Chandigarh Tricity or Chandigarh Capital Region is formed by cities of Mohali, Panchkula and Chandigarh. It is an upcoming tier-II city located adjacent to West Chandigarh. It is almost an extension to Chandigarh but is now developed as a separate city. After Chandigarh real estate, the investment in Mohali real estate is the most favorable option. Major Indian property developers and property buyers are penetrating into the booming potential of Mohali real estate market.
Indian real estate developers are now developing residential and commercial sectors in Mohali. The commercial advancement in the city is conducive to the emergence of residential sector. With flourishing residential market, the rates of property have also been upped manifolds.
Also, there are a number of corporate companies setting up their offices in Mohali like Convergys, Infotech, etc. and other IT industries. It also houses state owned companies like PTL (Punjab Tractor Limited) along with leaders like Godrej Group and ICI Paints. Multinational giants like Dell, Quark, Philips, etc are also marking their presence in the city. These business leaders employ highly paid professionals who then need accommodation and can pay higher rents. This has impacted the residential market and has resulted in doubling or even trebling the property prices.
Mohali offers some of the best colleges in education industry across all sectors like engineering and technology, hotel management, pharmacy, etc. Students from nearby areas such as Chandigarh, Delhi, UP, etc come to study in colleges like Chandigarh College of Education for Women (CCEW), Chandigarh Engineering College (CEC), Chandigarh College of Pharmacy (CCP), NIPER, CCHM, MSKCON, SASIITR, SUSCET, C-DAC and many more. This has also added to the demand for houses and apartments in Mohali. The deficit in supply has resulted in hike in property rates and rents.
Another reason for the increase in rates of property in Chandigarh is that influential real estate developers like TDI, Unitech, Emmar-MGF, etc. have been actively participating in building property in Mohali. Secondly, the boost in industrial investment generated the need for world class infrastructure and state-of-the-art amenities. The city of Mohali is witnessing development in commercial, hospitality and healthcare sectors as well with opening up of various malls, hotels and hospitals. The entertainment sector in Mohali would soon see a Megaplex coming up by Adlabs cinemas, a Reliance ADAG venture. With incessant development across all sectors in Mohali, the recorded rise in property rates vary from 50-150 percent.
Punjab Cricket Association (PCA) has established a highly modernized cricket stadium in Mohali. Apart from Punjab Cricket team, it has given birth to Indian national players like Harbhajan Singh, Yuvraj Singh, Dinesh Mongia and others. This swanky stadium with high class amenities is also among one of the reasons for growing property prices.
There is a lot more happening on investment front in Mohali with innumerable home buyers including traders, employers, residents and NRIs putting in their money in residential property. The well planned and highly pleasing architecture of Mohali augments the growth of its real estate market.
The tremendous increase in Chandigarh property rates would be further elevated by huge projects like Mohali Hills by Emaar MGF, Golf Links by Ansal API, Pearls City by Pearl Infrastructure, etc. Not only this, Unitech and Taneja Developers along with other top notch developers are taking interest in pumping money in Mohali. Other projects in pipeline include senior secondary schools, independent villas, health clubs, recreation centers, five-star hotels, hospitals, etc.
Quark has built QuarkCity in Mohali with a residential and shopping complex, SEZ, medical, entertainment and educational districts over 51 acres of land. It is expected to generate more than one lakh direct and indirect jobs.
Mohali Hills, the mega project undertaken by Emaar MGF is a signature project of over Rs. 16,000 crores. It is a first ever integrated township in Punjab and aims at developing luxury villas, residential plots, shopping malls, recreational centers, education and healthcare zones, offices and IT Parks.
Ansal API and Pearl Infrastructure are working on an integrated township, Golf Links and Pearls City respectively. Taneja Developers is planning a 200-acre township in the city.
Mohali real estate market is thus booming in its full swing and presents large number of opportunities for both property buyers and developers. It has currently become one of the most promising markets to invest in.