Ready for a front-foot drive

Geetu Vaid

While the sale volumes in the residential segment in Mohali are gathering momentum slowly, it is the commercial, office and retail segment that is striding ahead here confidently at present. Even as the sentiment has become positive this festive season, the sales in the residential segment have not shown significant upward trend so far, especially in the tricity region. But as compared to the sales volumes in the previous years, the demand for commercial properties has increased this year during the festive season, especially in Mohali district. "Mohali is well on its way to emerge as a hub of commercial real estate growth as it has some of the most promising destinations like Zirakpur, New Chandigarh, Airport Road, Kharar-Landran Road. "Slow pace of residential segment growth and lack of proper infrastructure had adversely affected the retail and commercial segment in some areas of Mohali for a number of years, but for the past one year all this has changed. With the international airport becoming operational and better road connectivity with upcoming sectors and integrated townships, Mohali is going to emerge as commercial hub soon and developers as well as investors are making their moves in anticipation of this already", says Dipinpreet Singh, Director, Westcoast Investments.

What's on offer?

One of the major indications of movement in this segment is the launch of new projects as well as aggressive marketing of the ones that are already under construction. With World Trade Centre, Homeland Unity being the latest ones to enter the commercial and office space, Mona Townships' Jade Business Park, Bestech group, JLPL, TDI etc have also been in a sale overdrive of late.   

The airport road area is emerging as a promising commercial realty hub going by the number of new projec ts coming up here. Earlier this month the Greater Mohali Area Development Authority (GMADA) also launched a scheme offering 200 industrial plots. As many as 145 plots of 500 square yards in IT city and 55 plots of 1,000 square yards near the international airport are on offer. The authority has fixed a rate of Rs 14,000 per square yard in both the projects. Last month, too, GMADA had launched a commercial as well as a residential scheme last month for 131 sites, including two school sites, built-up booths and SCFs in different parts of the city.

Demand drivers

The price factor, availability of a vast range of retail, office and commercial spaces in different sizes starting from 350 sq ft to 3,500 sq ft have also made commercial spaces attractive for a large number of investors as well as end users. The prices in the periphery areas are much less as compared to those within the Mohali city as well as in Chandigarh and with better infrastructure most of the IT companies as well as MNCs and local individual business people are preferring these locations", says Dipinpreet. A showroom in these upcoming locations will cost around Rs 2.5 crore while a similar sized showroom in Mohali would cost around Rs 6 crore.  "Latest design and better facilities along with affordable cost is what is drawing buyers to these new projects", says Prashant Tripathi, Director, Viridian Group. At the World Trade Centre neat IT City the  price range is between Rs 50 lakh to Rs 1.29 crore and the possession is likely to be handed over by December 2019. At JLPL's project that has    shops, SCO and built up Booths, and built up industrial units which are ready to move in the price range is between Rs 33.5 lakh to Rs 1.3 crore are ready to move in.

The demand for office spaces in Mohali is going to increase in near future with well-known IT companies setting up offices in the city and several other MNCs setting up back end offices here to cater to the northern region.  "The area is seeing a rapid increase in demand from both investors and NRIs now with large MNCs, IT & ITes, and corporate offices setting up their bases, the demand has soared up for both the prime residential properties, commercial spaces, retail outlets & malls, etc", says Sanyam Dudeja, Head - Sales & Customer Services, Punjab, Emaar MGF Land Limited. Emaar MGF also offers retail spaces at the Central Plaza in Mohali Hills located near the Kharar-Landran-Banur road.  NAREDCO President Parveen Jain says, " Mohali is fast becoming the cynosure of buyers and investors due to its emergence as an ideal commercial Realty hub standing juxtaposed with Chandigarh. Prices in Mohali as compared to Chandigarh being less and affordable, intact infrastructure, sufficient parking and open area spaces available, wide roads and easy accessibility from Chandigarh are the major demand drivers for present and future development and investment opportunities in Mohali." Substantial scope for regular income as well as capital appreciation has also served as a demand driver for this segment. Narasimha Jaykumar, Chief Business Officer, 99acres.com, avers, "Investment options abound in this region suiting a wide range of budgets. From large office and retail spaces to small shops, Mohali offers something for everyone. Space in IT parks and SEZs in the tri-city area are available at average monthly rentals of Rs 50-60 per sq ft while commercial spaces demand average monthly rents in the range of Rs 70-95 per sq ft."