Real Estate News

Real Estate News In Chandigarh, Mohali, Panchkula , Zirakpur & Kharar.

  • CHB commercial booth auction called off

    Posted: 2009-12-23
    The auction of commercial booths by Chandigarh Housing Board (CHB) on Tuesday proved a failure as none of the 45 sites could be sold.The auction was called off after a handful of bidders present there were unable to provide the mandatory three bids.
    The commercial booths were to be given on leasehold basis, with a ground rent of 2.5% to be paid by the buyer on an annual basis, besides the bid amount, was one major reason for the poor response.
    The bidders had to deposit security of Rs 2 lakh for the booths offered by CHB in Sector 38West, 49B and 51A. There were seven booths in Sector 38W measuring 30.31 square yard with a reserve price of Rs 33.28 lakh, eight of these in 49-B spread over 24.292 square yard with reserve price of Rs 35.10 lakh and eight in Sector 51A at Rs 35.08 lakh. The reserve price of corner booths was fixed a bit higher at all three locations.

  • Commercial site Auctions In Chandigarh

    Posted: 2009-12-23
    The auction for commercial was better as compared to the previous auction held in October 2008.Of the 104 commercial sites selected for auction, the UT Estate Office found takers for only 12 sites, including six lodge-cum-restaurant (LCR) sites, one booth and five shop-cum-offices (SCOs).Sector 43-B six sites were bought.The highest bid was for a three-bay LCR site in Sector 43-B for Rs 12.21 crore, as against the reserved price of Rs 6.64 crore.A similar site in the same lane in Sector 43-B was purchased Rs 12.14 crore. Another two-bay LCR site in Sector 43-B was sold for Rs 9.20 crore. The other three LCR sites that fetched the maximum price are also located in Sector 43-B and were auctioned for Rs 8.30 crore, Rs 8.50 crore and Rs 8.59 crore.While two booths were auctioned last year for Rs 60.6 lakh and Rs 57.1 lakh, a booth in Sector 7 auctioned today fetched Rs 59.5 lakh.Two single-bay SCOs in Sector 32 and Sector 39-D were sold at Rs 3.10 crore and Rs 2.58 crore, respectively, and another single-bay SCO in Sector 32 was sold for Rs 2.73 crore.

  • One-kanal plot fetches Rs 4 cr in auction

    Posted: 2009-12-18
    n the auction of residential sites on Wednesday, plots fetched a much higher price compared to the last auction in October 2008.Of the 42 residential plots, 33 were auctioned. On Thursday, 89 commercial and 12 restaurant sites will be auctioned.The highest amount, Rs 4.06 crore, was fetched by a 1 kanal plot in Sector 19-B. Compared to last year’s auction, prices escalated from Rs 60.60 lakh to Rs 89 lakh for a 4-marla plot; Rs 83 lakh to Rs 1.40 crore for a 5-marla plot; Rs 1.71 crore to Rs 2.35 crore for a 10-marla plot; and Rs 3.84 crore to Rs 4.06 crore for a 1 kanal plot — Rs 4.06 crore is an all time high price for a 1 kanal plot in Chandigarh. Plot no. 1288 (1 kanal) in Sector 19-B, against the reserve price of Rs 1.14 crore, the plot fetched Rs 3.84 crore. Plot no. 523 (5-marla) in Sector 32-A against the reserve price of Rs 43.30 lakh, the plot fetched Rs 1.4 crore. Plot no. 1352 (10-marla) in Sector 40-B fetched Rs 2.11 crore against the reserve price of Rs 84 lakh. Another 4-marla plot in the same sector fetched Rs 89 lakh against the reserve price of Rs 33.10 lakh.Maximum competition was seen in the 1 kanal and 10-marla categories of plots. These plots fetched nearly three times their reserve prices. Prices of 10-marla plots varied between Rs 2.03 crore and Rs 2.32 crore, and between Rs 3.60 crore to Rs 4.06 crore in case of 1 kanal plots.Three adjoining 10-marla plots in Sector 37-B were sold for Rs 2.26 crore (plot no. 1121), Rs 2.30 crore (plot no. 1122) and Rs 2.32 crore (plot no. 1123). Soon after, the 1-kanal plots started fetching Rs 3.80 crore and above.

  • Steep rise in real estate prices in Mohali and Panchkula

    Posted: 2009-12-18
    Auction of commercial and residential property in Chandigarh on Thursday saw a steep rise in real estate prices leading to overnight boom in prices in Mohali and Panchkula.In a single day, the owners of plots had started quoting price, which was 25 to 30% more than which prevailed only a day before the auction.Property prices in the city are considered a benchmark for the rest of the region, particularly the tri city and adjoining areas. First, it was the auction of residential property, which belied the recessionary trend with the UT estate office netting Rs 77.75 crore through the auction of 33 sites at Rs 74,820 per square yard. The auction of commercial sites accounts for Rs 20,000 per sq yard increase in the price of property in about one year. In the commercial segment, 89 SCOs and booths and 12 lounging-cum-restaurant sites had been put up for auction . The sectors falling in Panchkula extension were witnessing a huge jump in prices. However, maximum increase was being witnessed in sectors close to Chandigarh Information Technology Park that fall under the Mansa Devi Complex in Panchkula.

  • GMADA building plans online submission

    Posted: 2009-12-18
    Greater Mohali Area Development Authority (GMADA) deciding to introduce an online system fot the submission of building designs from January 1. To ensure effective implementation of the scheme, banks and telecom companies have been roped in for depositing e-fees and sending SMSes to acknowledge the receipt of designs.
    As fees would be charged for the facility, GMADA has signed an agreement with a few banks for providing the service. Private architects too have to get themselves registered with GMADA to ensure online submission of building designs prepared by them.The architects would be issued a password, which would authorize them to submit building designs online. Once the design is submitted, GMADA would inform the person or architect concerned through an SMS. Software for the online system, which would include plan-approval tracking and management facility, has been developed.Under the new facility, building plans would be received online from property owners or architects representing residents who want to raise a structure under GMADA’s ambit. After receiving the designs, soft copies would be sent to the respective draftsman or junior engineer for checking and verification. In case any change is required, the plan would be redirected to the applicant with necessary remarks. Once the building design is sanctioned, the same would be conveyed to the person concerned through email or SMS.

  • Land pooling for Airport and Mullanpur Urban Estate

    Posted: 2009-11-08
    he Greater Mohali Area Development Authority will implement a land pooling scheme for three major projects.Farmers whose land will be acquired for the road linking S.A.S. Nagar international airport with Zirakpur and Patiala, Kharar-Desumajra airport road stretch and Mullanpur Urban Estate will be able to avail benefits like owning a plot. Under the scheme, a farmer will be made owner of 50% of land after GMADA develops it into a residential, commercial or an institutional plot. For 1 acre of land, a farmer will be given a residential plot of 980 square yard and commercial plot of 121 square yard in the developed area. The GMADA will also pay rent to farmers till they are allotted plots. The collector will fix the rent.GMADA wants to popularise the land pooling scheme and have launched an awareness programme. However, it won’t be binding on the farmers to toe the GMADA line. In case any farmer does not want to opt for the scheme, GMADA will pay him cash fixed by the Land Price Fixation Committee.The GMADA had decided to acquire 771 acres of land to build 200-metre wide road from the international airport to a site near Chhat village on the National Highway 64. On both sides of the road, some area will be allowed for mixed land use, implying that people can run commercial activities.The GMADA will acquire 260 acres for KhararDesumajra-airport road stretch and 444 acres for Mullanpur Urban Estate.Notifications for two projects have been issued while that for Urban Estate will be done soon.

  • Omaxe, DLF plan it big in Mullanpur

    Posted: 2009-11-08
    A state-of-the-art seven-star hotel being developed by Omaxe, coming up on 25 acre land, the hotel project outlay is Rs 200 crore. The construction activity is likely to take off soon as state government has allowed change of land use.With coming up of luxury hotel in Mullanpur, tourism potential of this area would get a boost as the master plan presents an opportunity for a well-managed eco-town environment with a variety of new and exciting developments to encourage diversified growth in tourism that balances economic growth with environmental, cultural and community values.State government has recently approved Golden Peak Township Private Limited, a mega housing project of Omaxe with an investment of Rs 202.5 crore for development of an integrated township consisting of row housing, villas and plots over an area of 185 acre is coming up at Mullanpur.DLF has planned to invest Rs 1,000 crore in Mullanpur for the mega township project on around 170 acre land to provide employment to 5,000 people.

  • Mullanpur the New Growth Zone

    Posted: 2009-11-08
    Greater Mohali Area Development Authority (GMADA) has received a final nod from the Punjab government to set up an urban estate in Mullanpur over an area of 450 acre.Decision to this effect was disclosed by Punjab Chief Minister Mr. Parkash Singh Badal in the fifth meeting of the Board of Directors (BoD) Greater Mohali Area Development Authority on Thursday that urban estate in Mullanpur would be established under the land pooling scheme with the canalization of the Kucha (non built) portion of H-Rivulet (from RD 3430 to RD 3690) passing through Mohali at a cost of Rs.1.80 Crore.

  • Diplomatic enclave proposed in Mohali

    Posted: 2009-10-27
    Deputy Chief Minister Sukhbir Singh Badal has decided to set up a diplomatic enclave in Mohali where countries with a large Punjabi population will be offered space to set up their diplomatic missions.This was decided in a meeting held here by Deputy Chief Minister Sukhbir Singh Badal and Candian High Commissioner Joseph Caron.In Mohali, Punjab would designate an area were consulates could be set up on the pattern of Delhi, which would solve many administrative problems, including that of providing security to the diplomats. He did not elaborate further, but said the concept was being developed.

  • New Link between Mohali and Chandigarh

    Posted: 2009-10-27
    Residents of Mohali and Chandigarh are going to have another direct link as dividing roads of sectors 44-45 and phase VIII-IX would soon be joined. The new route would pass through colony no. 5 after the required area is cleared of structures.While Greater Mohali Area Development Authority (GMADA) has completed the widening on its portion, UT engineering wing too has prepared estimates worth Rs 2 crore and requested the estate office to remove encroachments. The route would shorten travel time between sector 45-45 and Mohali, apart from benefiting residents of Chandigarh’s sectors 66 to 69 and sectors 76 to 80 in Mohali. It would also reduce traffic on all other routes between the two cities.

  • Draw for Lambian Village of sector 71 aquisition

    Posted: 2009-10-27
    Greater Mohali Area Development Authority (GMADA) is going to allot residential plots of the size 50 square yard and 100 square yard to the residents of Lambian village in Sector 71, whose land was acquired for the development of sectors 62 and 69 eight years back. Residents were illegally occupying the prime commercial land in Sector 69 and, with the allotment of plots GMADA would be able to vacate the land to carry out further development activities in the area.The draw would be held only for residential plots located in Sector 71, while the draw for commercial plots would be held only after the court decision.Officials said that claimants have already been identified and they would not be allotted plot numbers through draw of lot. One of the conditions for allotment is that the allottees would have to vacate the prime commercial land under their illegal possession on the sides of sectors 68-69-70 main road.

  • Mohali: 76-80 draw on 6th November

    Posted: 2009-10-27
    Greater Mohali Area Development Authority (GMADA) is likely to conduct draw-of-lots for plots in sectors 76-80 by 6th November next month.The draw would end the eight-year wait for around 1,000 allottees who have yet not got the promised plots. Out of 4,000 successful allottees, GMADA has so far allottees plots to around 3,000 allottees, while 1,000 allottees are still awaiting for their turn. Officials said that final approval for the draw is expected from the office of the chief minister, who is also the chairman of GMADA.

  • GMADA to increase the maintenance allowance of parks

    Posted: 2009-10-27
    The Greater Mohali Area Development Authority (GMADA) has decided to increase the maintenance allowance of parks given to registered resident welfare associations (RWAs) from the existing Rs 1 per sq metre to Rs 1.30 per sq metre. A notification to this effect will soon be issued.There are around 526 big and small parks in Mohali and most of them are lying in a dilapidated condition.To ensure better maintenance, GMADA has handed the responsibility of 37 parks to different RWAs, while around six applications are still pending with it.The associations were looking after the maintenance of parks in a better way and the allowance given by GMADA was being spent on appointing a gardener and completing other works.The RWAs would submit the expenditure receipt to the horticulture wing of GMADA every month and on its basis, money would be deposited with them.

  • Immediate possession for NRI Property buyers in Chandigarh

    Posted: 2009-10-27
    Non Resident Indians (NRIs) having property in the union territory of Chandigarh can now gain immediate possession of both residential and non-residential property, officials said here Monday.”We have received a notification from the union government regarding the extension of the East Punjab Urban Rent Restriction (Amendment) Act 2001 in the city. Now NRIs can have immediate possession of their property by just applying to the relevant authority,” said the official spokesperson of the union territory here Monday.Part of the Dream Weave Walk Network 1998-2010

  • $7 billion headed towards realty sector, Mohali a big gainer

    Posted: 2009-10-27
    Foreign players have committed around US$5 billion, while domestic developers are likely to bring in US$2 billion in phases. Realty developers say easier land acquisition and registration norms in states are the main reason for the spurt in investment.Some of the big projects likely to take off soon are the 10,000-acre special economic zone (SEZ) in Navi Mumbai, being built by the Hiranandani Group in association with the Singapore-based Jurong Consultants, the US$500 million Quarkcity in Mohali and the US$3 billion Royal Garden project in Bangalore, being built by the Vancouver-based Royal Indian Raj International Corporation (RIRIC).”The SEZ in Navi Mumbai, which will include residential houses and plots, an IT park and retail and commercial complexes, will see an investment of about US$2 billion in the first phase. We are in talks with other foreign players and the project will get more funding after the first phase becomes operational in two years,” Surindar Hiranandani, managing director of the Hiranandani Group, told Business Standard.Other projects that are expecting funding include the US$150 million IJM-Andhra Pradesh Housing Board project in Hyderabad, the US$350 million IJM-Punjab Urban Development Authority in Mohali and the US$115 million Lee KimTah-SPICOT project in Chennai.As per the estimates of the Confederation of Real Estate Developers Association in India (CREDAI), the total investment in the sector in the next 12 months can be around US$5-6 billion.

  • IT Park in Solan:Waknaghat

    Posted: 2009-10-27
    The information technology department of Himachal Pradesh government has floated a request for proposal (RPF) to realty companies to design, develop and manage the upcoming IT-park cum-township near Waknaghat in Solan district. An IT department official told FE that companies like Mahindra World City, TDI, Jai Prakash group, AGS infrastructure, CMC Constructions etc have evinced interest in developing the park. The last date for submitting the proposal is October 26.The IT park-cum-township will be developed on a public-private partnership basis and will be spread over 64.7 acre in village Mauja Majhol in Solan. The estimated investment is Rs 500 crore. The developer will plan, market, develop buildings, provide and maintain amenities and manage the project for 80 years. The infrastructural facilities will have to be developed by the company in four years from date of commencement of the project.

  • HPCL-Mittal Energy Limited (HMEL) allotted cheap land

    Posted: 2009-09-27
    A chunk of 0.67 acre (3242.8 square yards) of prime land in Sector 79 has been allotted to HMEL, promoter of the Guru Gobind Singh Refinery Project in Bathinda, at the rate of Rs 36,000 per square yard. The land has been allotted for opening of its corporate office in Mohali.The rate is almost three times less than what the Life Insurance Corporation (LIC) of India paid for 9.6 acres of land in Sector 49 on February 8, 2008. The reserve price of the land was Rs 1 lakh per square yard. The LIC’s bid — Rs 25 per square yard extra besides the reserve price — was cleared.Compared to the rate at which LIC was auctioned the land, GMADA has suffered a loss of over Rs 20.76 crore in accommodating the HMEL as per the wishes of the Punjab Chief Minister. The allotment was approved in the fifth GMADA meeting chaired by Badal in Chandigarh recently.

  • Sector 76-80 Allottees demand draw of Lots

    Posted: 2009-09-27
    Members of Plot Allotment Sangharsh Committee, Sector-76 to Sector-80, demanded that GMADA hold draw of lots for the remaining plots.GMADA had last conducted a draw on February 18. The remaining applicants who’ve already deposited the required amount are demanding an early draw.Out of around 4,000 allottees, only 800 were left while others had been allotted plots through draw of lots.

  • Commercial auctions fetch higher prices in Mohali

    Posted: 2009-09-27
    Investors broke previous record in buying commercial sites. In a highly-competitive bidding process, Jaswant Singh Bhullar, president of the Mohali Ramgariah Sabha, bought a 125 sq yard showroom site in Sector 70 for Rs 6.05 crore against a reserved price of Rs 4.56 crore.Officials in GMADA disclosed that after the auction, the average price of commercial property had touched Rs 3.37 lakh per sq yard against the reserved price of Rs 2.37 lakh per sq yard, indicating a 33 per cent increase in the average reserve price.The second highest bid was attracted by an SCO site in Sector 70 which went for Rs 5.95 crore against a reserve price of Rs 3.95 crore. A Muktsar-based landlord, GS Brar, who also bade for another SCO for Rs 5.30 crore, bought the site.In Phase 3A, Teesta Agro bought three sites at Rs 3.73 crore, Rs 3.71 crore and Rs 3.76 crore, respectively. The sites in Sector 71 went for comparatively low price of Rs 2.31 crore. Three booths in Sector 71 went for Rs 41 lakh, Rs 37 lakh, and Rs 38 lakh, respectively

  • Auctions of GMADA residential plots fails on overpriced plots

    Posted: 2009-09-27
    There was no bidder for two one-kanal plots put under the hammer in the auction held by the Greater Mohali Area Development Authority (GMADA) on Thursday.Investors attributed it to a high reserved price of Rs 50,315 per sq yard for the residential plots.

  • Now registration to be based on Valuation of property

    Posted: 2009-09-16
    The state government wants that the valuation of property is done through some registered architect before its registration in the urban estate area.The Punjab revenue department had issued instructions to the registration branch of district collector offices that in respect of urban properties, the registering officers shall not register the documents unless the same is accompanied by the relevant revenue record, if applicable, a map of the property and a valuation certificate issued by a registered architect. The valuation certificate registered issued by a architect shall be accepted as valid valuation of the property for the purpose of registration and charging of stamp duty, said an official communication.The letter sent to revenue officials state that after the above exercise is done, the deputy commissioners shall ensure that registries are done by the registering officers in accordance with the rates as per the valuation.However, the software developed for the purpose will take care before registration of the documents that the value of the property being registered is at par with the collector rates already fed in the computer.Once decision is implemented, there may not be any necessary to hold the documents or refer to collector for the determination of value of the property concerned. The official communication further states that the commissioners of the divisions shall hold the review meetings with the deputy commissioners and progress will be reported to the government.

    The decision to be implemented from October 1.

  • UT widens housing society doors

    Posted: 2009-09-16
    After a lot of brainstorming, UT administration on Monday proposed changes in rules governing transfer of housing society memberships or their share in the name of people who buy property there after the cooperative’s creation or gain possession through general power of attorney (GPA).People will be allowed to transfer their membership or share in housing cooperatives to subsequent owners or GPA holders of their properties without needing to clear dues pending with the societies.Till now, those seeking to transfer their membership or its share had to apply for no-dues certificates from societies, who in turn had to procure the document from Chandigarh Housing Board (CHB).With the new rule, the transfer will be allowed if the new owner or GPA holder submits an affidavit that he or she will clear the dues that the previous holder of the membership had not dealt with. This will also apply in case of dues that might emerge from subsequent audits, Niwas said.In case of registered wills, transfer of property’s ownership will be allowed after an advertisement seeking objections against it is published in a leading newspaper. Objectors will be asked to put forward their reasons for opposition to the transfer within a month.For unregistered wills, the recipient will need certification from a competent court of law so that no dispute arises after the membership or its share is transferred.

    The names of all those, who are jointly given GPA, special power of attorney (SPA) or ownership of property in wills will need to be mentioned in the membership certificate. However, only that person, whose name appears first on the certificate, will be allowed to vote in matters regarding society’s functioning.

    In cases where one person holds the GPA and another has the SPA of a property, the society will need an undertaking in shape of affidavits from the said individuals in which they specify who can get the membership.

    GPA holders, who get the membership, will be allowed to decide upon their own nominees. The nominees chosen by the original members will no longer be considered in such cases. Persons, who come into possession of a property through sub-GPA (which is given to them by a previous GPA holder), will need to pay double the membership transfer fee.

    The cooperative department has forwarded this matter to the finance department for its concurrence. When that happens, it will be sent to the UT administrator for his nod.

  • GMADA shelves garbage dump site

    Posted: 2009-09-16
    Stiff opposition from the residents is forcing authorities to shelve one project after another. While the farmers’ protest forced the
    state government to stall the Mohali-Phagwara express highway project, citizens’ agitation has led Greater Mohali Area Development Authority (GMADA) to put off the temporary site identified at phase-VI, Mohali, to dump garbage

  • In city, no NOCs to GPA-holders

    Posted: 2009-09-16
    The Estate Office has decided not to issue no-objection certificates (NOCs) to general power of attorney (GPA) holders for purchase
    and sale of property in the city. Only the actual owner of a property would now be authorized to apply for NOC, which was not the case so far.The rationale is that GPA does not provide ownership rights to the holder. Rather, it is a power of attorney given to the holder by the owner of property to perform certain actions on his behalf. For instance, the GPA holder can correspond with the government departments on behalf of the owner, pay bills, accept and redress notices.Not just this, the administration has asked the EO to ask property owners to send their photographs and those of their family members, which will be attached to their files to avoid misrepresentation or impersonation.

Floowise registration allowed in Panchkula

Posted: 2009-09-01

he Haryana Development and Regulation of Urban Areas (Amendment) Ordinance 2009 and The Haryana Urban Development Authority (Amendment) Ordinance 2009 – the registration of independent residential floors as dwelling units for the purpose of transfer , sale, gift, exchange or lease would be allowed in Panchkula.

The purchaser desiring registration has to pay a duty as notified by the government from time to time, in addition to the prevailing stamp duty. Vertical divisions of plots and increase in floor area ratio (FAR) would not be allowed. In addition to the normal stamp duty, 1% extra stamp duty would have to be paid by the party desirous of registering the floor-wise dwelling units through a separate challan.

This 1% stamp duty will be paid by the treasury to the municipal committee/ HUDA depending on where the property in question is located

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