Realty peg gets a punch
16 Sep, 2007, 0028 hrs IST,Viney Sharma, TNN
Famous for its Peg, Pagree, Paranda and Jutti, symbolising joy,
respect, feminity and aristocracy, Patiala presents a heady cocktail
of lifestyle blended with people of various shades giving a near
cosmopolitan look to the city.
The city, with the ambience of a princely state, is considered
to be one of the most organised cities of Punjab. And this has
become the selling point for realtors who are flocking to the
city, which has been witnessing unprecedented urbanisation over
the past few years. The city’s old ‘Maharajas’
and political bigwigs never allowed any industrial activity to
come up near its periphery for fear of pollution.
Their decision has become a boon for the residents as well as
realtors. Known for its educational, sports and cultural facilities,
besides a pollution free environment and its close proximity to
Chandigarh, the city has become a favourite place for private
colonisers.
Patiala is also home to huge NRI investment and real estate is
the buzzword here. A lot of money and planning has gone into strengthening
Patiala’s infrastructure and one can see that the effort
has paid off.
Almost all major realtors, such as Ansals, DLF, Omaxe and MBD
are executing their projects in this city. With new malls and
food courts coming up, the city’s skyline is going through
a complete makeover.
The MBD group plans to bring in brands like Radisson for a 5
star hotel, Shringar Cinemas for a muliplex, Gigabyte for food
court and Pizza Hut for a restaurant. Other brands it is planning
to house include Liliput, Pepe Jeans, Archies, Weekender and Eyestation.
The group is also planning to come up with a similar multiplex
in Amritsar. “The investment has not been and we would be
acquiring land for the projects soon,” says Monica Malhotra,
director, MBD Group.
Some months ago, Omaxe announced a PDA Omaxe City, spread over
an area of 336.5 acres. Going by the company’s claims, the
project is an ambitious one. “PDA Omaxe city will comprise
of world class IT Park, Bio-tech Park, superior group housing
complex, plotted development, expandable villas, mini golf course,
expansive commercial areas, institutional area, educational campuses,
shopping mall, state-of-the-art club, hospital and many more international
standard infrastructure of its own,” claims Amitabh Bhattacharya,
VP, Omaxe Constructions.
The PDA Omaxe City, will be located at Sir Hind Road, Baran,
Patiala. Its an Omaxe-Patiala Urban Development Authority PPP
project. The Omaxe stock was up by almost 10% as soon as this
announcement was made.
With the execution of such mega projects, land prices have appreciated
by 100% in the last one year. Though compared to other cities
of Punjab such as Ludhiana and Amritsar, prices are lower by 30-40%.
In a recent meeting chaired by the secretary, housing & urban
development department, government of Punjab, the Punjab Colonizers
Association welcomed the government’s proposal to rationalise
external development charges (EDC), conversion charges and permission/licence
fee to promote real estate development.
The association also welcomed the policy of minimum area requirement
for setting up residential/commercial colonies. Both of these
policies were notified by the state government last month.
Source: http://economictimes.indiatimes.com/Property/Realty_peg_gets_a_punch/articleshow/2372924.cms