Punjab Property News

LIC outbids Punjab developers in land auction

Life Insurance Corporation (LIC) has won in the bidding process for land for commercial purposes auctioned by the Punjab Urban Planning and Development Authority (PUDA) and Greater Mohali Development Authority (GMADA, which was carved out of PUDA). It has outbid other pvt. developers. The other five participants included Tata Realty and Infrastructure, Best City Realtech, AERENR Enterprises, Malhotra Land Developers and Inderpreet Singh Chadha. The chunk of land, put under the hammer, was handed over to PUDA by the state government for commercial exploration under the “optimum use of government vacant land” policy. The property would be used for commercial purpose.

In an earlier auction, LIC took possession of 16, 973 square yard of land in Bathinda by offering Rs 45,100 per square yard as against the reserve price of Rs 30,000 per square yard. The state managed to secure Rs 76.54 crore through this auction. Furthermore, a commercial site in Amritsar belonging to Amritsar Improvement Trust was bagged by LIC. Read More>>

Tuesday, October 21, 2008  India-Realestate

Banks observe strike in Punjab

Bank Employees & Officer observed complete strike today in Punjab. The strike was held on the call of All India Bank Employees Association & All India Bank Officers Association. A Procession was also brought out throughout the main bazaars of the city. Employees held a rally before State Bank of Patiala, Head Office, The Mall, Patiala. The rally was addressed by Com.N.K.Gaur General Secretary, Punjab Bank Employees Federation, Com.Vinod Sharma Gen.Secretary. A.I B.O.A (Pb.State) committee, Com.Yog Raj Gupta President A.I O.B.E.F, Com. Sushil Gautam General Secretary, State Bank of Patiala Emp. Union (Pb. State).

The in support of demands of Sponsoring committee of trade unions against the decisions of the Central Govt. to rush through the agenda of Economic Reforms, specially Financial Sector Reforms the banking sector employees are opposed to the reduction of Govt. Equity in Public Sector Banks to 51% and demands that recommendation of Hooda Committee and Raghurajan Committee to reduce Govt. holding in public Sector Banks below 51% be rejected. They are opposed to the merger of public Sector Banks because they will neither become strong and nor they will be global in size. Rather the purpose for which Banks were Nationalized the very purpose will be defeated, they are opposed to unrestricted entry of FDI in banks and removal of Cap on Voting Rights which is 10% at present and the Bill for amendment was already been introduced in the parliament the speakers said the present policies of Public Sector Banks are Pro Corporate and are against interests of common man. They are opposed to the decisions of the govt. to Merge State Bank of Saurashtra in State Bank of India to be followed by merger of other Associate Banks. The meeting of United Forum is being held tomorrow in Chennai on 21st August, 2008 to chalk out further programmes including Strike actions. Read More>>

Monday, August 25, 2008  India Realestate

Real estate prices shoot up in Punjab

The property prices of prime locations in Punjab have shot up by 40-55% in the last two years. The cash-strapped state, which desperately needs to push the growth of industrialisation, is facing shortage of land, which has pushed the prices upwards. “Property prices in Mohali, Jalandhar, Bathinda, Amritsar, and Ludhiana are scaling new heights. We have been fetching more price than the reserved cost from our previous auctions. A maximum price has been fetched from Ludhiana as it is an industrial belt. Now we have kept a reserve price of Rs 165 crore for the forthcoming auction of a 5 acre site scheduled to be held on August 26 in Amritsar”, chief administrator, Punjab Urban Development Authority (PUDA), Som Parkash stated.

The state government recently acquired 300 acres for the proposed Mohali international airport for which the government paid compensation of Rs 1.5 crore per acre to farmers whose land was possessed. This was the highest ever compensation paid for acquisition by the state government to farmers which has certainly set a benchmark. Lately Greater Mohali Area Development Authority (GMADA), a one kanal seven Marla plot in sector 69 fetched a whopping Rs 3.11 crore against its reserve price of Rs 2.3 crore. The reason this plot went for such high prices could be that Mohali is all set to develop a state-of-the-art town centre in Sector 62, which is near Sector 69. Real estate experts have projected that with the upcoming international airport, Knowledge City and the rapid development in Mohali will keep the reality prices upward only. Read More>>

Monday, August 25, 2008  India Realestate

Bharti Wal-Mart to open first facility in Punjab

The joint venture Bharti Wal-Mart Private Limited is set to introduce the wholesale cash-carry concept to India. The first facility is expected to take off from Punjab by the first quarter of 2009. The typical facility will stand between 50,000 and 1, 00,000 square ft and will sell wide range of fruits, vegetables, groceries, staples, stationery, clothing, consumer durables and other general merchandise items. The chain will enable minimum wastage, particularly food and fresh goods. The JV has already set up a distribution centre spread over 1, 00, 000 sq ft in Banur from where goods will be supplied to the nearest facility.

Being tight-lipped over the selection of the place for first cash and carry facility Raj Jain, managing director and CEO, Bharti Wal-mart Private Limited just said the company would commence its operations from the north only. Read More>>

Tuesday, August 12, 2008  India Realestate

Punjab’s Nayagaon NAC Plan may be Altered

Days after the Department of Town and Country Planning, Punjab withdrew its public notice regarding the proposed master plan of the Nayagaon notified area committee (NAC), it is learnt that the consultant company — Jurong International Private Limited — has been told to alter the regional plan of the area.

The village Kansal had been demarcated as institutional area. This apparently did not suit the interests of the politicians. According to the regional plan, now withdrawn, a 100-feet wide road was demarcated to pass through the 50 acres of land owned by Tata Housing. Read More>>

Wednesday, April 09, 2008  India Realestate

Parsvnath To Come Up With Shopping Mall In Punjab

Parsvnath Developers announced that it is coming up with a shopping mall, spread over 10,000 sq m of land in Punjab. The commercial complex which will be called Parsvnath Highway Mall will be developed in phases and the first phase will have a total saleable area of approximately 2.3 lakh sq ft. Mr. Pradeep Jain, Parsvnath Chairman commented on the potential of a mall in Rajpura, “The mall is strategically located on NH1, which connects Ludhiana. So, it has immense potential and hence we expect a realization of Rs 100 crore from the project.” He added that the project would offer space to house large format stores showcasing a range of aspirational brands to consumers. The complex will be a part of ‘Parsvnath King City', a mega township project consisting of independent plots, villas, group housing, schools and landscaped gardens with total sale of worth Rs 250 crore. Mr. Jain also said, “This shopping mall is an extension of our service towards the residents of Parsvnath King City, targetting passers on the Delhi-Amritsar Highway.”

 Read More>>

Thursday, February 07, 2008  The Hindustan Times

Next Page > 1