Projects cleared by Cong govt up for sale
Chandigarh, May 6
Details of projects which are on sale have been posted on various web sites. Though the names of the companies willing to sell their “approved projects” for “substantial financial gains” are not mentioned on the websites, telephone numbers or contact details of real estate agents and brokers are given.
One website recently invited expression of interest, especially from Non-Resident Indians, for three mega projects in the periphery of Chandigarh.
These projects include a nine-acre project with a provision for two-screen multiplex, a five-star hotel, 180 studio apartments, shopping mall and international convention centre.
Interestingly, only one of the several mega projects cleared by Amarinder Singh government has been completed while others are at various stages of completion.
While the real estate boom bubble has almost burst leading to a fall in land prices in the periphery of Chandigarh, one of the reasons for a number of approved projects being put up for sale is ascribed to a change of government in the state. Those owing allegiance or loyalty to the previous government are perhaps not keen to pursue their real estate ventures, including mega projects.
Efforts to get in touch with brokers or real estate agents handling sale of these approved projects were not successful. Brokers are probably responding to expression of interest from overseas.
A broker told The Tribune that in spite of slowing down of the real estate business, many overseas real estate giants are still evincing keen interest in major real estate projects in the North in general and in the periphery of Chandigarh in particular.
“We are getting lot of inquiries about availability of land for mega projects,” he adds.
But investigations reveal that none of approved mega projects, put on sale, have got new owners so far.
Another approved project on sale is a six-acre five-star hotel cum-shopping mall at Zirakpur.
Passed along with the project will be all benefits which the government approved at the time of clearance of such proposals.
Though Chief Minister Parkash Singh Badal has been reiterating that no project cleared by the previous government would be reviewed or cancelled, work on most of the mega projects has slowed down.