Realtors queue up for investments in Chandigarh

Written by Vani Aseem Grover | Preeti Parashar | Chandigarh, Dec 30 | Updated: Dec 31 2007, 06:18am hrs
Chandigarh seems to have become a hot choice for the real estate big wigs, as is evident from the projections that Chandigarh capital region alone would witness investments close to Rs 6,000 crore within the next two-three years. Some of the major projects coming up in the region include the Rajiv Gandhi Chandigarh technology park, multimedia cum film city, theme park, education city and Medi city. Investments are also likely to pour in the form of various malls and multiplexes, hotels and big retail houses. Much of it is accounted for by the fact that Chandigarh has the highest per capita income in the country and is therefore a huge market.

How else could one explain that one of the biggest luxury realty housing project- Parsvnath PRIDEASIA has been announced for Chandigarh. A strategically located project spread across 123 acres in the Rajiv Gandhi Chandigarh technology park, the project is expected to have a realization value of approximately US$ 1 billion or Rs 4,100 crore.

On the other hand, Delhi based realtor Uppal's are making big ticket investments in the region. With an upcoming five star hotel, a mall and a luxury residential township, their total investments in the region could be upwards of Rs 800 crore in the coming two years.

Not only this, the city would soon join the league of mall cities of India, a la Gurgaon style. If its Uppal's Centra Mall on one side, Delhi based Realtech Group are rolling out the largest mall cum multiplex of the city, the 'City Emporio Mall'. Realtech has already invested close to Rs 140 crore on this project. Claiming to be the largest platinum end mall in the city, it is coming up across 2 acres and would change the skyline of the city with a 6 floor shopping space housing some of the top brands of the world. The group has also tied up with Mumbai based Fame Cinemas for a 4 screen multiplex with a gold class for private screening. As for Uppal's Centra Mall, the mall would not only be a shopper's paradise but it has also tied up with India 's largest multiplex chain, PVR Cinemas. The two malls would be in addition to the city's oldest mall cum multiplex ' Fun Republic '.

It is pertinent to mention that all the big players of the hospitality industry are also keenly eyeing Chandigarh as the next booming destination. Things have started rolling as major developers like DLF, Parsvnath, Unitech, Uppal, Sarovar group, Western Court etc have announced to develop hotels under various categories in and around Chandigarh. This happens, as there is a growing demand for hotel rooms in the city with increased focus on industry and tourism.

The Rajiv Gandhi Chandigarh technology park (RGCTP) itself has seen investments of close to Rs 1000 crore so far. The project which has brought Chandigarh on country's IT map houses companies like DLF, Infosys, Wipro, Bharti Airtel, Tech Mahindra, Esys, Onicra, Outerbay etc. This, and many more are still vying for space in the region.

As for the report card of other ongoing projects, Parsvnath developers have already bagged the multimedia-cum-film city project at Sarangpur near Chandigarh, is also planning to develop a hotel there. This project is valued at around Rs 800 crore and the hotel will be developed simultaneously, with the project. On the other hand, Unitech will also be developing a four star hotel cum spa in its upcoming theme park at Sarangpur.