Real estate Mohali- the most happening place for realty development

by

Deepti Chugh

Mohali realty market is fast catching up with other real estate developing cities such as Noida and Gurgaon. Mohali city has played as a catalyst for budding realty developments not only in Punjab, but it has already become as one of the fastest growing IT city in Northern India. Of late, many multinational realty developers such as Unitech, DLF, Emmar, ATS Infrastructure, and Omaxe have already started acquiring in this region. Over the last few years, the land prices has skyrocketed to 13,000 t0 15,000 INR per square yard. There are several projects lined up all over Mohali both in the residential as well as commercial sectors.

Mohali real estate has witnessed as staggering boost in land prices at a fast pace in the recent years. Many local residents as well as NRI s are now considering of owning land in the neighboring areas such as Kurali and Kharar due to its promising ROI. A few months back, a land which was available at 70 to 80 lakhs per acre is now selling at 2 to 3 crores now. Mohali is surely the most preferred destination for property investment. There is no doubt that Mohali is one the verge of turning into the next Noida or Gurgaon. The prime reason for this growth is the interest shown by multinational companies. However, the biggest limelight is probably it close vicinity to Chandigarh, which is termed as The City Beautiful .

Over the years there has been great demand of land, residential as well as commercial plots. A vast majority of NRI s from the state are looking for residences in close proximity to Chandigarh even if they have huge property in their hometown. With good infrastructure which has been developed keeping in mind the growth of IT Sector, it has attracted a large populace to settle here. The Punjab Government has declared a highest land acquisition compensation of Rs 1.50 crore per acre for an upcoming housing project known as Aerocity followed by another upcoming housing project at Mullanpur in Mohali, by reward of Rs 1.30 crore per acre. As per property experts and real estate consultants, the market rates will touch new highs of over 2 crores per acre in the near future.

Another housing project, named MediCity spread across an area of 150 acres of land is projected to incorporate integrated medical care facilities. Mullanpur is turning out to be the most favored destination for real estate investment due to its close proximity to Chandigarh. Leading real estate developers such as Omaxe and DLF have already declared to establish comfy housing properties in this region. With each passing day, the demand for residential and commercial plots is rising as it offers the buyers the liberty to buy one at their most favored location.

The commencement of Chandigarh Technology Park has worked as a channel to trigger off a wide gamut of investment options for realtors and investors. The real estate Mohali boom is drawing host of investors as well as property developers to invest in housing and commercial projects.

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