In just over a couple of decades, Mohali has emerged as one of the significant cities in the Chandigarh Tricity region. Known as an extension city a few decades ago, Mohali has now become the New Silver Lining for Tricity, attracting both domestic and international investors. The boom in the real estate industry continues unabated in this part of the Tricity due to various trends.
In this blog, we will discuss the five most significant trends transforming the real estate landscape in Mohali.
Mohali’s growing property market is largely due to significant infrastructure improvements. The government’s focus on enhancing transportation is evident through several key projects: expanding Mohali International Airport, upgrading road networks, and planning a metro line to connect Mohali with nearby cities. These changes not only improve living conditions but also make the area more attractive to potential homeowners and investors.
Better connectivity is transforming conditions for workers. With easier commutes to Chandigarh and emerging tech areas nearby, Mohali is becoming a more appealing residential choice. This improved access is also attracting businesses. As more companies establish or expand operations in the area, we see ripple effects throughout the property market. Demand for both residential and commercial spaces is rising, driving a robust and dynamic real estate scene in Mohali.
The evolution of Mohali into a business hub is changing the entire Tricity landscape. New IT parks, startup accelerators, and other innovation facilities are leading the change. Take Mohali IT City or Quark City business park – these are not just names; they are the centers of technology companies both large and small and are creating thousands of jobs.
But such a business boom is not happening in a vacuum. It’s beginning to cause upheaval of sorts in the real estate market. With people moving to the region in search of jobs, they need shelter. And it’s not just any other flatted development we are talking about; the market is proving to be resilient, not faltering on its course towards upscale multi-family residential properties for the modern-day urban residents.
Imagine this: A professional leaves his modern apartment, goes for a swim in the swimming pool and heads to the gym, which is part of the development. Some of these people may later socialize in the common lounge with other residents, while others may work from their home office in the complex. It is this kind of lifestyle that is creating a demand for everything from small apartments to high-end luxury houses.
As far as the property developers are concerned, they’re not just building houses anymore. They’re crafting communities, complete with all the bells and whistles that make life easier (and more enjoyable) for the modern workforce. It’s a far cry from the Mohali of old, and it’s transforming the face of the entire Tricity region. A striking example of this phenomenon is Homeland Regalia — the most premium gated community in Mohali that can give any hyper-luxury township a run for its money.
Many see Mohali as the city of the future. COVID-19 established a new lifestyle model, with remote work permanently changing how people want to live. In the hustle of city life, a small apartment may be less appealing when you’re confined to working at your kitchen table all day.
Mohali offers a contrast. It provides the perfect balance between urban amenities and countryside tranquility. You could have coffee and go for a walk in the park afterward without worrying about heavy traffic or pollution. This combination is attracting people’s attention.
Today’s homebuyers aren’t just counting bathrooms and bedrooms. They envision morning jogs in green parks and evening gatherings with neighbors. They’re drawn to gated communities where children can safely cycle, and integrated townships where essential facilities are within walking distance. These projects aim to enhance lifestyle with modern gyms and quiet meditation gardens, elevating everyday life.
The real estate sector in Mohali is expanding due to a number of factors, one of which is affordability. The property rates in this region are still, by a significant margin, cheaper when compared to the rates across the border in Chandigarh, thereby appealing to and pulling in all kinds of investors. The interesting thing about this low rate is that it tends to attract new home buyers, middle-income families, and, even investors who are looking to make profits from rentals.
This change in the market has been taken advantage of by developers. There is a growing trend of launching low-cost housing projects which, however, do not compromise on the high order of quality and amenities. Such projects tend to have cost-effective pricing structures and integrate modern technology and design. This is also consistent with the government’s objectives of enhancing homeownership rates while at the same time satisfying consumers with affordable but attractive homes.
All these factors and many more – affordability, goodwill of government policies, right market and development strategies – are transforming Mohali into a vigorous and enthusiastic property market. This is a case where the interest of different parties is coming together hence enabling a robust and developing real estate market environment.
The real estate market in Mohali is seeing an increasing amount of foreign investment, particularly with Non-Resident Indians. This group finds the property prices in Mohali attractive since they provide good ROI and are competitive in the market due to the landscape itself.
NRI interest is however by no means a single motivation. There are also those who are buying into the market for when they eventually repatriate and retire. There are also of course those who seek Mohali’s developing market as an investment opportunity. A more emotional perspective is expressed perhaps by other NRIs who wish to own a piece of their roots.
This trend has not been ignored by the real estate market and is now responding to the changes. NRI specific buyers have their strategies in place. There are many services available, including property management services for those who do not reside permanently as well as advanced online resources that depict the interior of houses which suit buyers’ needs.
As a result, there is increasing NRI interest in Mohali real estate. This need extends to commercial properties as it does to residential properties so that segment is also experiencing a fair share of growth.
With the convergence of significant trends driving its real estate boom, Mohali is fast approaching the position of a prime urban center in India. The factors propelling change in the city include intensive infrastructure development, a burgeoning tech and startup landscape, changing lifestyle preferences, affordable housing initiatives, and increasing interest from NRIs.
As Mohali continues to grow, understanding these trends will be crucial for potential buyers and investors entering the property market. For those settling or investing in Mohali, the future appears bright.
SALES GALLERY
Group Housing Site, Airport Road,
Sector 77, Sahibzada Ajit Singh Nagar,
Punjab 160070
SMS “HOMELAND” to 56767
PBRERA-SAS81-PR0757
Property managed by CBRE
