Here's What Makes Mohali An Emerging Real Estate Market
Owing to factors such as urbanisation and the government's initiatives such as Smart Cities Mission and Housing for All By 2022, the real estate sector is booming not just in major cities of the country but also across many Tier-II cities. One such city is Mohali. Lying in proximity to Chandigarh, Mohali is counted among the emerging cities in the country owing to its high liveability quotient, superior connectivity, influx of IT companies and ample options for commercial investment.
Originally a cluster of villages and a satellite town in Punjab, Mohali is today a busy commercial destination and there are plans to develop it further through efforts from the Greater Mohali Area Development Authority (GMADA) and the state government.
PropGuide brings an overview of the real estate market in Mohali:
Employment and investment opportunities
Also called SAS Nagar, Mohali offers plenty of job options for many. Initiatives such as Ghar Ghar Naukri by the state government along with investment plans by several IT companies and other multinational companies will open doors for increased employment prospects in the future in Mohali.
The location of Mohali has attraction many developers and investors to put in their money in this market. With ample land parcels and enhanced infrastructure being the major highlights, Mohali has already established itself as an attractive destination for commercial investors. Many entrepreneurs and businessmen in large numbers are planning to venture into this market to have operations here. Furthermore, the booming retail industry in Mohali is another vital factor that will keep the real estate demand steady.
The Connaught Plaza is an upcoming project which will offer commercial spaces for investment and will invite top retail brands. World class projects such as the World Trade Centre is also taking the realty image of Mohali a notch higher.
Rising residential demand
The flourishing commercial segment of Mohali real estate has led to the growth of its residential sector. In addition, support through various housing schemes by the Greater Mohali Area Development Authority (GMADA) is also helping in meeting the housing demand in the town.
For those looking for property in Mohali, apartments here are available for an average price of Rs 3,200 per sqft. A standard 1BHK home of size 700 sqft can be bought for a starting price of Rs 25 lakh. Apartments of 2BHK layouts sized at 980 sqft have an average price of Rs 30 lakh. Apartments of 3BHK layouts sized at 1,200 sqft have an average price of Rs 35 lakh whereas prices of luxury apartments sized between 1,500 sqft to 2,000 sqft range anywhere between Rs 80 lakh and Rs 1.3 crore. Rents for independent 2BHK residential properties start from Rs 15,000 per month.
Zirakpur, Sector 115 Mohali, Sector 126 Mohali and Mullanpur are among the prominent localities which are witnessing good demand and number of housing projects. These localities have also witnessed sound price appreciation in recent years. Other areas worth investing in are Gazipur, the airport road and GMADA Aero City.
Connectivity and infrastructure
Mohali is at an advantageous position with regards to convenience and access to key locations. There is easy accessibility via a 200-ft ring road and rail connectivity to Chandigarh and nearby cities of Ambala and Delhi. Presence of a new international airport further makes Mohali a viable investment option. Metro link under the Chandigarh Metro Rail project, once operational, will improve the travel experience for the citizens.
Mohali is also a bustling education hub with the presence of many prestigious academic institutes for professional studies. These include the Indian School of Business (ISB), the Chandigarh Business School (CBS), the National Institute of Pharmaceutical Education and Research and other law and medical colleges. Known for its famous cricket stadium, Mohali also offers other important social amenities such as best in class healthcare centres, over 90 schools and a plethora of shopping malls, cineplexes, eateries and retail shops.