Flourishing Local Economy Triggers Real Estate

by : George Gonigal

Just like most of the other property hotspots, developments on the commercial front has triggered residential property segment in Mohali as well. Influx of highly-paid professionals employed by the business giants operating here has rather translated into upbeat markets, and the impact is quite visible. According to industry sources, capital values for residential plots in prime locations increased by 50-150 per cent, from 2004-06.

'Locations near commercial hubs command more value. Most of the transactions take place due to corporate executives who prefer buying their own property instead of paying rent,' a property broker informed describing the buyer's profile. Also, NRI investors who were earlier interested in Chandigarh are now considering Mohali. Currently, capital values for a residential plot in Mohali hovers between Rs 12,000 and Rs 35,000 per sq. yard.

Observing investor interest in Mohali, a slew of prestigious real estate developers have also launched luxury housing projects of late. Ansal API has been developing Golf Links-an integrated township comprising luxury villas, condominiums, penthouses and plots. The project will also have Ansal's benchmark Palms Country Club and shopping mall. Says Kunal Banerjee, President, Marketing, Ansal API, 'Mohali is a fast growing real estate destination, and there exists a good demand for quality residential properties.'

Other major realty players like Unitech, and Emaar MGF have also been putting stakes in Mohali, with their projects. Pearls Infrastructure is developing Pearls City, an integrated township, near Kharar-Banur Road, in sector 104. The 200- acre township by Taneja Developers is another most-talked project in the town. The independent expandable villas, senior secondary school, club and recreation centre, hospital, and five star hotel, located on main Mohali-Kharar Highway.

Meanwhile, the real estate developers keep their fingers crossed over the future prospects of Mohali, they also feel that infrastructure development and progress on commercial fronts will play the most critical role in the development of residential real estate at this emerging hotspot.

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