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To address financial challenges, the Chandigarh Municipal Corporation (MC) plans to sell a 6.8-acre land parcel in Shivalik Enclave, Manimajra, valued at approximately INR 195 crore at current collector rates. Proceeds will fund a housing project with apartments and a retail center. Following a ground survey and verification process, the land is undergoing zoning, a step expected to take six months. The potential revision of collector rates could further boost the sale price. This move aligns with the MC's history of leveraging land sales for urban development, as seen in the Uppal Housing (2005) and JW Marriott (2006) projects.
In order to fund a housing project, the Chandigarh Municipal Corporation (MC) has chosen to sell a 6.8-acre tract of land in Shivalik Enclave, Manimajra, due to a serious financial problem. Based on the current collector rate, this land is worth about INR 195 crore. It would be used to build apartments in five specific locations. A shopping centre will also be built on 0.5 acres of the property. Advertisement
Following receipt of the layout plan from the Chandigarh administration's top architect, the MC finished a ground survey earlier this week. Land verification, encumbrance identification, and an evaluation of subterranean services at the proposed location were all included in this survey. In order to start the zoning process, a necessary step before the land can be awarded to a private bidder, the results were then forwarded to the urban planning department.
According to MC sources, the engineering department had delineated the property in order to confirm the plots' measurements and locate any encumbrances. The urban planning department received the report and will revise the proposal in light of the site's circumstances. The land may be sold after the zoning plan is complete. The MC anticipates that, providing all goes as planned, the land disposal will take at least six months because this is a crucial step.
The value of the land is determined by the current collector rate of INR 58,687 per square yard for the residential sector of Shivalik Enclave. At this rate, the 6.8-acre plot's sale will bring in almost INR 195.36 crore for the MC. The Chandigarh government is now updating the collector rates with an eye towards the future. The value of the land in Manimajra may rise much more if the revision is made in the upcoming months. The MC is optimistic that the updated rates will benefit it and enable it to obtain additional proceeds from the sale.
The MC has a history of selling property for development projects, which is what this present land transaction is based on. In 2005, the MC received INR 108 crore for the freehold sale of land for the Uppal Housing project in Manimajra. The MC sold land for the JW Marriott Project in Sector 35 for INR 101.37 crore on a leasehold basis in 2006, a year later. These earlier sales demonstrate the MC's continuous attempts to use its land assets for urban development in order to handle budgetary limitations.
With a potential value of INR 195 crore, the Municipal Corporation of Chandigarh plans to sell a 6.8-acre tract of land in Shivalik Enclave for a housing project in an attempt to manage its financial difficulties. Plans for apartments and a retail centre are part of the project, which is currently undergoing the zoning procedure and could take many months to finish. A higher sale price could be the outcome of the anticipated change of collection rates, according to the MC. This decision demonstrates the MC's continued strategy of leveraging land sales to generate cash for civic development, as seen by its prior land sales, which included the Uppal Housing project in 2005 and the JW Marriott project in 2006.
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