Punjab-based Motia Group to invest Rs 150 crore in a residential project – ET RealEstate

Punjab-based real estate developer Motia group will invest Rs 150 crore to develop a residential project in Zirakpur, adjoining Sector 20, Panchkula.

Spread over 7 acres, the project will have 272 units of different composition.

“With Chandigarh on the map for NRIs, the opening of properties in Zirakpur near Airport Road has provided them with the opportunity to expect high returns on their investment. It also has excellent access to key places, nearby tourist attractions, and high quality of life, making it a popular place to buy/invest,” said LC Mittal, Director, Motia Group.

Adjoining a forest cover of approximately 300 acres, the premium residential project is expected to attract investment from people due to the potential of high returns.

“Property investment is secure because you will receive returns on your capital, whether through rental or capital appreciation; capital appreciation is predicted to range between 10% and 12% in the short term,” Mittal added.

In phase I, the group will deliver 72 units out of the total 272 units.

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Chandigarh administration slashes collector rates of commercial properties – ET RealEstate

CHANDIGARH: The UT administration has reduced the collector rates of commercial properties by 5 % to 10%.

The decision was taken in a meeting chaired by deputy commissioner Mandip Singh Brar.

Collector rate in Industrial Area, phases I and II, was decreased by 5% and 10 % in SCOs/ SCFs/ bay shops in sectors of Madhya Marg, Grain Market, Sector 26, Sector 17, sub-city centre, Sector 34, Sector 22 and dividing road of Sector 35-34, Motor Market, Manimajra.

It was decided that no revision of collector rate would take place in the residential areas. It was also decided that collector rate on agricultural land would be enhanced by10% Brar said that the decision was taken on the basis of sale deeds registered in the sub-registrar office as well as survey of market and villages.

It was decided that floor-wise collector rate would be fixed for housing board flats, industrial houses, society flats and flats in Uppal Marble Arch, Manimajra.

The new rates will be applicable from April12.

The administration had last rationalised the collector rates in September 2017. Then, it had reduced the collector rates of commercial properties by 10% and residential properties by 5%.

The collector rate is the minimum rate of a property fixed by the government on which the registration is made and stamp duty is calculated. It varies from one area to another depending upon its importance.

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Chandigarh housing board finalises design for luxury housing scheme – ET RealEstate

CHANDIGARH: The Chandigarh Housing Board (CHB) has finally submitted a detailed concept design for the costliest housing scheme for the bureaucrats and MLAs of Punjab, Haryana and doctors of the PGI.

The housing scheme will come up at the Chandigarh IT Park. The report has been submitted to the urban planning department of the Chandigarh administration for approval.

Now, the technical experts of the urban planning department will minutely study the submitted design, keeping the architectural parameters and guidelines in mind.

According to information, the concept design of the project carries dedicated earmarked green areas, two parking space for vehicles against each flats in towers, height and width of the project, flats, circulation areas, floor area ratio (FAR), density, balcony, basements and all other related services and facilities.

“We have submitted the design to the urban planning department of the UT. Since the environment-friendly nature of this project is one of the most crucial components, the green areas in the project will remain in focus,” said an official.

Sources revealed that the cost of each tower, consisting around 28 flats, is approximately Rs 60 crore, five towers are offered to the Punjab government for its bureaucrats and MLAs, Haryana has already demanded for three towers and PGI has asked for two towers for doctors.

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Chandigarh housing board sets up five sites for inspection of residential units – ET RealEstate

CHANDIGARH: Leaving no stone unturned to ensure successful auction of residential freehold properties, the Chandigarh Housing Board (CHB) has set-up five site offices to facilitate inspection of residential units by bidders.

These offices are one each at sectors 38 west, 49, 51, and two site offices at Sector 63. The CHB has fixed all Saturdays of April (April 3, 10, 17 and 24) for inspection of units between10 am and 5 pm. In the first phase, the CHB has decided to put up 109 built-up residential units on freehold basis on sale through e-tender.

The e-tendering process will start on April 1 and the bids can be submitted up to 2 pm on April 30. The bids will be opened from 3 pm onwards the same day. The CHB has prepared a list of 270 properties, including 11 residential (leasehold), 109 residential (freehold) and 150 commercial (leasehold), for sale. The remaining properties will be put up for sale at later stages.

To get a good response, the CHB has reduced the reserve price of the properties by 10 per cent. Not even a single bidder expressed interest in the auction of the

CHB properties held in 2019 as the reserve price was too high for both residential as well as commercial properties.

This time, the CHB has decided to replace the e-auction process of selling properties with the e-tender process. In e-auction, the earnest money deposit (EMD) for participation cannot be paid online. The bidder deposits the same in the CHB account and submits a proof. The payment is confirmed by the CHB officers before allowing the bidder to participate in the eauction process. Hence, number of bidders for particular property and their identity is not fully confidential.

However, in e-tender, EMD can be paid online and there is no need for any approval and hence, there is complete secrecy about the number of bidders and their identity.

In e-auction, the prospective bidders are required to register themselves within a particular period. They can participate in the e-auction process after their registration is approved by the CHB officials. Once the prescribed period is over and approval is given by the CHB officials, the eauction takes place among the approved bidders only and there cannot be any new entrant in the e-auction.

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