Alpha G:Corp joins Rattha Group to develop township in Chandigarh
Chandigarh: Alpha G:Corp, a partner of Morgan Stanley and a leading real estate developer being funded by FDI, is planning to join hands with the Chennai-based Rattha Group to develop a Rs 1,000-crore integrated residential township in Chandigarh.
The township will be located just 2.5 km from the Chandigarh border and is among the closest private residential developments in the immediate vicinity of the city. Sprawling across 150 acres close to the Union Territory of Chandigarh, the project would lie within the Master Plan of Mullanpur prepared by the Greater Mohali Area Development Authority (GMADA), Punjab.
Mullanpur is also known as New Chandigarh and is administered under GMADA. It has been declared as the first Eco City of Punjab and is being developed as a premium residential locality.
A Metro line has been proposed adjacent to the township, through which it would be well-connected to the upcoming GMADA Expressway and to Baddi industrial hub.
Chairman of Rattha Group believes that the proposed township will surely 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 the state government’s bigger plan to create infrastructure of international standards across all real estate verticals. It is expected to reduce the shortage of quality housing in Punjab.
According to the data available with National Building Organisation and PUDA, there is a hike in shortage of urban residential units in Punjab of 12 lakh in 2011 from 6.9 lakh units in 2007. By encouraging development of new residential projects, the government plans to overcome this shortage and focus on development.
Alpha G:Corp has been successful in delivering projects in various asset-classes in several regions across the country. It has developed AlphaOne in Amritsar which is the state’s biggest lifestyle, entertainment and shopping destination.
In the residential category, it is developing an integral township in Amritsar named ‘Alpha International City’, which is presently in its second phase of development. Recently, the firm has entered the industrial sector by launching, Model Industrial Park, Amritsar, a project aimed towards organized industrial development in the region.
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