Chandigarh Administration is planning to distribute land to financial and banking companies at the Rajiv Gandhi Chandigarh Technology Park to make it the next financial hub of the region. CHB is working on a proposal to establish a financial hub on the 123.79-acre land acquired from the Parsvanath Developers Ltd at the IT Park.
The CHB’s Plan:
A detailed plan has been already prepared by the Housing Board of Chandigarh for the development of the area. The 123.79 acres of land will be provided for the following projects:
- Private housing projects.
- Houses for government employees and judges.
- Gymnasium, swimming pool, community centre and marriage palace.
- Five-Star hotel, commercial complex and shopping malls.
- Land for a Hospital.
The sites identified for the housing projects will have a varied size of land from four to seven acres. The commercial sites will be allotted through an open auction.
The area for the financial hub had not been included in the IT Park previously in the original plan. The area acquired from the developer was lying vacant for more than 10 years as it failed to initiate a housing project on the area.
According to the sources, the CHB’s financial hub will emerge on the site that was previously designated for a Five-Star Hotel by the developers.
The IT Park of Chandigarh
The Chandigarh IT Park can be seen as an area that can promise a lot of scope for developing many projects under various sectors.
In the past the Chandigarh Administration has emphasized on promoting Chandigarh in the knowledge sector. A proposal for developing Chandigarh as financial services hub has been under consideration of the Administration.
Many IT Companies have been set up in the IT Park in past years like, Infosys Technology Ltd, Wipro Technology Ltd, Tech Mahindra Ltd, Bharti Airtel Ltd and many other more that had boosted the finance sector of the IT Park.
But, the CHB’s ‘Financial Hub’ plan can help take the IT Park’s development to the next level and coax general public and investors to come and explore the area and its potential for the future in a big way.
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