Will Chandigarh realty take off from the new international airport?

On 11^th Sep 2015, Prime Minister Narendra Modi inaugurated the new terminal of the International Airport in Mohali, Chandigarh. Although both international and domestic flights are awaited due to up-gradation of operational facilities but the airport is expected to be operational anytime soon.

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From the realty point of view, any new infrastructure development acts as a catalyst not only for the real estate development of the region but for the neighbouring areas as well. So the question remains, can the new Chandigarh International Airport give the much needed boost to Mohali or the neighboring areas.  

Anuj Dua, consultant from DNA Realtors, Chandigarh says, “Chandigarh real estate faced a slow phase of development and buyer interest in the past but with this new airport coming up, the city has witnessed the much needed boost. As a real estate consultant, I have personally come across various enquiries on property buying from local and NRI’s, especially people from Punjab who have settled abroad. The positive impact has not only hit Mohali but also the nearby areas of Zirakpur and New Chandigarh”.

Dua continues, “Although the real estate development in Mohali started 8 to 10 years back but the inauguration of the new airport is expected to be the game changer. It is a well-known fact that areas around the airport always grow and garner high traction from buyers.”         

Mohali has gained significance in the past few years due to factors such as planned development, good connectivity to Chandigarh, presence of various educational institutions and IT companies like FIS Global, Quark Inc., Emerson and SPAN Infotech and the latest development to contribute to this growth is the International Airport.

Pulkit Khurana, a resident of Zirakpur working with Larsen & Toubro, Mohali says, “I am working in the Industrial area of Mohali and have been living on rent in Zirakpur from the past two years only because the rent here is less as compared to Mohali. But soon I am planning to shift to Mohali as it is well planned in terms of civic amenities, infrastructure, work spaces and better standard of living which is still lacking in Zirakpur.”

In 2011, the Punjab government announced the setting-up of an IT Park in Mohali near the International Airport housing various top notch firms to bring more employment to the city. At present Infosys has purchased land in the area and many more are expected to follow. However, it will still take time to develop, but once fully functional it is expected to bring employment opportunities for the youth and more residential and commercial development.

As per the Magicbricks data, over 40 new projects are lined up for possession in different sectors such as 66, 70, 99, 104, 115, 125 and 127, among others. The upcoming projects in Mohali will have all residential options of 1, 2, 3 and 4BHK apartments, residential plots, builder floor apartments and penthouses. Currently, some projects are under construction, some are ready-to-move-in and many are expected to hand over possession by 2015 or latest by 2017. The good part is that the new projects in Mohali offer a wide variety that suits every budget and with this new development, more potential buyers are expected to flock here.

Source - TOI

Turning Kolkata's New Town into a future city

The New Town Kolkata Development Authority (NKDA) will need to work on effective data collection and its graphic presentation to develop the township into a futuristic smart city, urban experts from the UK prescribed during a workshop held recently. 

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The six-member team from Future Cities Catapult (FCC) was in Kolkata for two days to visit New Town and organize a workshop where experts have put forward recommendations and suggestions to develop the township. 

The Housing Infrastructure Development Corporation (Hidco) authorities had signed an MoU with the agency during chief minister Mamata Banerjee's London visit on July this year. FCC is a global centre of excellence on urban innovation that is helping NKDA and Hidco as a handholding agency to prepare a road map. 

"The experts said New Town has the potential to become a true Asian Township. The recommendations will be followed," said NKDA chairman Debashis Sen. A state delegation, including Sen and other senior government officials, is scheduled to meet officials of the AmCham India national chapter in New Delhi on October 5 where discussions will take place on the four smart cities and six theme townships in the state. 

One of the main recommendations that came from the FCC team was to have an effective data collection system where data of different issues would be presented on a graphic manner. "For example, there could be a data of a day's traffic volume in a graphic manner as to which time of the day the traffic volume is highest, or lowest," an official said. 

Inward investment strategy, in which jobs and economic opportunities will be created within the township, was discussed at length at the workshop. 

Last week, the NKDA authorities held a consultation meet where local residents were asked to suggest on ways and means to develop the township. Proper pavements, traffic signals, car parking plazas and underpasses with escalators were some of the demands on part of the locals. They also called for a green and clean environment. 

The NKDA has launched a smart phone application, named as 'Smart City New Town', to get feedback of New Town residents. 

Source - TOI