From one to two, then three and more, Chandigarh is all geared up to get its fourth 5-star hotel, with the kudos going to the UT Administration and Municipal Corporation of Chandigarh (MCC).
Auctioning off 2.62-acres of land at its open auction system, MCC fetched Rs. 101.37-crore for the site, which was snapped up by Lokpriya Buildwell, Delhi. Sources confirm the site is to be developed by the Delhi-based firm in association with Uppal Orchids, a 5-star hotels chain. The auction price is a clear indication that property prices in the Silver City are rocketing, and how. As when, the UT administration auctioned the 4.45-acre site bagged by DLF for the city's third 5-star hotel, it fetched the Administration Rs. 75-crore. Do a rough math, and one calculates the price per sq. yd. in the capital city of Punjab has shot up by 229.32%, all within a matter of months.
From Rs. 34,822 per sq. yd., the price per acre for hotel sites in the region has gone up to Rs. 79,854-per sq. yd. With the impetus being on developing Chandigarh as an international destination, the project has come in as an integral addition. The decision of Chandigarh Administration to make turn Chandigarh's one-flight in and one-flight out airport, an international one, the city has become a place of strategic importance, not just for real estate builders only, but for international hotel chains, as well.
Hilton International, part of a chain of luxury and semi-luxury hotels is coming up with their 5-star hotel in Chandigarh's IT Park. And, the international hospitality major has recently inked a JV with DLF to make a number of hotels throughout the country. For Chandigarh, Hilton's decision has led to land prices shooting up, and so has the presence of internationally reputed hotel chains. So much so, even the Grand Hyatt has plans afoot to make an entry in the city and the region, following in the wake of the international major's footsteps.
Situated in Sector-35 next to an emerging sub-city centre in the southern half of City Beautiful, Grand Hyatt snatched it, when the reserve price of the site was a miniscule Rs. 51-crore, from a group of 6-bidders including biggies like ITCDelhi, Emaar MGF Land, Nakul Promoters from Delhi, East Ways Travel Services, and Chandigarh's Prateep Estate, who were some of the contenders.
As the UT Administration picks up on the potential of the tourist trade, the road map of Chandigarh's economic success story is being written with IT Parks, 5-Star hotels, SEZs, et al. If, ever there was a time to be in Chandigarh, it is now! Silver City will soon be gilded into a golden one! |
