3BHK Sushma Chandigarh Grande homes on Chandigarh Delhi National Highway
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Riding on the double-digit growth recorded last year, the district’s real-estate sector is expected to continue improving in 2018.
Mohali’s real-estate transaction increased 20% in 2017, and builders expect this figure to go up to 25% this year. Sharing this data at TOI event ‘Mohali: The Next Big IT Hub’, GBP Group sales director Anupam Guptasaid the district’s monthly transaction average was Rs 500 crore, of which, developers account for Rs 350 crore and the resale of property Rs 150 crore.
Across Mohali town, Derabassi, Zirakpur, Mullanpur, and Kharar, 100 developers have their projects—both commercial and residential. Gupta said: “Mohali district has the highest number of real-estate transactions in Punjab, followed by Ludhiana with a monthly average of about Rs 35 crore and Amritsar with Rs 30 crore.” Spelling out the reasons for Mohali’s emerging as a preferred destination for investors, Gupta said the district had all the required infrastructure and facilities of a top-tier city. “Its health and education infrastructure is world-class. It’s also a safe cityb well connected by air, road, and railways,” he said.
With property now unaffordable in landlocked Chandigarh, the buyers are turning to Punjab capital’s satellite town of Mohali. Chandigarh’s collector rates and conversion charges have jacked up the cost of its property. Collector rate is the lowest price for which a property is registered. It is fixed by the administration and revised every year. In many areas of Chandigarh, this rate exceeds the actual property price to a disproportionate degree.
Comparing the Chandigarh and Mohali rates, Gupta said while a 10-marla plot cost between Rs 60 lakh and Rs 80 lakh in Mohali, property of the same size in Chandigarh was worth Rs 3.5 crore. The UT Administration has not held an auction for its residential and commercial property since December 2009. Since then, administration proposed auction on several occasions but the plan never materialises.
Source: Times of India