Chandigarh Housing Board to construct 10,000 houses

Chandigarh, India, September 19, 2007 - The Chandigarh Housing Boad (CHB) is to construct about 10,000 houses for low and middle income groups in the city over the next 2-3 years.

CHB is looking to develop around 2,000 houses on 42-acres of land in Sector 63, 3,800 houses on 0 acres of land in Sector 53-55, 450 houses in the Maloya slum rehabilitation project and 3,300 houses on 66 acres in Maloya and Dhanas villages.

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source: inrnews.com

Smaller cities to fuel real estate growth says new report

New Delhi, India, September 20, 2007 - As many as 11 tier II cities in the country are all set to transform the realty landscape of India, says a FICCI-Ernst & Young report on the Indian real estate sector. The FICCI-Ernst and Young Indian Real Estate Report, 2007: Growth and New Destinations, the highlights of which were released, reveals that besides eight metros, cities such as Surat, Chandigarh, Nagpur, Vadodara, Visakhapatnam and Jaipur are experiencing initial phase of rapid economic growth.

This growth is attributed to increased investments across industries including IT/ITeS, improvement in infrastructure and urban governance, rapid influx of knowledge industry professionals, improvement in quality of life and rising prosperity. The ratings are based on five critical indices, city prosperity, urban governance, business environment, quality of life and infrastructure, encompassing 55 parameters.

These cities have been rated as B++ in the E&Y India City rating. Delhi and Mumbai rank first and second respectively with A++ ratings, followed by Bangalore, Chennai, Hyderabad, Kolkatta (with A+ rating) and Pune and Ahmedabad (A).

With the Indian real estate sector clocking a growth of more than 30% per annum, this has shifted the focus of investors and developers to relatively smaller cities and hence there is a likelihood of such emerging cities leading the transformation of the Indian real estate sector, according to Ernst & Young's Ganesh Raj.

As a part of this report, Ernst and Young also conducted an investor’s survey on their views on the current state and future prospects of the real estate sector in the country. 80% of the respondents believe that in the short to mid term, India as an investment destination is 'excellent' or 'very good' compared to other Asian markets like China, Vietnam, Malaysia, Indonesia and Thailand. 50% of the respondents believe that high trajectory growth would continue for next 2-3 years. 20% believe that more than $20 billion would be deployed into Indian real estate over the next three years .

FICCI Secretary General Amit Mitra said, "We are going to see a major development in the future where housing industry defines the flip-flop of growth and expansion as in the US. We are moving in that direction."

The report, which will be released on September 27 at FICCI's International Real Estate summit to be held in Mumbai, also found out that education, healthcare and medicities are the new avenues that are available for developers, Raj said. Information on FICCI's International Real Estate Summit 2007 can be found at the link below.

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source: inrnews.com

Parsvnath Developers gets good response to Chandigarh township

Chandigarh, India, September 27, 2007 - Parsvnath Developers Ltd has announced that in an overwhelming response to the first phase of the launch of Parsvnath Prideasia, the Premium Township of the Company, more than 65% of the units on offer have been booked. 220 units in various categories at this luxurious township situated in the heart of Chandigarh have been booked amounting to a sale of Rs 325 crores approximately.

10% of the 359 units which were made available for booking were reserved for IT / ITES companies. This initiative was specially taken keeping in mind the upcoming IT / ITES / BPO companies in the vicinity of the township and the place seeing the interest of many professionals to reside in the city which is strategically located in Rajiv Gandhi Chandigarh Technology Park.

The Township has been witnessing a sea of visitors since its launch at the beginning of the month. Even the limited edition 5 bedroom Penthouses and Exclusive Villas have witnessed tremendous response. The exquisitely designed 123 acres luxurious township providing for aristocratic living amidst Sukhna lake, golf course and in the backdrop of Shivalik Range is an integral part of the Rajiv Gandhi Chandigarn Technology Park which is fast becoming the most attractive hub for investments, job creation and education.

According to Mr. Pradeep Jain, Chairman of the Company, "We are quite satisfied with the bookings that we have received in the first phase. The response and acceptance shown towards the new concept introduced is quite encouraging. The booking figures for the Hi end apartments and Villas are also very forthcoming."

"This is the first time that we have introduced many new concepts and amenities in the township that are synonymous with luxurious and premium lifestyle. The aspiration to own such an address is growing gradually and we are willing to wait for this enigma to grow," Mr. Pradeep Jain added.

Parsvnath PRIDEASIA is a joint venture between the Company and Chandigarh Housing Board. The Project has a saleable residential area of 38.5 lakh sq ft, a commercial area of 2.7 lakh sq ft. and a club, Sports centre and a water sports complex of 2 lakh sq. ft.

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CCEA approves infrastructure development of Panchkula, Mohali and Naya Raipur

New Delhi, India, October 01, 2007 - The Cabinet Committee on Economic Affairs today gave its approval for the infrastructure development of Panchkula and Mohali near Chandigarh, and Naya Raipur in Chhatisgarh under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM).

i) Peripheral towns of Panchkula and SAS Nagar (Mohali) urban agglomeration will be included in the JNNURM city of Chandigarh as these towns are entirely in continuum to Chandigarh and in fact, are spill over of the growth of Chandigarh.

(ii) Naya Raipur, a satellite city, will be included in the urban agglomeration of Chhatisgarh State Capital, Raipur, so that simultaneous cohesive development of Naya Raipur, alongwith existing city of Raipur, is possible. Presently, total area of Naya Raipur comprises 41 villages.

With the inclusion of the above two in JNNURM, the following benefits will be reaped:

(i) Infrastructure development of both Panchkula and Mohali, that are spillovers of Chandigarh would be possible through JNNURM funds along with JNNURM City of Chandigarh.

(ii) Maya Raipur, a satellite city of Raipur, will also have access to JNNURM funds for its infrastructure development.

JNNURM was launched by the government of India in December, 2005 to implement reforms driven planned development of identified cities in a Mission mode, with focus on efficiency in urban infrastructure / service delivery mechanism and basic services to the urban poor with community participation and accountability of Urban Local Bodies (ULBs) / Parastatals towards the citizens.

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source: inrnews.com

Pearls Infrastructure high-end housing in Zirakpur, Punjab

New Delhi, India, November 15, 2007 - Pearls Infrastructure Projects Ltd is offering a high-end housing project Nirmal Chhaya Towers, in VIP Road, Zirakpur, Punjab. Situated over 17.5 acres of lush green area, this residential complex is located strategically in terms of the convenience. The total value of this project is approximately Rs.300 crores.

Meeting the needs of luxury, NCT going to provide all the necessary amenities like 100% power back-up, 24x7 security, round-the-clock water supply, well planned parking, swimming pool, club and shopping arcade.

Zirakpur is situated in close proximity to the state capital Chandigarh. It is on the Chandigarh-Delhi highway and a couple of kilometers from Chandigarh airport.

Nirmal Chhaya Towers comprises of 771 apartments of 2/3/4 Bed Rooms and 5 Bed Room penthouses with ample amenities and more than 70% open green area. The developer is pricing Nirmal Chhaya Towers at approximately Rs.2100 per sq ft. The project will be completed in t2009.

Pearls Infrastructure Projects Ltd.,is an ISO 9001:2001 & 14001: 2004 certified Company. Pearls Infrastructure is a diversified group with a presence in real estate development services primarily in the areas of residential, commercial and institutional establishments.

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source; inrnews.com