Chandigarh and its suburbs to invest Rs 6,000-7,000 cr

Chandigarh and its suburbs are likely to join the bandwagon of the Metros within two-three years with investments touching upto Rs 6,000 to Rs 7,000 crore.IT Park, Multiplexes, Film City, Theme Park, or multi-storied buildings, the development has begun and the city beautiful is likely to emerge as a major tourist destination.
Chandigarh IT Park, where companies like DLF, Infosys, Wipro, Bharti Airtel, Tech Mahindra, Parsvnath Developers have already promised investments of around Rs 4,000 crore, keeping in mind the escalating real estate rates.

• DLF has a building in 12.5 acre area and work on its hotel and infocity will soon begin.

• Wipro and Infosys have about 30 acres each and an investment of Rs 300 crore and Rs 400 crore respectively is expected.

• Parsvnath Developers made the country’s third highest real estate bid for for developing residential area of about Rs 821.21 crore,4 million sq ft, the total revenue after sale of flats is expected to be around Rs 3,000 crore.

There are few other projects in the pipeline like a 70 acre Theme Park, where an investment of around Rs 300-400 crore is expected.

About 8-10 companies have submitted expressions of interest for the same and the selection process is going on.

Film city, which will make Chandigarh and adjoining states a hub for Bollywood directors and stars, is likely to attract Rs 300 crore of investment.

Source:http://www.financialexpress.com/

Parsvnath outbids DLF: 126-acre Chandigarh land

Parsvnath Developers Ltd
has won a 126-acre land deal in Chandigarh for Rs 821 crore, outbidding real estate giant DLF Universal.

"We have won the 126-acre land deal in Chandigarh. We are making Rs 821 crore upfront payment to Chandigarh Administration," Parsvnath Chairman Pradeep Jain said.
Besides, the company would have to share 30 per cent revenue from the sale of residential properties. This is estimated to be around Rs 600-700 crore, which would take the entire deal in the range of Rs 1400-1500 crore, he said.

The high-priced Chandigarh deal comes barely weeks after another real estate firm Unitech created history by bagging a 340-acre land deal in Noida for a record Rs 1,583 crore. While Jain did not say how much DLF had bid, industry sources said it was more than Rs 600 crore.

Source:http://www.dnaindia.com/

Migrant workforce has reason to cheer

Responding to a crying need to raise social infrastructure in the Baddi-Barotiwala-Nalagarh and Parwanoo industrial belts, the Confederation of Indian Industries (CII) in association with Himachal Pradesh government has decided to construct 12,000 dwelling units for around 24,000 migrant workers.

Banks, industry and farmers would pitch in with easy loans and land for the project.

The construction will take place in the 10-km radius from Nalagarh-Ropar border to Jabli in Solan, at an investment of around Rs 120 crore, to be financed by the banks.

As per the plan the industry will enter into a tripartite long lease (10 years) agreement with agriculturist/owner and will pay EMIs to the bank till full repayment of loan against each dwelling unit.

After that, the farmers would retain ownership of the houses and continue to get rent from industry.

CII’s role would be to facilitate a memorandum of understanding between the Canara Bank and HDFC Ltd and department of industries, HP. On its part, the state government will allow land usage conversion and will not levy any local body or property taxes on the houses.

Counting the benefits of the project president Baddi-Barotiwala-Nalagarh Industries Association, AR Singh said, "It would create wealth and assets for Himachali agriculturalists. The industry will have sustained availability of local workforce.

Those living in nearby villages will get self-employment opportunities in trades like grocery stores/eateries, transportation and telecommunication services."

Source:http://www.timesofindia.com