DLF, Reliance eye Pinjore for residential projects

The real estate market in Pinjore area of Panchkula district is all set to get a boost with big players zeroing on the area for developing their residential projects. According to sources, DLF and Reliance are the major players eyeing this area. The deals, still in the negotiation stage, are all set to shift the focus of real estate market in the district to this Pinjore-Kalka Complex. DLF is said to be in negotiations with the landowners in Bhagwanpur and Viratnagar area for buying land, and Reliance is eyeing the Surajpur area for investments, said the sources .

At present, the Amravati Enclave is the sole private player in the area, which falls in Sector 2 of the Pinjore-Kalka Complex of Haryana Urban Development Authority.

Nand Lal, a property consultant based in the area, said “the land in this area is priced at approximately Rs 1 crore to Rs 1.5 crore. Both the real estate players are looking for more than 100 acres for investing, and some deals have already been made in Bhagwanpur and Viratnagar areas.”

The developers are eyeing this area keeping in mind the increased connectivity between the area and Chandigarh Properties, as the four-laning of the NH-22 proceeds. “Also, the residential areas in this area can attract professionals from Baddi area and IT professionals from the proposed IT Park in Panchkula,” said Rajan Thakur, a local investor.

The prices in this area are comparatively lower than that of neighbouring Zirakpur, though both are on the national highways. “In Zirakpur, in some areas an acre is available for up to Rs 5 crores. This, because the land here is hilly, uneven and criss-crossed by seasonal rivulets,” said the investor.

It is interesting to note that local residents of the area are not allowed construction of houses outside Lal Dora, due to imposition of Haryana Urban Development and Regulation Act, and also due to New Punjab Capital Periphery Control Act.

Source://expressindia.com