Real Estate trend: Property buyers from Delhi-NCR & outside of tricity shore-up real estate fortunes in tricity, Mohali being the biggest gainer

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Mohali

9 August 2021

DIVYA AZAD

Meet, 45-year old Raman Kapur a well-established corporate executive who lives with his family in Delhi & recently decided to move out of the capital and relocate both his business and home in the Chandigarh capital region. He has bought an industrial  plot in Chandigarh and a villa home in Mohali.

“The second wave of COVID hit Delhi hard and me and my family were unhappy with the way things were getting out of hand. We felt unsafe & uncomfortable.  So I decided to move my parents & my grandmother immediately to Mohali. This volatile situation ignited me to look for options of living outside Delhi. I was also quite perturbed with the choking of Delhi due to multiple reasons like population growth, traffic & noise hazards & declining quality of life. We, therefore, decided to relocate to the Chandigarh capital region,” said Kapur. 

There are many more like Kapur who have decided to move lock, stock & barrel to Mohali amidst the aftermath of COVID 19’s second wave.  Real estate experts are pointing towards an interesting trend in the real estate industry of tricity, particularly of Mohali which is witnessing a huge rush of people migrating to Chandigarh capital region. Such people comprise of all categories & class of people from middle class to affluent sections of society. 

According to Sanjeev Jindal, CEO Riverdale Group, a renowned real estate organization of tricity, “A lot of end-users from Delhi- NCR have decided to relocate to Chandigarh capital region as they are finding Delhi NCR unsafe – mainly due to the problems faced by residents during the 2nd wave of COVID 19, besides of course other issues like increasing pollution etc. Mohali and Chandigarh offer better medical infrastructure with many top corporate hospitals & the prestigious PGIMER present here and ready to take up ongoing challenges. Not just medical facilities, better civic amenities & proximity to the International Airport too are attracting investors from tier 1cities. “

Riverdale Aerovista itself has witnessed a large number of buyers visiting the project site for different types of units in its  inventory, from Delhi and other areas outside tricity during COVID times. Many have bought properties too. Other developers too are witnessing such buying and ‘expression of interest’ by non-tricity buyers despite the COVID-19 blues. Mohali is emerging as an ideal destination for ‘end consumers’ of real estate due to a lot of ‘buying interest’ being shown by residents of  Tier 1 cities like Delhi-NCR.  

With Delhi NCR and other tier 1 cities bursting at the seams due to overpopulation, unmanageable pollution, traffic nuisance etc, not only people from Delhi NCR, but also from J&K, neighboring towns of Haryana, Himachal as well as other metropolitan cities like Mumbai are looking at buying property in Chandigarh Capital region, mainly Mohali. Value for money Homes with better planned & growing infrastructure development is inspiring them to make a beeline for relocating to  Mohali.

Adds Jindal, “This trend is fuelling growth of real estate industry in Chandigarh capital region despite an overall economic slowdown being witnessed in all sectors of economy due to the pandemic. Our residential township  adjoining the famous Aerocity in Mohali has rolled out very attractive and ‘Value for Money’ offers for the customers.”

Col Inderjeet Kumar, President, Strategic Planning & Corporate relations, Riverdale Aerovista Group said ,”To meet the needs & aspirations of customers from metropolitan cities like Delhi and Mumbai and also those from neighbouring states, we are focusing on the premium segment of homes with semi-luxury and luxury range supported by world-class amenities. We have a plethora of  ‘Ready to Move-In’ options for the end-users.”

“Mohali, as a Gateway to Punjab, Himachal Pradesh, J&K and Haryana, has gained a lot of significance in recent years. The urban town has become an ideal destination for not just Real Estate developers & promoters but also for reputed brands in the fields of Education, Healthcare, Hospitality, Education & Retail Consumer products.” Summed up Col Kumar.

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