Chandigarh, Sector 17 already has 3 big hotels. As per the sources the collector rate of Sector-17 SCO (shop-cum-office) is around Rs. 5,25,405 p. Sq. yard, implying that this Sector hotel site reserved price is more than Rs. 1,500 crores.
CHANDIGARH: The collector rates are creating hurdles in the UT administration’s plan to auction a 6-acre hotel site in Sector 17, Chandigarh. Investors believe that with the reserve price turning out to be more than Rs. 1,500 crores private players will not be interested in the deal.
The UT administration now plans to study a project in Delhi and other states before finalizing auctioning of the land, sources said. The administration had planned a meeting with investors in May to plan Sector 17, in which this property was also discussed.
The administration had convened a meeting with investors in May regarding Sector 17’s plan in which this property was also discussed.
This hotel site was part of Sector 17’s rejuvenation plan. The administration is poised to turn the deputy commissioner’s (DC) office and its surrounding area into a “cultural zone” by bringing projects like National and its allied offices like food and supply, Registering and Licensing Authority (RLA), and the estate office will be shifted to the site of over 2-acre adjoining Hotel Shivalik View in the same sector at Rs 70 to 80 crore.
It is not the only property facing a problem, the administration is also facing problems in the other key projects as well because of the high collector rates.
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