No, the real estate prices in Mohali increased as there is a vast demand for housing projects in Mohali as the district caters to purchasers from all income groups. Tarundeep Singh, Founder & Director, of i4 Investors, says, “Mohali is tactically at a beneficial position due to expediency and access to key locations in the region.
The existence of a new international airport and an up-and-coming IT City has further improved its investment potential. In the past two to three years, the property has offered good returns to investors fuelling the demand here.
Closeness to Chandigarh and better connectivity have made Mohali in Punjab the most sought-after destination for home purchasers and those looking to spend in commercial properties. This can be gauged from the truth that the district commands a lion’s share in Real Estate Regulatory Authority (RERA) registered projects in the state.
Around 60 % of the total registered projects in the state are based in Mohali. A huge number of commercial complexes, malls, and office areas appear to be competing with the inhabited projects in the dive micro markets of Mohali.
Favorable factors
Real estate consultants are of the view that since Chandigarh is landlocked and there is hardly any space left for new expansion, local and national developers have a preference of the Mohali district. In addition to this, high prices in Chandigarh and Panchkula, too, have steered the purchasers toward the more reasonably priced Mohali market.
Moreover, there is also a bounty 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
Alongside with main buyers, Mohali is also favoured by those looking to spend in real estate as property prices are lower than those in Chandigarh, and in a demand-driven market, the approval is also healthy.
Good connectivity, outstanding health and medical infrastructure, and the occurrence of quality educational institutions in close neighborhoods are some other factors that make the city perfect for investment purposes. Realty experts shared that 55-60 % of property (residential and commercial) purchasers in the city are from cities in Punjab, Haryana, Himachal Pradesh, and Jammu & Kashmir.
Prices & location
For those searching for super-premium apartments, sectors like 67, 77, 82, and 88 have emerged as the most preferred place, with costs ranging from ~9,000 to 13,000 per square foot offered by many developers.
On being asked about the widespread property rates in Mohali district, Sanjeev Baboota, Director, Subhash Mangat & Group said, “Post Covid there has been a major surge in the prices of construction material, even the land price has gone up, and so has the cost of labour. Considering all these factors and depending upon the area, property prices have increased by almost 2-3 times in Mohali.”
For example, based on the place, the price of 2 BHK begins at ~40 lakh and can go up to one crore. In the same way, a 3BHK flat starts from ~65-70 lakh and can go up to ~3 crore, he said.
