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Tag Archives: mohali

With every passing day, the Union Territory of Chandigarh is adding more real estate projects to its kitty. These property projects are coming up on the bordering areas if the city and act as a connecting link between the city and its neighboring area. Many private property developers are exploring options to foray in the city’s real estate segment.

Real estate developer Emaar MGF Land has just launched an integrated township for Mohali. The township spread over 3,000 acres will have independent houses prices between Rs 36 – 38 lakh respectively. These villas offer Andalusian, Mediterranean and Spanish architecture for its users.

Chandigarh Housing Board (CHB) has launched some of the most promising projects recently. The CHB tied up with Parsvnath Developers Limited to develop a housing complex near the Rajiv Gandhi IT Park. Parsvnath has built another mega project in collaboration with CHB. Named as Parsvnath Prideasia, this residential township will come up amidst Sukhna Lake, golf course, and an upcoming five star hotel. It has saleable residential area of 38.5 lakh sq ft and a commercial area of 2.7 lakh sq ft.

Another real estate developer, Omaxe, has a premium project called Omaxe Greens along the Dera Bassi Road. Omaxe Greens has 652 spacious apartments in 11 housing blocks.

Property developer, Ansal Properties and Infrastructure Ltd has built residential units along the Kharar-Landran Road in Chandigarh. These apartments are located strategically near the Mohali Golf Course and the IT institutes.

Besides residential real estate, the hospitality industry is also doping good in Chandigarh. The Chandigarh Industrial and Tourism Development Corporation (CITCO) has announced to set up a five-star hotel on the Chandigarh-Ambala highway. The corporation is in talks with Hilton, ITC, Marriot and Radisson groups to set up this project.

Property values in Chandigarh and Mohali are expected to rise with internationalization of its airport. According to property brokers, there is a noticeable surge in inquiries for properties around airport in the past three months.

Residential areas like Ram Darbar Colony, Sector 31 and Sector 47 are among the most benefited, Amit Chugh, a property broker informed. He said that an international airport will enable Non-Resident Indians (NRIs) to land on Chandigarh smoothly and therefore we can expect rise in NRI investment.

At present, monthly rentals for apartments in Sector 31 and Sector 47 are from Rs 5,000 to Rs 8,000 and the capital values for residential plots Rs 1,800-Rs 2,500 per sq. ft. Brokers project a rise of 10 per cent in the capital value in the near term. “Much depends upon the way this project progresses in the future. If everything goes well, like the process of land acquisition and development, property values in adjoining areas of airport will rise substantially,” said a property consultant.

The airport boost

The Airports Authority of India (AAI) has planned to bring Chandigarh airport to international standards. It was only on January 05, civil aviation minister Praful Patel laid the foundation of international civil air terminal complex at Mohali. The new airport building will be able to cater to 700 passengers.

The modernization project would also involve construction of apron for remote parking of eight wide-bodied jet aircrafts. According to sources, the State Government of Punjab has been requested to give about 300 acres of land, identified on the other side of runway with independent access from the city side.

A Joint Venture company between AAI and Greater Mohali Area Development Authority (GMADA) will be handed over the task of maintaining the new airport. The company will also be responsible for the city side development near airport.