with hotel chains for Mohali property

Developers who have launched these projects are going slow on the construction process. And those who had announced to launch these apartments have postponed their plans.

ATS Infrastructure Limited dropped the year-old plan of launching studio apartments in Dera Bassi.

"There was a time when almost every developer wanted to launch studio or service apartments in tricity. With development of the IT Park, Chandigarh, Panchkula and Mohali emerged as favourable destinations for IT and BPO companies. The region was being seen as the next IT hub. But it did not turn out to be that encouraging for the developers," R S Bhullar, vice-president of the company, said.

Similarly, two years ago, Reliant Infrastructure Limited launched studio apartments in Mohali. Located on the Kharar-Landran road, the apartments were priced between Rs 14.5 and 16 lakh.

But the developer has not started with the construction yet. According to company officials, the construction will start "in a couple of days".

Also, the developer had planned to launch service apartments, which have been "called off for the time being".

"The construction was scheduled to start a few months ago, but could not take off. The service apartment project has been shelved at the moment. The studio apartments will be available on both sale and lease," an official of Reliant Infrastructure Limited said.

Source: The Indian Express Studio apartments lose their sheen as demand looks unsteady

If the basic infrastructure failed to witness improvement, and real estate sector reeled under slowdown, an initiative of installing security gates in residential areas proved to be a hit, with the idea being implemented in Chandigarh and Panchkula.

Despite witnessing hectic political activity, Mohali city, remained neglected, with the big promises by leaders and ministers of turning it into the best city in the country, slow to translate into reality. While the Greater Mohali Area Development Authority (GMADA) worked on various development projects, those already floated could not gather momentum.

A slew of projects like the Rs 300-crore golf range in Sector 55 under public-private partnership model, convention centre cum five-star hotel, sports complex in Sector 59, IT tower in Sector 67, Rs 45-crore EWS housing project in sector 57 and 66 and working women hostel cum old age home in Sector 68, two community centres in Sector 67 and 69 and a swimming pool ran into hurdles.

Likewise, the boom in real estate sector in Mohali, Kharar, Kurali, Zirakpur, Derabassi and Lalru wilted under meltdown, with buyers shying away from the market. In the gloomy scenario, there was some ray of hope from NRIs, but this too failed to boost the market. At a time when the market was witnessing a slump, GMADA dared to sell residential and commercial properties, but the poor response forced it to stop the auction.

In the political arena, the death of senior Punjab cabinet minister Capt Kanwaljit Singh in a car accident on the Chandigarh-Ludhiana National Highway-95 in Kharar on March 29 evening came as a rude shock. Later, his son Jasjit Singh Bunny, in a dramatic turn of events, announced he would contest as an independent from Banur assembly, represented by his father. Though chief minister Prakash Singh Badal brought him back into the party fold and he was elected MLA, deputy chief minister Sukhbir Badal elevated his arch rival, Narinder Kumar Sharma, as the chairman of district planning board, Mohali.

• Box: Misses
  
• Future plans

At a time when the world is yet to come to terms with recession and meltdown, which had hit the real estate sector hard, realty seems to be on a roll in Le Corbusier's architectural wonder leaving several real estate pundits foxed. A square yard of residential land in Chandigarh's not-so upmarket Sector 32 is worth Rs 1.06 lakh, bringing the city in the league of metropolitan cities.

The record price of Rs 1.4 crore for a 5-marla plot was just an indicator as the prices in the recent auction conducted by the Chandigarh Administration climbed up to a whopping Rs 74,820 per square yard from Rs 55,299 in the last auction held on October 23, 2008, registering a substantial increase of Rs 19,521.

However, the million dollar question is whether this real estate boom will last or is it just a passing phase paving the way for the "correctional period" to set in bringing property within the reach of the middle class? Even as the debate whether the city of the "tired and the retired" is turning into a mecca for the rich rages on, the real estate experts are unanimous that the current realty boom is for real.

In fact, arguably the most-livable city in the country has certain advantages over its counterparts in other parts of the country. Being a Union Territory directly administrated by the Central Government, funds for development have never been a problem for Chandigarh. In fact, being the joint capital of two of the most prosperous states -- Punjab and Haryana -- besides being the administrative headquarters, Chandigarh enjoys a special status.

"Chandigarh offers world-class living standards at Indian prices. With a limited area of 114 sq kms and hardly any scope for expansion, the recent property boom is not misplaced and is going to be a lasting one," claims B.K Sanghi, chairman of the Haryana Group Housing Federation.

 Source: The Tribune Soaring City: High Price Of Realty In Chandigarh Bringing It In The League Of Major Metros

Property prices in the city are considered a benchmark for the rest of the region, particularly the tri city and adjoining areas. First, it was the auction of residential property, which belied the recessionary trend with the UT estate office netting Rs 77.75 crore through the auction of 33 sites at Rs 74,820 per square yard. The auction of commercial sites accounts for Rs 20,000 per sq yard increase in the price of property in about one year. In the commercial segment, 89 SCOs and booths and 12 lounging-cum-restaurant sites had been put up for auction, the Financial Express has reported.

A property broker of Panchkula Rajesh Oberoi of Oberoi Sons said effect was instant and in a single day, the owners of plots had started quoting price, which was 25 to 30 per cent more than which prevailed only a day before the auction.

Oberoi said that even the sectors falling in Panchkula extension were witnessing a huge jump in prices. However, maximum increase was being witnessed in sectors close to Chandigarh Information Technology Park that fall under the Mansa Devi Complex in Panchkula.

Oberoi further said that property prices in Chandigarh had always fueled prices in adjoining cities.

Sources said the specifications will not be the same as quoted by Parsvnath but conform to the standard specifications provided by CHB in their existing units, bringing down the cost factor. Parsvnath, which had a 70 per cent stake in the project, had priced the one-room apartment at Rs 52 lakh, two-to-five bedroom apartments from Rs 1 crore to 3.5 crore and villas for over Rs 6 crore.

CHB, Parsvnath arbitrators' meeting begins After Parsvnath chose to settle outstanding issues with the CHB under the Arbitration and Conciliation Act, the first meeting of arbitrators was held in Chandigarh on Friday. The meeting was attended by all three arbitrators former SC judge D P Wadhwa, appointed as the arbitrator by Parsvnath, retired judge Amar Dutt appointed by CHB and Justice S C Aggarwal appointed by Wadhwa and Dutt. In the first arbitrators' meeting over Prideasia Project, three weeks have been given to Parsvnath to file its claims, and six weeks thereafter have been given to CHB to file its counterclaims. Then, Parsvnath has three weeks to reply to CHB's counterclaims. Further action will be decided in the second meeting scheduled for April 9, 2010.

New projects Several new projects in Sectors 52, 53 and 54, including units for the Economically Weaker Section, are also on the anvil. The architectural drafts with respect to development of 90 acres in these sectors have been prepared. CHB Chairman Mohanjeet Singh said: "The new schemes will be floated once approvals are received from the respective departments or the projects are near completion. This decision has been taken due to delay in construction of units in Sector 49 and 63 in the wake of objections raised by the approving authorities."

Besides nearly 13,000 dwelling units for different categories coming up in the aforementioned sectors, the CHB is also developing a number of housing complexes.

These include the 20-acre Integrated General Housing Complex at Kishangarh, the 10-acre housing complex for economically weaker sections in Sector 26, 30-acre Integrated General Housing Complex at Sarangpur and 25-acre Integrated Low Cost Housing Project at Hallomajra. Also, the CHB will soon start construction of a general housing scheme in Sector 63 on 42 acres of land.

Unlike their counterparts in Chandigarh and Mohali who are not visibly appeased by their industrial policy, industrialists here are hoping that the much-awaited review might be able tomeet some of their grievances.

Panchkula industrial area houses around 800 industrial units that are into manufacturing of building materials like furniture and decorated laminates, sanitary ware manufacturers, pharmaceutical units and also the ancillary units catering to the tractor industry. Witnessing shortage in demand of the tractor industry, a few ancillary units in the region have now diversified to cater to other auto and allied industry.

Chairman, Haryana Chamber of Commerce and Industry Satish Gupta maintained the focus needed to be on fostering the growth of industries. "The fast changing environment demands for better adaptability among business houses and the government should take measures that allow the industrial units to change the nature of profession as per demand of the market," he said. Gupta added the government should see that there is minimum interference in allowing industries to meet the fast changing demands in global scenario.

Source: Business-standard Panchkula industrialists await review of industrial policy