Mega plans for Mohali
Real estate
By Vasu

THE City Beautiful and its surroundings have been spared so far. Though the bowling alleys and pool tables have made their appearance along with the watering holes serving draught beer, an inescapable real estate development has given the area a miss. Complexes, which entice with all possible ways of spending your money and time while getting satiated both physically and mentally, have not yet dotted the city or its suburbs. However, all this is set to change if PUDA manages to translate its dreams and gets the first Indian Megaplex anchored in the satellite town which so far has only the cricket stadium as its sole claim to fame.

A Megaplex unlike a Cineplex, which shows several films, offers several entertainment options, derived after detailed surveys of the spending, shopping and leisure habits of the consumers in adjacent areas. The Mohali complex is likely to have multiple theatres like PVR Anupam in South Delhi, along with shopping malls, indoor games, video simulation games, amusement parks, children’s play areas and multi-cuisine restaurants, amongst others. The dealers in Mohali have even started talking of water parks to be developed on the choe, and landscaped "leisure valleys." This proposed complex, whose viability and economic potential is still being assessed, is likely to spur real estate revival in the area, says Manmohan Dewan, a property dealer here. Mohali property prices have never reflected any definite trends and it was only after the stadium was built that surrounding areas turned into prime deals, he says. This is what the brokers want repeated after the project materialises, he says.

The proposed complex is not only an entertainment complex but is to be developed as a City Centre spread over 250 acres, says Sidhartha Yog, in charge of the consulting division of CB Richard Ellis, South East Asia. The project entails development of 16 to 18 million square feet of built up area. The City Centre, which will be the focal point of Mohali, will comprise A-Grade office space, world class retail options, library, town hall, museums, and all other city facilities, besides a host of entertainment facilities, he says. World class shopping malls and areas for open retailing will dot the place, A feasibility study is also on to determine whether the choe running through Sector 62 can be cleaned and recharged and then developed as a water body around open plazas, says Sidhartha.

Mohali is amongst the first cities targeted by the Punjab Urban Development Authority (PUDA) to be planned and developed into a world class city. The idea is to extricate it from being dubbed as a mere suburb of Chandigarh. Mohali has everything going for it, says Sidhartha, vast open spaces and large-scale industrial development. Basic planning and infrastructure are in place already. The envisaged development also includes the construction of a five- star hotel, a couple of three- star hotels and two world class hospitals forming the centre’s hub along with a 28 hectare central piazza. A large number of buildings, including the inter state bus terminus, Punjab School Education Board building, police station and a couple of gurdwaras are already in place.

The entire project is to be self-sustaining and will upgrade the infrastructure of the area, he says. The likely time frame for completion is between seven and nine years but work is likely to begin next year on Phase I of the complex. With an already established population base and its easy accessibility, the project is commercially sustainable, he says. Even otherwise, Punjab as a state has a very advanced system of retailing with high aspiration and exposure levels and the timing is right for the induction of such facilities not only in Mohali and adjacent areas but also in several other major towns of the state.

The preliminary report on developing the Mohali Megaplex will be submitted by Richard Ellis by May and will outline the level and scale of facilities and their financial viability. Details of facilities, occupiers are looking for and the various development packages that can be offered are expected to be part of the report. Besides the Megaplex, even the Archeological Survey of India has proposed an entertainment park housing replicas of historical monuments in the periphery. If all these projects materialise, they will definitely transform the way investors eye Mohali.