Realty in Mohali gains momentum

The Greater Mohali Area Development Authority’s (GMADA) dream project, Aerocity, coming over 1,000 acres in Mohali and offering accomodation for 4,000, has evoked an unanticipated response, signalling real estate in the region is moving in a positive direction.

GMADA expects to sell around 300,000 forms in just a month for the 4,000-odd accomodations, indicating a rise in momentum in the real estate development across the tri-city — Chandigarh, Mohali and Panchkula.

“The real estate market is not just back. It is back with vengeance,” Premium Acres Infratech’s Managing Director Sanjay Jain said.

Premium Acres had purchased 30 acres of land in Mohali in the TDI city, where it plans to construct plots and villas. Jain said they have already sold off a major chunk in the project, despite prices being raised 10 per cent from the inaugural one. The company is planning to increase the tariff by another 10 per cent in the upcoming months and is optimistic that the raise would not be a deterrent in the success of the project.

“The buyers’ confidence has returned and this is driving the market in a positive direction,” Jain said.

Sanjeev Sharma, broker officer of RE/MAX, a real estate franchising network pointed out that DLF and Emaar MGF projects are bringing in a good response, proving the residential real estate was picking up. The prices in the region have appreciated by 25 to 30 per cent, backed by positive sentiments surrounding the market.

“Even as Chandigarh’s property market may be showing some anomaly (prices continue to move up), the satellite towns have stabilised and are moving in the right direction,” said Manoj Kashyap, regional director, Homebay — a residential subsidiary of Jones Lang LaSallé Meghraj.

“Projects are offering good quality playing on the public sentiment of value-for-money. Better facilities stand to gain from the bullish market,” said Harish Sharma, GM marketing, ATS Infrastructure Limited.