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Chandigarh to sell five-star hotel site in Sector 34, Real Estate News, Realty Beat

Chandigarh to sell five-star hotel site in Sector 34, Real Estate News, ET RealEstate

BY: Munieshwer Sagar

CHANDIGARH: A five-star hotel site spread over 3.5 acres adjoining the road dividing sectors 33 and 34 is ready to be offered for sale at probably more than Rs 500 crore though the reserve price is not yet finalised.

It is one of the four hotel sites in Sector 34 – two are yet to be taken up by the estate office, the third of 5 acres, adjacent to the 3.5- acre site, is in the pipeline. The 3.5-acre site behind the petrol pump in Sector 34 has been taken first as the estimated reserve price for the larger plot was deemed to be not in tune with the current market scenario in the hospitality industry.

The administration has also short-listed a seven-star hotel site in Sector 17. The estimated reserve price of the 6-acre site is around Rs 1,500 crore.

“Discussions with stakeholders has brought to the fore that reserve price is too high for any bidders to come keeping in mind the hospitality sector demand in the city. The 3.5-acre site is being zeroed down now because it has relatively low estimated reserve price,” said an official. For the sites with bigger plots, the administration is examining public private partnership option also.

The zoning plan for the 3.5 acre site in Sector 34 has been finalised and requisite no-encumbrance certificate taken. A five-storey building, excluding the basement, is permitted to come up. All activities necessary to run a five star hotel like restaurants, concert hall, shopping arcade, convention centre and swimming pools have been allowed. The shopping arcade can be spread over 5500 sq ft with maximum of 20 shops.

The ground and first floor coverage has been fixed at 40%, and the maximum FSI (floor space index) is 1.5. Two basements will be allowed, with one dedicated to parking. Of the total area, not less than 20% will be fixed for parking.

The process to develop prime hotel sites with the administration was recently taken up as it pursued the implementation of the Chandigarh Master Plan – 2031 wherein these pockets have been reserved. A senior UT official, said, “We will offer the hotel site only at the most opportune time keeping in mind the market conditions. Currently, a lot of homework is being done, ”


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Written by Realty Beat

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