Mohali was conceived as an industrial township
in late 1960s and early 1970s. Today, Mohali and Chandigarh
are positioned contiguously with only the boundary of Punjab
and Union Territory of Chandigarh
demarcating them. Mohali is being projected as a city with
a very distinct image l so that it is not a mere suburb of
Chandigarh. The major attributes are vast open spaces and
large-scale industrial development; an already established
population base and its easy connectivity to other cities.
MNCs and Corporates in Mohali
While Mohali houses many state-local companies like PTL (Punjab
Tractor Limited), ICI Paints, and the Godrej Group, its popularity
among large, multinational corporations is taking it to newer
heights. Mohali, in recent times has been the preferred destination
for number of outsourcing IT companies that seek to benefit
from cost advantages as well as investment opportunities.
Office space in Mohali has been much sought after by companies
like Convergys, IDS Infotech, and other business support companies.
Spice Telecom's Punjab operations have Mohali as its headquarters.
Ranbaxy Laboratories operates a manufacturing plant out of
Mohali. A Super-Specialty Hospital of Fortis Healthcare Ltd.
is in Mohali.
Infosys, the top-rung Indian IT services major, had Mohali
for its development center till some time ago. Denver-based
Quark can be credited with developing a $500M, 46-acre QuarkCity
in Mohali, which can easily boast of a residential complex
that almost forms 30% of the 'city' and as it were and is
likely to create thousands of jobs.
Real Estate Scenario in Mohali
Residential real estate: Mohali Hills, the
residential nest, lies very close to Chandigarh. Adequately
designed to take care of families to comfortably stay in a
secure 3,000-acre environment, Mohali hills comes with a bouquet
of offerings that include luxury villas, apartments, terraced
town homes. The architecture is pleasant and charming and
gives nature plenty of scope to cast a soothing effect on
Luxury apartments in Mohali have evoked mixed feelings,
though as they come at a high cost and cover less area than
residential plots. Central Plaza is committed to serving the
residential community in Mohali Hills, apart from commercial
Commercial real estate: The burgeoning income
of people owing to better job opportunities has also triggered
off the need for commercial real estate in Mohali. The viability
and economic potential of retail space and mall space in Mohali
is seen to have spur real estate revival in the area there.
A few real estate development projects include the construction
of a five- star hotel, a couple of three-star hotels and two
world class hospitals.
A sustainable entertainment and recreational project, Megaplex
is being planned which besides being a film theatre will have
several entertainment options. The alluring features will
have multiple theatres along with shopping malls, indoor games,
video simulation games, amusement parks, children's play areas
and multi-cuisine restaurants. Water parks and landscaped
"leisure valley are also on the cards. Apart from the
Megaplex, Archeological Survey of India's proposal of an entertainment
park with the concept of housing replicas of historical monuments
in the periphery is also in the fray.
Real estate developers In Mohali
It has been a common practice among real estate developers
in Mohali and the government to buy land here on the hindsight
of investment for future projects. The Chandigarh administration
has 417.74 acres of land in their bank and is scouting for
more. The bold initiative made towards attracting private
investment to realize the Mohali Master Plan, include the
Punjab Government has approved the projects of reputed companies
like the EMAAR MGF, Monty Chadha, Janta Land Promoters Ltd,
Real estate developers have stormed the real estate scene
in Mohali and surrounding areas with projects like Emmar-MGF,
TDI and Unitech. The projects have proved to be very promising.
Mohali is projected to be amongst the first cities aimed at
by the Punjab Urban Development Authority (PUDA) for transforming
it into a world class city.
Mohali -Future Outlook
Mohali property prices do not exhibit concrete trends but
the stadium that has been Mohali's claim to fame has turned
the surrounding areas into site for prime deals. Real estate developments like Grade A office spaces, world class retail
spaces, libraries, town halls, museums, and all other city
facilities, as well as entertainment facilities are on the
anvil in Mohali. This initiation of the administration and
real estate growth will definitely make Mohali one of the
hottest investment destinations.
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