Mohali on a HIGH

Vijay C Roy

On Monday, while inaugurating a luggage store in Mohali, actor and comedian Gurpreet Ghuggi stated that Mohali has established itself as a promising market in terms of space, location and infrastructure. And his comment is certainly not an overstatement given the real estate development that this city if one. Realty scene in this district is literally on fire now after the dismal ‘Covid era’.

Demand for Commercial Projects

• Improved infrastructure has attracted many developers to the district and they have come up with premium commercial projects in Mohali and Greater Mohali area. This area has already established itself as an attractive destination for commercial investors with over half a dozen mall-cum-multiplex projects to be operational soon. Already commercial projects such as Jubilee Walk — a retail and office space; CP-67 — a Mall-cum-multiplex-cum-office space and Bestech multiplex are operational here.
• Upcoming commercial projects along the Airport Road like Mohali City Centre, Jubilee Junction have further attracted the attention of big investors towards Mohali. According to developers, the commercial spaces which include retail-cum-mall-cum multiplex, have good potential in Zirakpur, Kharar-Landran Road and even in New Chandigarh.
• Out of all the micro markets of Mohali, Zirakpur has the highest supply of retail space as it has emerged as a weekened shopping destination for people because of the presence of factory outlets of many MNCs and wholesale chains such as Best Price Flipkart Wholesale and Metro.
• Increased investment by investors, businessmen and entrepreneurs has given a boost retail sector in Mohali which has further directly increased real estate demand in the area. Average price of office space here between

  ~8,000-~13,000 per square feet in prime locations, while retail space is priced between ~12,000 and ~40,000 per sq ft, depending upon location.

Prominent developers

DLF | Omaxe | Sushma Buildtech | Homeland Group | Marbella Group | Jubilee Group | STJ Group | JLPL Group | Motia Group | SBP Group | Royale Estate | HLP Galleria

Proximity to Chandigarh and better connectivity have made Mohali in Punjab the most sought-after destination for homebuyers as well as for those looking to invest in commercial properties. This can be gauged from the fact that the district commands a lion’s share in Real Estate Regulatory Authority (RERA) registered projects in the state.

Around 60 per cent of the total registered projects in the state are based in Mohali. A large number of commercial complexes, malls, office areas seem to be competing with the residential projects in the different micromarkets of Mohali.

Favourable factors

Real estate consultants are of the view that since Chandigarh is landlocked and there is hardly any space left for new development, local as well as national developers prefer Mohali district. In addition to this, high prices in Chandigarh as well as Panchkula, too, have steered the buyers towards more affordable Mohali market.

Moreover there is also plenty of choice for all price segments as across Mohali, Kharar, Landran, Zirakpur, Dera Bassi and New Chandigarh, there are over 100 developers offering projects in both commercial and residential segments.

Good investment

Along with primary buyers, Mohali is also favoured by those looking to invest in real estate as property prices are lower than those in Chandigarh and in a demand-driven market, the appreciation is also healthy.

Good connectivity, excellent health and medical infrastructure and presence of quality educational institutions in close vicinity are some other factors that makes city ideal for investment purposes. Realty experts shared that 55-60 per cent property (residential and commercial) buyers in the city are from cities in Punjab, Haryana, Himachal Pradesh and Jammu & Kashmir.

Rising residential demand

There is a huge demand for residential projects in Mohali as the district caters to buyers from all income groups. Tarundeep Singh, Founder & Director, i4 Investors says, “Mohali is strategically at an advantageous position due to convenience and access to key locations in the region. The presence of a new international airport and an emerging IT City have further enhanced its investment potential. In the past two to three years, property has given good returns to investors fuelling the demand here.”

Prices & location

Those looking for super premium apartments, sectors like 67,77,82 and 88 have emerged as the most-preferred location with price ranges from ~9,000-13,000 per square feet offered by many developers.

On being asked about the prevailing property rates in Mohali district, Sanjeev Baboota, Director, Subhash Mangat & Group said, “Post Covid there has been significant surge in the prices of construction material, even the land price has gone up, so has the cost of labour. Considering all these factors and depending upon the area property prices have gone by almost two to three times in Mohali.”

For example, depending upon the location, the prices of 2BHK starts from ~40 lakh and can go upto one crore. Similarly, a 3BHK flat starts from ~65-70 lakh and can go up to ~3 crore, he said.

According to realtors, if a buyer is looking at a property in an authorised area and by a reputed builder then it will cost him anywhere from ~4,200 to ~14,000 per sq ft.

Similarly plots can cost from ~80,000 to ~1 lakh per square yard, depending on the location and distance from city centre. For those looking for budget friendly homes, sectors 108, 110, 115, Kharar-Landran road, Kharar-Tepla-Banur road, Zirakpur have sufficient inventory.

According to local property dealers in good projects, prices can vary between ~5,000-~7,000 per square feet.

Bustling Zirakpur

In Zirakpur also, residential segment price has shot up by 30-40 per cent in the past two three years. Premium projects (apartments) in Zirakpur is priced anywhere between ~7,000-~9,000 per square feet. However, one can get budget-friendly homes, especially in old construction on VIP Road, Dhakoli and Peermuchalla.

Serene and green New Chandigarh

In New Chandigarh also, prices in residential segment have shot up by over 40 per cent in the past two years. The uncertainity and financial setbacks received during the pandemic had brought the market to a virtual standstill as investors were vary of parking their funds in property, but the demand for homes in open and clean environment has seen an uptick post Covid-19 and micromarket of New Chandigarh and the areas in its vicinity have emerged as favourites of buyers.

New Chandigarh has also seen progress in commercial and office space projects with builders offering lucrative rental assurances to investors, though this segment is yet to gather steam in the area. While apartments will cost anywhere ~7,000-~8,500 per square feet, plotted developments is around 65,000 per square yard.

In Mohali, the home-grown developers dominate the residential real estate market. With small ticket size, delivery and budget-friendly housing projects, the local developers enjoy over 70% share.

Plotted developments in Aerocity

Sanjeev added there is ample of demand for plots in GMADA’s Aerocity which is spread over almost 400 acres around the International Airport. In Aerocity besides plotted development, around 10-12 developers are coming up with high rise projects.

“In addition to this, GMADA is developing 10,000 acres in Mohali which comprises plotted as well as commercial developments. We also anticipate that GMADA will auction land to private developers also,” added Sanjeev.