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Indian Real Estate: Reaching for the Sky
from: Rajinder DograChandigarh Real Estate: A City Infiltrated by the Rich
A Times News Network reports Chandigarh is slowly and steadily
becoming a city that caters to the well-heeled, wealthy crowd
with oodles of money to spend. The reason for that assumption
lies in the fact that this Monday, the Municipal Corporation
sold a plot of land for Rs. 4,956.50 per sq. ft. in nearby
Manimajra for a multi-storey housing scheme. The above rate is
more than double the current market rate of Rs. 2,222.20 per sq.
for a sq. ft. in a kanal plot in the city. And, compare it to
the asking price of Rs. 2,200 per sq. ft. for flats being sold
by the Government owned Chandigarh Housing Board in Sector 49.
A successful bid of Rs. 108-01-crores for 5.4-acres of freehold
Manimajra land, Uppal Housing, a Delhi based firm plans to
construct a 228-apartment housing project, which they will
undoubtedly sell for at a profit. Assuming the company sells
each of it flats for Rs. 2-crores, the land and building cost of
each flat would come to Rs. 20,000 per sq. ft. Real estate
sources in the city affirm this to be the highest rate ever, as
even a one-kanal plot and house in the city cost approximately
around Rs. 6,666.60 per sq. ft. At such exorbitant rates, the
question remains who could afford to buy a flat in the complex.
But, the Uppal Housing Company is confident they will be able to
find buyers from amongst the dollar-rich NRI crowd for their
upscale, upmarket apartment complex.
Further, the company surmises with the upcoming Rajeev Gandhi
Chandigarh Technology Park focusing business attention on the
city, Chandigarh is fast becoming the next big destination for
IT and ITes with money to invest in the IT Park and the city.
These companies will require housing for their top brass, and
since Manimajra is nearer the IT Park than other parts of the
city, the Uppal Housing Company will be able to provide them
with the best housing in the city.
The builders are also optimistic about offering high-end guest
accommodation and leased accommodation for corporate and IT
companies coming to the city. If the plan materialises as
visualised, then Chandigarh is going to become the city "by the
rich, for the rich and of the rich!"
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