AMBALA : A historical district of Haryana, may still be longing for true genesis of its nomenclature but the city is slowly opening up to real estate investments that were non-existence till a couple of years ago.
The city, divided between Ambala Cantt and Ambala City, is bringing up a few group housing schemes and commercial projects.The transit city between Chandigarh and Delhi caught the eye of realtors after the six-lane project was initiated.
The city is destined to shorten the travelling distance by around an hour after the road-widening project is completed.
The real estate scene here is expected to heat up further as companies such as Unitech, Reliance Industries and DLF are believed to be acquiring land for their SEZ in Naraingarh.
For the time being, Vatika Group is coming up with its group housing scheme that will be followed by commercial properties. The group has one of the largest land banks of over 170 acres in the city. The group is also into plotting with a rate of Rs 7,500 per square yard.
The plots are available in 240 yards, 300, 500 and 1,000 categories. The Vatika Group is likely to open its group housing project for booking by next month. The residential project, coming up on 10 acres, consists of around 500-700 apartments of three and two bedrooms. As much as 45% of land is to be kept as green space. The group is also planning to set up a multiplex.
A few other realtors are also mulling to set up malls. Colonies are also being developed in areas bordering Dera Bassi of Punjab, which have an approach road towards Ambala district, to cater to the residents in Haryana.
Projects such as Dreamland Colony, Defence City and Omaxe Greens have come up in Punjab even though they are practically an extension of Ambala and accessible from both Ambala Cantt and Ambala City. The new projects have proper wide roads, sewerage, water and street light facilities.
The Centre recently released over 11,00 acres of land falling in the Ambala cantonment to the Haryana government. Over the decades, a major part of the Cantt area remained out of bounds for not just realty players but also for residents who could not undertake new construction as the building structures belonged to residents whereas land was possessed by the Centre.
Haryana Urban Development Authority’s sectors 9, 10, 11 in Ambala city are fetching a price of Rs 8,000 to Rs 11,000 per square yard. The houses are six marla, 10 marlas and one kanal. In Ambala Cantt, private colonies such as Agrasen Nagar, Ekta Vihar and Rani Vihar are being sold at Rs 12,000 per yard. The plots ranges from four marlas (100 square yards) to one kanal (600 square yard).
Between the Cantt and City, HUDA has set up three new sectors — 32, 33 and 34. HUDA has plans to add 30 more sectors as part of its expansion. The going rates of government plot ranges from Rs 8,000 to Rs 10,000 per square yard.
Commercial activities such as shopping malls, arcades, entertainment and fun zones, food courts and restaurants, that have already started cropping up in the city, are likely mushroom in times to come.