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| Chandigarh attracts big players in commercial realty |
| Vikas Sharma / New Delhi/ Chandigarh Aug 31, 2010, 00:20 IST |
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When Godrej Properties announced its plans for Chandigarh last year, it went on to prove how Chandigarh and its periphery were gaining attention from national players for commercial space as well.
Godrej Eternia envisages investment of Rs 200 crore is the first ever commercial project by Godrej Properties in North India. The project is a mix of commercial and retail space.
Major residential players like Emaar MGF, DLF, Omaxe and Ansal have already made Chandigarh their preference by announcing their residential and commercial projects around the city.
Now, with players like Godrej and Omaxe announcing their commercial projects, it is just an indication how commercial realty could soon be on the radar for the other realty players who till now were acting as fence sitters.
Chandigarh has dearth of space as far as commercial realty is concerned and this provided an incentive for Godrej to come up with the project which is expected to be completed in two years.
Apart from Godrej, L&T Realty is also planning to come up with projects in Chandigarh which could be a mix of retail commerce and hospitality.
DLF already has retail and commercial presence. Omaxe India Limited this year announced the launch of “India Trade Tower”, the tallest commercial edifice of Punjab in Mullapur(near Chandigarh) . India Trade Tower with a realisation value of about Rs 120 crore is slated to be completed within 2.5 years from the commencement of construction.
According to the channel partners for different commercial and residential projects, Chandigarh and its nearby areas are on the roadmap for the national developers for commercial projects or for residential or retail projects.
Features like international airport coming and city dotting on the IT map, these are some of the features, brokers believe would call for more transnational corporations in the city , pent up the demand for commercial spaces.
Manoj Kashyap from JLLM describes Chandigarh as the “have arrived town.”
With IT sector coming to the city and Chandigarh being capital of two states, most people be it from Punjab, Haryana or Himachal prefer making Chandigarh their second home destination and this is what is driving the big players to the city.
Sanjeev Sharma, broker officer of RE/MAX, a real estate franchising network maintained with good infrastructure, IT Park and premier educational institutions like ISB and IIT knocking at the doors, the signal were definitely encouraging.
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