LIC lays foundation stone for investment building in Mohali after 18 years

The foundation stone for the Investment Building of the Life Insurance Corporation of India (LIC) was formally laid in Sector 49 (Phase 10), Mohali, under the Chandigarh Divisional Office, by Ratnakar Patnaik, managing director of LIC of India, on Sunday.

Addressing the media after the ceremony, Patnaik said that real estate has emerged as a strong and reliable investment option in the current economic environment, which is whyLIChas been developing “investment buildings” in several cities across the country.

He explained that LIC acquires land parcels and, after securing the necessary approvals, constructs modern commercial complexes that are leased out as office spaces.

“Real estate investments currently offer better prospects compared to several other asset classes.

That is why LIC is focusing on creating investment buildings in different locations.

We want to provide enhanced returns to our policyholders,” Patnaik said.

According to him, the rental income generated from these properties strengthens LIC’s investment portfolio and contributes to better returns for policyholders.

The upcoming Investment Building in Mohali, located nearChandigarh, will be developed by LIC’s engineering department as a modern commercial complex.

The project is expected to be completed in approximately three years and is anticipated to generate significant economic activity and development in Punjab.

Patnaik highlighted that LIC owns properties across India in major metropolitan as well as tier-2 cities, adding that nearly 60 per cent of the corporation’s total rental income currently comes from properties located inDelhi.

He also stated that the allotment of space in the new building will be done through a transparent and competitive bidding process to ensure quality tenants and optimal rental returns.

“Our objective is to ensure a transparent system that brings reliable tenants and generates steady rental income, which ultimately benefits our policyholders,” he added.

Several senior officials of the corporation attended the ceremony, including J P S Bajaj, zonal manager (North Zone); P K J Dungdung, executive director (engineering); Vikram Singh Yadav, chief engineer (North Zone); Yangjor, regional manager (marketing), North Zone; and Sonam Chhewang, senior divisional manager, Chandigarh.

Nearly 18 years ago, the Life Insurance Corporation of India (LIC) purchased this land in Mohali through an auction conducted by the Greater Mohali Area Development Authority (GMADA/PUDA) in September 2008.

LIC acquired 9.6 acres of land for approximately Rs 464.12 crore, which was considered one of the most expensive land deals in Punjab at that time, with a rate of nearly Rs 1,00,025 per square yard.

The site earlier housed Guru Nanak Colony, an unauthorised settlement that was cleared by the government after the land was acquired.

At that time, LIC had purchased the land with plans to develop a large commercial complex, shopping mall, or a luxury hotel, and officials had then set a two-year target to complete the project.

However, the project has only now formally begun with the laying of the foundation stone.

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