Rs 250 cr housing project in Chandigarh

Delhi-based Uppal Group is investing Rs 250 crore in a housing project in Chandigarh.The comapny has redefined luxury living for a town where most citizens belong to the salaried class.

The company today officially announced that luxury apartments in the Uppal's Marble Arch at Manimajra, Chandigarh, would be priced between Rs 1,14,15,000 and Rs 1,31,15,000 for three -bedroom and four-bedroom apartments. The apartments will be spread over 1,800-2,100 square feet area.

Talking to Business Standard, the Director and Group CEO Rumneek Bawa said there were 165 apartments in all and that they expected to sell all of these in one month. He indicated that many NRIs (non resident Indians) were keen to buy the apartments.

"Every family in Punjab desires to have a house in Chandigarh. There is a demand for about 1,000 such luxury residences. Hence, selling such high-cost flats should not be difficult for us", said Bawa.

Bawa apprised Business Standard that he was likely to meet senior officials of Chandigarh Administration in the evening to discuss the possibility of another such project in Chandigarh.

"If we get land at a suitable location, we will be keen to start work on another housing project in this region", he added.

The Uppal's Marble Arch will have a state-of-the-art gymnasium and health club, complete Wi-Fi connectivity, with a swank swimming pool. The company is also in dialogue with authorities in Ludhiana and Jallandhar to built a similar project.

"If every things goes well, we propose to invest about Rs 1,500 crore in the next two years in various housing projects in Punjab", said Bawa.

He informed that the company was also keen to foray into the development of the proposed SEZs (special economic zones) in Haryana. The development of an SEZ would cost between Rs 250 and Rs1,000 crore.

The Uppal group also has synergies with multinationals based in Iran, Israel, Russia and Tehran, to implement various projects for the development of infrastructure like water distribution projects and highway projects in India.

Bawa said the company has a comfortable capital base and did not intend to launch an IPO in the near future.

The company has a joint -venture partnership with the liquor baron of Punjab, Ponty Chadda, for projects executed in Uttar Pradesh.