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Indian Real Estate: Changing Chandigarh’s Peripheral Skylines

Chandigarh’s periphery will soon witness a drastic change, as real estate developers have several mega integrated townships offering lavish housing options coming up, shortly.

While, Emaar-MGF, the Indian arm of a leading real estate developer from Dubai has started work on Phase I of its first such project ‘Mohali Hills’, and a total capital outlay of Rs. 16,000-crores spread over 3,000-acres, another big player, DLF Group has purchased around 300-acres in Punjab’s Mullanpur, including another 200-acres in Pinjore near Panchkula for its integrated townships. That, even while the group already has a sizeable presence in the city’s ambitious Rajiv Gandhi Chandigarh Technology Park.

DLF sources claim most of the land has been bought, though some deals are still in the final stages for the firm’s plans to construct high value integrated townships in Chandigarh’s peripheral areas along the lines of ones developed in Gurgaon. It is a forgone conclusion that the developers are likely to invest a few thousand crores in these projects. Confirming the plans, Yogesh Verma, CEO of DLF Group says: “We have a land bank around Chandigarh. We know it is a growing area.”

The Emmar-MGF project will comprise of residential plots, town houses and villas along with convenient shopping malls, land-scaped gardens and recreational centres. Housing special education and wellness zones with fully-equipped hospitals, schools and colleges, the project will also provide for the opening of world-class offices and IT park spaces, giving a fillip to industry and business in the state.

To quote Shravan Gupta, Executive Vice Chairman and Managing Director of Emaar-MGF: “The Phase I of the project will be ready in around two years. We will be offering around 5,000 apartments and the same number of plots by then.”

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