Want to buy property? Head towards Mohali

MOHALI: Is this the right time to buy property in Mohali? One would find this question very tricky to answer, but if recent trends in the property market are seen, Mohali has become an attractive destination for people who want to invest in property.
Property dealers in Mohali also acknowledge the fact that the market is picking up, but not phenomenally.
"There is a good environment for both buying and selling. People are feeling that they can make a good profit selling and at the same time buyers are also enthusiastic about investing," said B R Bhasin, a Mohali-based property dealer.
Recent auctions of commercial properties by the Punjab Urban Planning and Development Authority (Puda) showed a rise in prices to the tune of 25 per cent within a span of three months. Property analysts term this as ''foreign investment''.
The properties sold in auction were bought by NRIs who were looking to invest their money.
The reduction in the rate of interest on home loans by banks and other financial institutions has also fuelled this race to buy property. "Property in Chandigarh is too costly and there is hardly any vacant land left, so people are moving to Mohali," said BR Mahajan, a property dealer.
It is also surprising that Mohali property prices are lower than Panchkula''s. "Proximity to Chandigarh and sectoral continuity works in Mohali''s favour. People who work in Chandigarh and want to buy a property are preferring Mohali because of the large number of access points," said another dealer.
Mohali also has certain pockets where the demand for property is more. When it comes to built-up plots, Phases 3B1, 3B2, VII and X are the clear choice of the buyers. Next come the developing sectors, 70 and 71.
"Mohali is going to be the next destination because of Puda''s expansion plans. The town is slated to expand up to 108 sectors and that opens up enormous opportunities for people wanting to own a plot or a flat or a commercial establishment. The coming of foreign real estate developers is also likely to boost the rate of property in the days to come," said another property analyst.