| Source: Times News Network | | | | of gear, stressing there was no cause for concern |
| Mohali Real Estate: Imitating Gurgaon | | | | about property prices rocketing to the moon. |
| Recently, a Shop-cum-Office-cum-Flat (SCF) in Mohali | | | | In fact, one bidder echoed their sentiments, saying: |
| with a reserve price of Rs. 2.5-crore was bid for and | | | | They have paid the price keeping the product they |
| went for a whopping Rs. 4-crore. A figure that is, | | | | are going to build in mind and the market will support |
| surely indicative of the rocketing real estate prices in | | | | the price. It will still be affordable for us and we will |
| this booming IT city. And, this transaction is proof | | | | make money on the deal. T.P. Singh of Guru Nanak |
| positive that the market is over-heating beyond | | | | Property Consultants explains: It is true that there |
| reasonable levels. | | | | are a few properties being chased by too many |
| Nowhere was it more evident than at the auction of | | | | developers, but the pricing of these lands cannot be |
| commercial plots held at PUDA Bhawan a few days | | | | considered a benchmark for other properties in town. |
| ago. In sum total, PUDA pocketed a cool Rs. 40-crore | | | | And, industry sources affirm, saying Mohali is slated |
| from the auction of 45-commercial sites, at various | | | | to become a large retail-cum-hospitality hub, with an |
| locations around Mohali. With 51-sites to auction off, | | | | IT Software Park, hotels and upscale residential |
| including SCFs, booths and bay shops, the Punjab | | | | complexes, as Chandigarhs space crunch exacerbates |
| Government was left with just a handful that did not | | | | with the wave after wave of IT and telecom giants, |
| move. | | | | impacting returns and viability. |
| As people jostled to position themselves in order to | | | | There is no doubt; soon Mohali will be playing Gurgaon |
| grab the best opportunity, industry experts pointed | | | | to Chandigarhs Delhi. One can see a similar trend, as |
| out the auction, plot locations and positioning justified | | | | when developers moved to make Gurgaon more of |
| the premium paid for them. They stated the Rs. | | | | a hip and happening place than Delhi. Could that |
| 4-crore bid was not a benchmark deal that would | | | | happen to Mohali too, as Chandigarh watches with |
| throw Mohali real estate prices disproportionately out | | | | bated breath? |