CHANDIGARH: After being hit by the pandemic, the declining graph of the economy has begun rising as India’s GDP growth soared to a record high of 20.1 per cent for the first quarter ended June 30, 2021. The real estate sector, too, is witnessing growth in sales backed by people’s renewed interest in real estate assets. The story of tier-II cities has resurfaced after a lengthy period of dormancy, and Mohali is getting the fair share of the pie. Also, the resurgence is leading to the enhanced interest in plots – either for investment purposes or to develop a property of their own choice.
According to Proptiger Real Insight Residential April-June 2021, analysis indicates that while demand and supply in the sector contracted severely in April and May 2021, it picked up pace in June 2021 that saw 50 per cent of the total sales in Q2 2021. Subsequently, the market in Mohali is also benefitting from the enhanced perception of people towards leading a healthy life away from the polluted environment of the major cities. There has been an increase in the interest for plots in Mohali after the pandemic. Builders are also making changes in their projects, keeping in view the customers’ preferences; moreover, efforts are being made to provide every facility in the projects. For instance, project Smart City situated on NH 205A, Mohali, has seen an increased number of inquiries for plots in the last one year. The company said that it has sold good number of plots after the first wave subsided.
The city has become a focal point for several high-profile residential and commercial developments. Not only Mohali, but plots are becoming the preferred choice for people who are dwelling that it could help them to adhere the COVID protocols for a longer time and provide them with surety of a hygienic environment. According to the latest data by Proptiger.com, the number of plots sold since 2019 has been declining in 8 major cities – Ahmedabad, Bangalore, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai, and Pune; however, this year, the progress has been good as in two quarters 14,056 units have been already sold. The figures of plots sold are likely to breach the 2020 figures at the end of the second half of 2021.
“The market is booming, and it’s worth noting that having a plot near a financial centre might help you earn a nice return. Prices are projected to climb as the economy recovers from a huge setback created by the COVID crisis. People will flock to regions with the best health care and employment opportunities, and cities like Mohali will become gold mines for those who have purchased plots,” says Shubham Mittal, Director, Smart City. Smart City Mohali, an upcoming Residential Township, offers freehold residential plots. The township is an ideal destination as it is close to Mohali International airport, IT City Mohali and the upcoming Commercial Hub of Chandigarh Capital Region. Plot Sizes available in the township are 80,100,110,113,125 & 137 Sq. yards.
“In India, plotted development investment has a long history, and COVID-19 has increased demand for plots as a long-term investment. Buyers in gated communities are seeking for developments like this to build on and use as separate dwellings,” he adds.