Mohali: Rapid Development Transforming City As Next Commercial Hub

Mohali being a part of India's only planned city- Chandigarh is all set to become the next commercial hub due to the developing infra projects, upcoming IT offices, and new-age commercial centres being developed. Commercial real estate has always been the hotbed for opportunities, due to the high capital appreciation, much higher rental yields it promises. Location plays a crucial role in determining the value of such projects, and with upcoming international airport in Mohali the scope of commercial real estate in its proximity is bound to increase manifold. The city is also part of the country's smart city mission which has raised the number of realtors bee-lining to make their mark in the city.

It was in 2018 that the revised industrial policy was launched, and ever since then as many as 134 units have registered themselves for starting business in Mohali, which is expected to bring Rs 300 crore in investments. The increasing population density will initiate the growth for modern commercial centres in the region.

The year of 2020 has witnessed the popular trend of reverse migration towards Tier II-III cities. If we consider North India, Mohali in the Tricity region has been one of the top choices for investors as well as end-users due to its multiple offerings. Reverse migration has also made developers, corporates assess these smaller towns for the future opportunities and growth. Organized retail is a relatively new concept in such regions, and with pandemic making everyone cautious about the public spaces; the commercial real estate will undergo massive changes with introduction of this concept.

Government campaigns like 'Vocal for Local' and 'Atmanirbhar Bharat' are also motivating the individuals to start a business of their own. The rental charges in metro cities are comparatively higher, and with small and medium businesses looking to establish themselves in a dedicated office space; the ideal choice will be Tier II-III cities. Mohali being seamlessly connected to regions such as Ambala,Delhi via 200-ft ring road and other regions of Tricity and Punjab via rail and road connectivity has readily available manpower at reasonable costs.The upcoming Chandigarh Metro Rail project will further boost the transportation infrastructure of Mohali. As far as the range of employment opportunities are concerned, it houses reputed global companies like Philips, Sebiz Infotech, Dell, SCL and state local companies like Godrej Group, PTL & ICI Paints.

There is good variety of experienced real estate players, who have been over the years known for dominating the skyline of Punjab. Mohali, being the upcoming real estate hotspot in state offers umpteen opportunities for them. The deal breaker would be modifying their future projects as per the requirements of new normal. Only then, the commercial real estate will be able to build a new footing in the city.