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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.