New Delhi, September 27, 2016: Crammed up in the process of catering to the huge demand from businesses, individual owners and investors, metropolitans and other big cities have reached a saturation point, shifting real estate developers’ attention to Tier II and III cities which offer a greater scope for growth. Emerging as the face of Progressive Punjab, Mohali is one such real estate hotspot of the country which is coming up in a big way.
Unquestionably the most happening real estate destination of North India, Mohali offers huge scope for development, as reflected in its growing status as the next big business and IT hub and its enormous potential to expand, a major advantage over neighbouring Chandigarh, which has little space left for new projects. With Mohali finally on the international air map, the ensuing growth in tourism and business will give a huge impetus to real estate activities in the region north of Delhi. Boosting the confidence of investors in the region as a whole, the international airport will transform Mohali district into a major commercial hub of North India, setting the pace for growth in the real estate sector.
Mohali is clearly spearheading the urban growth of the region, and what works in its favour is the fact that it is already equipped with the kind of infrastructure needed to support the growing requirements of a futuristic city catering to Generation Next, the “Paris of Punjab”, as envisaged by the Punjab government.
The international airport has not only boosted real estate activities on the airport road and the areas adjoining it like the 200-ft ring road, but has also enhanced the confidence of investors. Linking Panchkula, Zirakpur, Mohali and Kharar from the business point of view, this area provides excellent connectivity to Punjab to people travelling from Delhi, thus offering a distinct logistical advantage to enterprises looking to set up regional offices and distribution centres here. The entire stretch will develop into a preferred base for NRIs as well as commercial establishments, business houses, cargo-related businesses and the hospitality industry, offering lucrative returns on commercial investments. Going by these trends and developments, property prices in Mohali and adjoining areas are projected to go up by 20-30% in the next three years.
An epitome of immaculate town planning comparable with world standards, Mohali district offers unmatched connectivity through arterial roads like the 200-ft ring road. The presence of business centres, particularly those catering to IT-enabled services, and prestigious institutions of higher education like the Indian School of Business (ISB), the Indian Institute of Scientific Education and Research (IISER) and the National Institute of Pharmaceutical Education and Research (NIPER) only adds to its appeal. Along with the international airport, projects like IT City, Knowledge City, Jade Business Park and World Trade Centre will also go a long way in turning Mohali into a global destination for professionals from various walks of life.
Guided by the master plan of the Greater Mohali Area Development Authority (GMADA) and the long-term strategic policies of the Punjab government, Mohali has caught the attention of real estate developers, investors and end users alike. Unlike metros, Mohali has ample space, resulting in vast open green stretches in most residential projects. The tasteful landscaping in these projects offers a refreshing change from the concrete jungle that our metros have turned into. One of the most conducive factors for real estate development in Mohali is the regulatory and administrative environment. With the Punjab government committed to the growth of real estate in Mohali and the rest of the state, the administrative and regulatory framework is by and large supportive. All this, together with the availability of tangible and intangible resources, add to the ease of operation in Mohali.
Serving as the gateway of Punjab, Mohali also offers excellent connectivity to the state capital which houses key administrative offices. It is also well connected with the GT Road and the Chandigarh-Patiala and Banur-Landran-Kharar highways, which are poised to come up as the next commercial hotspots of the region. Having grand plans for Mohali, the Punjab government is developing it on the lines of metros, as witnessed by the huge money it is investing in developing its social and economic infrastructure. Perhaps no other city in the country is witnessing the kind of rapid development Mohali is undergoing.
One place in Mohali district which has caught the fancy of real estate developers is Zirakpur. With the urban development of Zirakpur now conforming to a detailed master plan, its peripheral area of Gazipur, in its new avatar as Sector 15, will emerge as one of the most sought after locations for those on the lookout for properties that promise handsome returns. Witnessing planned and systematic development, Gazipur, which is connected by a 60-ft approach road under the Master Plan, has all the amenities like reputed educational institutions, plush malls and a 100-acre Leisure Valley in the heart of the township. Providing an alternative route to Shimla, the 200-ft six-lane ring road at Zirakpur will improve connectivity and stimulate demand in housing projects in upcoming areas located nearby like Gazipur. With a huge residential inventory, improved infrastructure and far better road connectivity, Gazipur is all set to emerge as the centre of attraction for realtors, investors and end users.
Corporate Comm India(CCI Newswire)
