NEW DELHI: Chandigarh-based real estate developer Sushma group will invest Rs 100 crore to push possession of over 1,000 housing units.
Since April 1, 2020, the group has given possession of 302 units, and will give possession of another 812 units by the end of FY 20-21.
“In Tricity’s realty market, there is a lot of NRI population in neighboring states of Punjab and Haryana. Post-Covid the scenario is likely to change further as many people have already migrated to tier-2 cities. The demand was already on the up before the coming of this pandemic, and it is likely to go further northwards,” said Prateek Mittal, Executive Director of Sushma Group.
“Movement of businesses and employment centres, townships with mixed developments, in such tier-2 cities are the main catalysts for the growing demand for residential and commercial real estate as well,” Mittal added.
The possession will be for ‘Joynest MOH1’ on PR-7 Airport Ring Road in Mohali, which is spread over an area of 10.75 acres; it is the first residential project by any developer on this section of the Airport road in Mohali region.
Apart from residential projects, Sushma Group is also giving possession of two of its commercial projects – Sushma Atelier, and Sushma Capital. Sushma Atelier, which is part of Sushma Infinium, is a commercial project and offers convertible studios located on Delhi National Highway, Zirakpur.