Mohali’s real estate scene has really shined in 2024, with a 15% average price rise in both residential and commercial areas. This jump, backed by over 5,000 new residential units, shows how the city is Punjab’s fastest-growing urban center. The main reasons behind this surge are:
Factors Driving the Boom
- Infrastructure Investments: More than ₹2,500 crore spent on projects like road expansions and smart city plans, making properties more desirable.
- Commercial Demand Growth: A 30% rise in commercial space usage, driven by IT parks and retail areas in places like Aviation Road and Aerocity.
- RERA-Registered Developments: Mohali leads in Punjab’s RERA register, with 60% of state projects here—ensuring transparency and boosting investor trust.
Residential Market Trends
- Price Ranges:
- Affordable: Local developers offer 2BHKs starting at ₹40 lakh, attracting middle-class buyers.
- Luxury: Super-premium apartments in sectors 67/77/82 cost ₹9,000–13,000 per sq. ft., catering to high-net-worth individuals and NRIs.
- Plotted Areas: GMADA’s Aerocity (around 400 acres) sees growing demand for high-value plots due to its proximity to the international airport.
Commercial Growth Drivers
- IT/Business Hubs: The emerging IT City and co-working spaces in PR7/ Airport Road attract corporate tenants, pushing rental yields to 6–8%.
- Retail Expansion: Mall developments and dedicated retail areas in Zirakpur and Dera Bassi align with rising consumption trends.
Challenges and Opportunities
Affordability Issues: Higher collector rates (up 26–50%) and stamp duty changes could squeeze middle-income buyers.
Developer Trends: Local players still lead (70% market share) with small-ticket projects, while national firms focus on premium segments.
Mohali’s blend of infrastructure, governance changes, and economic energy makes it North India’s real estate hotspot—further boosted by its role as Chandigarh’s growth engine.