Real Estate Chandigarh

Residential and Commercial properties in Chandigarh..

26 November 2006

Tatas, Birlas eye land at Kansal village

Close to Chandigarh and having a hilly background, Kansal village has become a hot investment option. Big-time real-estate companies are wooing people with land holdings to consolidate and sell the contiguous land. Tata Housing Development Company and the Yash Birla group are evincing keen interest to float their housing projects here, say sources.

The Tatas, who have housing projects in Goa, Chennai, Pune, Bangalore and Mumbai, are now looking up north for their housing project. Talks are on and in final stages of negotiations for acquiring land at Kansal. "The company in the business of premium residential complexes, townships, holiday homes, commercial, technology parks, shopping malls and hotels plans to build both residential and commercial project. The minimum area required for the projects would start at five acre."

Local property dealers confirm that the company is in the final stage of negotiations for acquiring land in the periphery of Chandigarh, which is approximately 70 acres for its housing project. With a lack of contiguous chunk of land in the periphery, the real-estate majors are now consolidating co-operative housing societies in the village to make the realty dream come true.

Among the co-operative societies are one of 120 Punjab MLAs with 23 acres, an ex-defence officers’ society with approximate 25 acres and the rest from another housing society registered in the name of the university teachers. While most members want to cash in on the returns, the agents of these companies are still finding it tough to convince the others. Strategically located, the project is likely to come up adjacent to Chandigarh on the Kaimbwala-Saketri road.

According to sources, to acquire this land the members are being offered Rs 70 lakh each along with an apartment in the project to come up. "Seems an interesting option. We bought the land way back in 1992 for a mere Rs 3 lakh. The last that I heard of such a proposal was sometime back when the Ansals were interested," says Col Ajay posted at Pune. But ironically, a lot of members are yet not aware of any such deal. The Yash Birla Group Infrastructure Company is going to come with only residential project in Ambala, Mohali and Chandigarh, say company sources. "The residential project will be spread over minimum 25 acre of land and the townships over 100 acres," they add.

Source: //
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