Indian Real Estate: Reaching for the Sky
Chandigarh 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!â€
This article is sponsored by: www.indiarealestateblog.com
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