Mohali realty sector on the upswing

Akash Ghai

Tribune News Service

Mohali, September 14

Witnessing a rise in the number of property registries, the real estate sector in Mohali district has started looking northward.

A rise of nearly 18 per cent in the number of registries has been noticed in eight months from January 1 to August 31 this year as compared to the corresponding period last year.

As many as 28,053 properties were registered in the first eight months last year that brought in an income of Rs 330.50 crore for the government. This year, 32,932 properties have been registered in the corresponding period generating an income of nearly Rs 500 crore.

Deputy Commissioner Gurpreet Kaur Sapra said the development was a good sign. “The real estate sector is reviving in our district. With the rise in the number of registries, the revenue will also increase,” said Sapra.

Shailendra Anand, a former chairman of the Mohali Property Consultants Association, said the development indicated towards the start of the revival of the real estate sector in the area. “The number of property transactions is on the rise. The market has buyers now,” said Anand.

Citing reasons, he said the Mohali area had emerged as an IT hub, an education hub and as a modern town having international air connectivity. “Moreover, the rates of property are low at this moment due to which apart from genuine buyers, some investors have also started making transactions here,” he said.

The statistics show that Kharar is the favourite place for property transactions as the maximum number of registration of properties (8,282) took place here last year during the mentioned period. This year too, it remained on top in the district with 9,759 registries.

Though Mohali remained at the second spot after Kharar with a figure of 5,766 registries last year, the town witnessed a substantial rise in number during the eight-month period this year at 8,737.

Banur is at the bottom of the list in the district with just 555 properties registered during the period last year. This year, the number of registries till August 31 is 616.