Real Estate Chandigarh

Residential and Commercial properties in Chandigarh..

25 March 2007

MLAs got more than what the market bargained for

The Tata Housing Development Company (THDC) is giving a bigger bang for buck to the MLAs with a share in Punjab MLA Society land in Kansal village.

The housing corporation is offering Rs 106 crore—four times the market price—for the land which was priced at Rs 1.5 crore when it was initially acquired by the society. While the market dictates Rs 10,000 for a piece of a square yard in the Kansal village, the THDC has agreed to pay Rs 45,000 per square yard to the society. The exhorbitant price being paid to the Society parallels the prices in Chandigarh Properties—where real estate prices are amongst the highest in the country, with around Rs 50,000 for a square yard.

The prices being paid to the members of the MLA Society is even higher than the land prices in the two developed satellite towns of Mohali and Panchkula, where the prices stand at around Rs 30,000 per square yard. This is all the more striking because the Kansal village land can not be used for commercial activities. Interestingly, the MLAs purchased the land when it was meant for agricultural purposes and had not even been given the NAC status. The legislators have not only got a better deal than what the market dictates, but the society too has gained at the expense of the government.

According to sources, the land was registered in the name of the Society after a payment of only Rs 1.5 crore for the 22 acres. This is more than 100 times the total amount the Punjab MPs and MLAs are getting from the THDC. The THDC is paying a whopping Rs 106 crore for 22 acres of the Punjab MLA Society. The MLAs and MPs are now assured of Rs 82.5 lakh each and a four-bedroom flat in Kansal village on an investment of Rs 6.5 to 13 lakh each.

An officer said the deal implies a tacit understanding between the legilsators and THDC regarding approvals from different government agencies.


Add to: Icio Add to: Oneview Add to: Linkarena Add to: Digg Add to: Add to: Reddit Add to: Simpy Add to: StumbleUpon Add to: Slashdot Add to: Netscape Add to: Furl Add to: Yahoo Add to: Spurl Add to: Google Add to: Blinklist Add to: Blogmarks Add to: Diigo Add to: Technorati Add to: Newsvine Add to: Blinkbits Add to: Ma.Gnolia Add to: Smarking Add to: Netvouz Information


Post a Comment

Subscribe to Post Comments [Atom]

<< Home