Source: Finencialexpress.com Date: 4 Apr-2013
After DLF, Omaxe, Altus and state owned Punjab Urban Development Authority that have made forays into Mullanpur named new Chandigarh with real estate projects, it is the turn of Alpha G:Corp, a partner of Morgan Stanley and an FDI-funded real estate developer to join hands with the Chennai-based Rattha Group to develop a Rs 1,000-crore integrated residential township here.
Spread over an area of 150 acres in close proximity to the Union Territory of Chandigarh, the township would fall within the Master Plan of Mullanpur drawn up by Greater Mohali Area Development Authority (GMADA), Punjab.
The project would be Rattha Group’s maiden foray in northern India. The Chennai-based conglomerate has interests in exports, infrastructure and residential development. The group has substantial investment in manufacturing and partners Ascott of Singapore in the hospitality segment.
Located just 2.5 km from the Chandigarh border, the project would be one-of-the-closest private residential developments in the immediate vicinity of Chandigarh. Adjacent to the proposed Metro line, the development would be well connected to the upcoming GMADA Expressway and to Baddi, a regional industrial hub.
Disclosing this to The Financial Express here today, S.K. Sayal, Director and CEO, Alpha G:Corp said “We are glad to associate with Rattha Group in developing this world-class project. We are excited to be a part of Punjab government’s initiative to promote quality infrastructure in the state through this project. I am sure that this project would fulfil the lifestyle aspirations of this region’s inhabitants and put Mohali on the world map.” Mullanpur, also known as New Chandigarh is administered under GMADA. The area has been declared as the first Eco City of Punjab and is being developed as a premium residential locale.
H.S. Rattha, Chairman, Rattha Group said, “We are excited to partner in the growth of one of the most progressive states in the north, under the able leadership of the Chief Minister, Prakash Singh Badal. In pursuance of shaping our vision, we have signed with Alpha G:Corp, known to be the finest real estate developer, having high ethical and delivery standards. I am sure that this project will contribute to Punjab’s housing sector and help the government’s praiseworthy efforts to give impetus to infrastructure in the state.”
The state-of-the-art project would be a part of Punjab Government’s bigger plan to create infrastructure of international standards across all real estate verticals. The development is set to be part of the vision of Punjab’s Deputy Chief Minister Mr Sukhbir Singh Badal to reduce the shortage of quality housing in Punjab. As per data available with National Building Organisation and PUDA, urban housing shortage in Punjab had grown to 12 lakh units in 2011 from 6.90 lakh units in 2007. By encouraging development of new projects by quality-focused and delivery-oriented realty players, the government plans to address this shortage and focus on development.
Alpha G:Corp has successfully delivered projects in all asset-classes in several regions across the country. In Punjab, the company has built and currently operates the state’s biggest lifestyle, entertainment and shopping destination; AlphaOne, Amritsar. In the residential category, Alpha International City, Amritsar, currently in its second phase of development, comes across as the city’s finest integrated township development. The company has recently forayed into the industrial sector by launching, Model Industrial Park, Amritsar, a project that intends to catapult the growth of organized industrial development in the region.