Chandigarh Smart City Limited (CSCL) has asked the Chandigarh administration for 71 acres of the land near Inter State Bus Terminus (ISBT) in Sector 43 to be handed over to them for its development under the smart city project, Indian Express has reported.
The land, which was identified last month by the CSCL will have convention centres, residential housing including studio apartments and various other projects. A major portion of the Rs 4,932.5 crore of smart city fund will be used in the development of Sector 43.
According to the report, chief executive officer of the CSCL, KK Yadav said that the work on the project will begin as soon as UT administration hands over the 71 acre land to CSCL, adding that the land is barren and vacant.
He said the Sector 43 is not developed despite being sub-city centre as per the master plan.
“We have also asked the administration to allow us higher floor area ratios so that investors see the comparable building norms and are attracted to invest in this sector,” he said, adding that around Rs 5,000 crore will be spent and project will be entirely developed in public private partnership (PPP).
As per the report, a senior Union Territory (UT) administration official has said that they have received the letter from CSCL asking for the land transfer and are checking for the status of land thoroughly.
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