Mohali tops Punjab in RERA-registered projects

Punjab’s Mohali (SAS Nagar) district has a lion’s share of RERA-registered real estate projects (60%) in the state followed by Ludhiana (13%).  It is followed by Patiala (5.75%) and Amritsar (4%). The total number of projects registered with Real Estate Regulatory Authority, Punjab, portal were 747 (as on August 16, 2019), with Mohali (SAS Nagar) having the maximum number of registrations at 447, followed by Ludhiana (98) and Patiala (43). “The maximum number of real estate projects is in Mohali district. Secondly, awareness among the tricity customers is very high. So, these are the two main reasons for Mohali having the highest number of RERA-registered projects,” RERA-Punjab chairperson Navreet Singh Kang told The Tribune.
According to industry, since Chandigarh is landlocked, many of the developers executed their projects in Mohali district. Also, since property prices are exorbitant in Chandigarh, buyers are turning to Chandigarh’s satellite town of Mohali for their housing needs.
There are around 100 developers which have projects — both commercial and residential — in Mohali, Kharar, Zirakpur, Derabassi and Mullanpur. Moreover, the rates of properties in these towns are low as compared to Chandigarh. Local developers are of the view that Mohali district has all the required infrastructure and facilities of a tier-II city and this attracts buyers.  It has good connectivity by road and air and has excellent health facilities. In addition to 747 registered projects across the state, there are over 150 projects whose applications are pending for registration. Once they are registered, the share of the district may further go up. The RERA Punjab is also taking action against unregistered projects — completed and under-construction — and those who are yet to get completion certificates. As on August 16, the authority had passed orders in 275 cases. According to RERA, as over 40% of the cases were related to non-registered projects, it could not take any action. Also, many of the cases were resolved amicably. In Punjab, home-grown developers dominate the residential real estate market. With small ticket size, delivery and budget-friendly housing projects, the local developers enjoy over 70% share. Punjab RERA was notified on June 8, 2017, and set up on August 10, 2017. Source: The Tribune

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