Chadha group to get up township in Mohali

Country Colonisers (P) Ltd, a subsidiary of the Chadha group, headed by prominent liquor contractor Ponty Chadha, will invest nearly Rs 600 crore in three phases to build a mega township "WestEnd Estate", spread over 200 acres, at Mohali.

The project will be funded through bank loans and internal accruals. This will be the company's first housing project in Punjab and the group is planning to build townships in Patiala, Bathinda, Jalandhar, Amritsar and Ludhiana. The funding of the project will be through internal accruals and banks.

Moreover, the group is investing another Rs 100 crore to build a second mall at Mohali. The group's first mall is under construction in Ludhiana and expected to be operational by April next year.

The company has acquired 150 acres for the project and the process of acquisition of the rest of the land is on. The township will offer a variety of villas, plots and apartments with different levels of specifications.

Plots will be available in two sizes of 350 square yards and 500 square yards. Apartments will be of four categories, depending on the number of rooms whereas the villa would come in a mega size of 500 square yards.

Director Manpreet Singh Chadha said, "We see great potential for the development in Mohali. This would also offer other facilities for entertainment, leisure, sports and other recreational activities. In the first phase, we would invest Rs 200 crore in the township project at Mohali and another Rs 300-400 crore in two other phases. The company is also studying the feasibility of setting up a business hotel."

Commenting about the investment in the present financial year in real estate business, he said, "We would be investing around 500 crore this year in various housing projects and building malls and multiplexes."

The Chadha group is a Delhi based company with business interests in real estate both residential and commercial, construction and operation of multiplexes, sugar manufacturing, paper manufacturing, distillery, food processing.

The group has also been involved in the distribution and screening of films. In last financial year, the turnover of the group was Rs. 2500 crores.

Commenting upon the potential sectors the company is looking, he added, " We are also plnning to venture into hydro power sector. We are also planning to build hydel power projects in Himchal Pradesh as well as Uttranchal. The plans is likely to materialise in couple of months."