Real Estate Group Acquires Two Major Sectors in Mohali Punjab

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Real Estate Group Acquires Two Major Sectors in Mohali Punjab

Real Estate Group Acquires Two Major Sectors in Mohali Punjab

 

Pearls Group, a well known real estate company, has reportedly owned two major sectors – Sector 100 and Sector 104 in Mohali Punjab and around half of Sector 96 and Sector 99, according to CBI into the assets of the group, which is reported to rope in 5 crore investors of around Rs. 51000 crore.

According to the sources from CBI, the group was all set to develop sectors as their residential townships, known as Pearl City, which is stretched around 500 acres, according to the official website. The sources said that the agency is focusing on the assets of the company which has duped investors by attracting them to provide land for their investment. Along with the alleged land ownership in Mohali, the CBI has found that the group owns 750 acres in Banur area, near Chandigarh. It is emerging as the flagship real estate hub in Punjab.

According to the sources, the group is also the owner of 400 acres of landscapes in Ludhiana, besides the huge open lands in Zirakpur region in Punjab. Over there, the developer is developing residential colony, named Nirmal Chhaya. In Punjab, Zirakpur is fastest growing as a satellite town around Chandigarh. The agency has found 66 offices in posh neighborhoods and Connaught Circus area along with huge swathes of land which is spread over the national capital. According to the officials, the properties are going to run into 1000s of crores according to the current market rates in this region.

The agency is providing the details to Justice RM Lodha committee that has been handed over by the Supreme Court to be working on steps to return the money which is received from the investors. The apex court has ordered the agency to provide all the records related to PACL properties to SEBI which was assigned to take necessary steps to sell the property for refunding money to the investors. Despite being a tricity, property prices in Mohali have been sinking. On the contrary, smaller cities in Punjab have been rising in Punjab. Mohali is still seeing significant growth in real estate development.

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Homeland Group

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Government to Promote Industrialization in Haridwar

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Government to Promote Industrialization in Haridwar

Government to Promote Industrialization in Haridwar

To produce much needed opportunities in industrial sector in low-lying areas in Haridwar and Udham Singh Nagar districts, which were once damaged in 2013 due to floods, the state government is on the verge to take measures to promote industrialization. The main focus of the government will be the upgrade of bridges, roads, drinking water and power projects, along with offering better infrastructure. Along with its measure to improve industrial growth, the government is all set to build industrial sector at Bhagwanpur, Haridwar on the lines of SIDCUL (State Industrial Development Sector of Uttarakhand Limited) to establish its production units.

In addition, the government has also decided to develop Rudrapur-Rampur 4-lane national highway over the next 18 months and Kashipur-Rudrapur SH. In 2013, the flash floods shook the Garhwal hills. The government was focused on reconstruction but didn’t give much-needed attention to the industrial sector. They are thinking to attract investment opportunities to develop industrial sector in such areas.

There was an event on industrial development at Kashipur in Uttarakhand organized by the members of PHD Chambers of Commerce & Industries in Uttarakhand Wing. A lot of entrepreneurs and industrialists attended the event. The CM has announced that the government was looking forward to reduce the Mandi tax to 2% from 3% on raw industrial goods used for production.

To fix the problems related to industry, such as repair of bridges, roads, drinking water and commissioning power projects, CM Rawat has announced to form a committee led by Chief Secretary, Rakesh Sharma, to address the problems of industrialists. The committee including officials and industrialists from the department of revenue, industries and finance will hold meetings with chief secretary every 2 months and fix issues related to development. Industrialists and entrepreneurs attending the meeting urged the chief minister to deal with land-related issues.

It will lead to substantial growth in real estate sector in SIDCUL Haridwar and several builders will plan to develop new residential projects. The CM Harish Rawat has also introduced an entrepreneurial park which is stretched over 10 acres of land in SIDCUL.

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