Chandigarh Developers Focus on Nris

By: George Gonigal

Chandigarh has always been a hotbed of Non-Resident Indian (NRI) activities as a considerable number of the city residents immigrate to countries abroad like Canada, New Zealand and Australia. Keeping in mind, the taste and purchasing power of this segment, the real estate developers in Chandigarh have molded their projects in accordingly.

Parsvnath's Prideasia, a joint venture by Parsvnath Developers and Chandigarh Housing Board, is one such project. This is the first ever public-private-partnership project in the region. Prideasia is an integrated township at the Rajiv Gandhi Technology Park where luxury living has been planned next to the IT Park. This real estate project is focused at the NRIs and High-Net worth Individuals who would like to own property in Chandigarh's IT belt. The project would be completed by 2010, but the pre-launch bookings are already on.

Another NRI focused residential property project in Chandigarh by Parsvnath Developers is coming up in the form of Parsvnath Royale Group Housing. This project is located at Panchkula and is being executed with local developer - Samar Estates Pvt Ltd. This township was launched last year and is currently under-way. This project would span on an area of 7.2 acres.

Yet another property builder, Omaxe, has been bullish about NRI focused property in the Chandigarh region. The group is constructing a premium residential project, called Omaxe Greens, on Chandigarh-Derabassi road. Once completed, this township would have 652 plush residential apartments ready.

Omaxe has another premium residential real estate project in Chandigarh called Omaxe Royal Residency and Spa Village along the Pakhowal Road, near Ludhiana. Royal Residency has been launched keeping the NRI taste in mind. The CMD of Omaxe, Rohtas Goel clarifies that, 'Royal Residency would cater to the growing demands of NRIs, who plan to settle or invest in property in Ludhiana.' This project will have palatial 3-4 BHK apartment spread over an area of 1,800 sq ft - 6,750 sq ft each.

Royal Residency planners claim that this integrated township would have climate control swimming pool, gymnasium and a business lounge, along with other luxury features.

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