THE Chandigarh administration will be inviting fresh expression of interests for some plots in the Rajiv Gandhi Chandigarh Technology Park (RGCTP) next week. The sites have been demarcated in the SEZ and non-SEZ areas in phases I and II and have not been allotted for over a year.
In phase II, the SEZ notification has been given by the Ministry of Commerce and an area of 3 acres with an FAR (floor area ratio) of 1.0 has been put on the block for Rs 1.15 crore per acre.
For the particular site, expression of interests from companies in the information services sector having a turnover of more than Rs 100 crore a year and the ability to begin operations within three years of the allotment, has been set as the criterion. The administration is keen on inviting companies engaged in software development over BPOs.
Another three built-to-suit sites, ranging between 0.55-0.66 acres each, in the SEZ area have also been put on the block. The criteria remaining same for the companies interested, other than the turnover which should be minimum Rs 10 crore a year and more than 100 employees should be on the company’s roles at the time of application. At an allotment rate of Rs 1.5 crore per acre the permissible FAR has been kept 1.25.
In the non-SEZ or the STPI area in phase I, three sites of 1.10, 0.9996 and 0.90 acres will be allotted as well. With an FAR of 1.25 the rate of allotment has been fixed at Rs 1.50 crore per acre. The criterion for these sites is the same as the built-to-suit sites in the SEZ area. To be opened next week, the allotment procedure will remain open for three weeks. The allotment this time would be different in terms of prices, since the administration hiked the land rates last week.
As per the new approval by the city administration, the price per acre for the main campus site has been put at Rs 60 lakh (FAR 0.50) further extendable to 0.75 on extra payment. Earlier, the allotment had been done on freehold basis, but in future all allotments in RGCTP will be on leasehold basis.
The new rates on leasehold basis are 50% over and above the present rates on freehold basis with the allottee liable to pay 2.5% of the allotment rate every year as Annual Ground Rent for first 33 years, 3.5% for next 33 years and 5% for the next 33 years. The allotments will also follow the new Chandigarh Estate Rules, 2007, therefore all sites allotted will not be allowed to be transferred before 15 years from the date of allotment and the initial lease will be for 33 years extendable for another 33 years twice, making it as a total lease for 99 years. With these allotments, land will be fully allotted in RGCTP Phase I and II.