Mullanpur or New Chandigarh comes as the most carefully planned township in the surrounding area of the City Beautiful. Surrounded by Medi city, Edu city, PCA cricket stadium and mega townships by GMADA and big names like Omaxe and DLF and other smaller residential players, the location is currently a hot- bed of realty sector growth in Mohali district. With that said, we can say that a number of residential spots are under construction in GMADA’s Eco City and in DLF Hyde Park and Omaxe projects with more than 2000 families getting the possession.
Even though the city is known for its grand plans, wide roads and low density habitations, the citizens largely remain concerned about the living standards in the area. As per the CEO of Omaxe group, Mohit goel, “Locational advantage and planned growth are the key highlights that make this micro market of this city most suitable for end users”. Mohit goel also wrote off the dark clouds for the real estate firms in this area in the coming future because of these drawbacks. Let’s see some of the excerpts from the interview Mohit goel gave to one of the leading news dailies.
The on-ground growth of Mullanpur has not been as per the initial predictions. What are the reasons for this?
While talking about this area on the whole one should not forget the exact scale of this project. It is a huge development and it is unfair to compare its growth with 3 acre or 5 -acre projects in Zirakpur, Airport Road or elsewhere. As for the growth, road infrastructure is in place for connectivity, major education and medical establishments are coming up fast, the cricket stadium is almost ready and families are moving in. As for our projects, possessions have been handed over to more than 3,000 buyers, many of whom are already living in there. In fact, it is just a matter of a year or two for New Chandigarh to be a bustling mini city.
What has been the impact of slowdown on the prices in this area?
One can’t deny the impact of the slowdown in the past three years. But it is not very damaging in this area. Firstly, Mohali, in itself, is one of the strongest markets in whole of Punjab.
Secondly, price correction has been there in the secondary market, but as Mullanpur’s inventory was under-construction and in primary market, prices have not fallen the way these have in some other micro markets in tricity. Sale volumes, too, dropped after demonetisation, but here most of the inventory had been sold before that. Delivery and possessions have not been delayed too much. So, this market has not seen much negative impact. In our projects where the initial cost of plots was Rs 10,000 per sq yd, it is now Rs 30,000 per sq yd. And in flats and floors it has moved up from Rs 2,700 per sq ft to Rs 4,500 per sq ft in five years. So, performance wise Mullanpur has fared well on investment front and over the next couple of years with more stability in the market, investments here will yield substantial profits