Introduction

As India continues to surge forward as one of the world’s fastest-growing major economies, the real estate sector has emerged as a promising avenue for investors. For Non-Resident Indians (NRIs), particularly those with roots in Punjab, investing in real estate in their homeland not only promises financial benefits but also fosters a tangible connection with their legacy. Mohali, a thriving city in Punjab, is especially making waves as the ultimate investment destination for NRIs.

Mohali as the Region's Most Promising Real Estate Hub

Mohali has shot into prominence as the region's most promising real estate hub, surpassing Chandigarh, especially in the realm of commercial real estate. The city's significant growth in recent years underscores a thriving business environment. Mohali's steadily growing economic indicators have played a pivotal role in its real estate boom, particularly in commercial and retail sectors.

In a remarkable recovery from the pandemic slump, Mohali has witnessed a real estate boom with substantial sales reported. A testament to this growth is the auction held in January 2022, where GMADA pocketed a staggering ₹808 crore by selling nine major commercial properties. The city's commercial real estate sector offers abundant opportunities due to high capital appreciation and comparatively higher rentals.

Furthermore, Mohali's real estate surge is actively driving economic growth by attracting corporates, startups and investments to the state.

Factors Contributing to Mohali's Real Estate Boom

One of the key factors driving Mohali's real estate boom is the thriving tech-driven industry and the startup ecosystem. Having a Software Technology Park of India (STPI) centre, Mohali has become a hub of IT and IT-enabled services, housing renowned companies like ThinkNext Technologies, ToxSL Technologies, Indi IT Solutions and SQE Labs. Home to a Startup Accelerator Chamber of Commerce (SACC), the city also has a thriving start-up ecosystem with several incubators and accelerators, like Punjab Biotechnology Incubator, supporting new ventures.

Additionally, the manufacturing sector contributes significantly to Mohali's Gross District Value Added (GDVA) with major players like Godrej & Boyce Mfg. Co. Ltd and Swaraj Tractors setting up their base here. The output of 580-odd large, medium and small scale industries in Mohali is impressive, reflecting its spectacular industrial growth.

The availability of ample land for development is another major factor attracting real estate investors to Mohali. Many ongoing projects like IT City, Education City, Ecocity and mega township projects in various sectors indicate the city's expansion potential. With Chandigarh and Tier I cities reaching a saturation point, Mohali is poised to become the next hub of development, supported by GMADA's comprehensive Master Plan for planned urban development.

The presence of an international airport has significantly catalyzed Mohali's growth. Improved connectivity and accessibility have made it an attractive destination for businesses and investors, further facilitating business growth and expansion. The Airport Road connects Mohali to other major cities in the region, enhancing its appeal as an ideal location for businesses.

Beyond Boundaries: Mohali is the Next Gurgaon in the Making

Mohali is relieving the pressure on Chandigarh in terms of housing and commercial space demand, much like how Gurgaon complements Delhi. Emerging as a knowledge-based economy driven by the IT sector, Mohali is on its way to becoming the next Gurgaon in the northern region. Rapid infrastructure development and a pipeline of commercial and residential projects are set to script a remarkable growth story of this burgeoning satellite city of Chandigarh.

With soaring property prices in Delhi and Gurgaon, entrepreneurs and investors in Delhi and NCR have turned their attention toward Mohali.

Mohali's Investment Potential for NRIs from Across India

Beyond its magnetic appeal to the Punjabi diaspora, Mohali stands out as an alluring prospect for NRIs from other parts of India as well. The reasons behind this choice are diverse and overwhelmingly convincing. To start with, Mohali has an amenable climate, featuring agreeable winters and temperate summers, thus ensuring a pleasant living experience throughout the year.

Mohali's exceptional international connectivity, facilitated by its well-connected international airport and efficient road networks, also guarantees easy travel and accessibility to different regions.

Furthermore, Mohali's role as the commercial and industrial epicentre extends not only to Punjab but also encompasses the broader region, including Himachal Pradesh, Jammu & Kashmir, and Haryana. This strategic positioning makes it a pivotal hub for business endeavors. The city's thriving economy, driven by sectors like IT, manufacturing, and startups, offers a conducive environment for investment growth.

Mohali's impressive infrastructure development underscores its modernity, offering world-class amenities and services that harmonise with a contemporary lifestyle. The city's commitment to education, spanning from primary to higher education, ensures that families have access to top-tier learning opportunities.

Most importantly, Mohali's unique blend of modernity coalescing with a rich heritage and culture attracts NRIs keen on nurturing their ties with Indian traditions. Punjab's vibrant cultural milieu, combined with Mohali's cosmopolitan lifestyle, creates an atmosphere that seamlessly blends tradition and progress. In essence, Mohali is the quintessential destination, not only for Punjabi NRIs but also for non-Punjabi NRIs seeking to establish their second home or make commercial investments in India. Its progressive economy, burgeoning infrastructure and dynamic cultural tapestry make it a promising canvas for NRIs to manifest their investment aspirations.

Economic Indicators Showcasing Mohali's Growth

Mohali's per capita income, the second highest in Punjab, has witnessed substantial growth, signifying rising prosperity and purchasing power among its residents. The steady increase in migrant population reflects a rise in employment opportunities and business growth in Mohali. High spending capacity, luxury brands and high-end retail outlets have proliferated in the city. Of particular interest is CP67 Mall, a project of the Homeland Group, which anchors Mohali's growth and aspirations by providing an ideal setting for businesses to thrive.

Furthermore, Mohali's real estate boom has created numerous job opportunities, spurring new businesses in the region. The IT sector has experienced impressive growth in IT/ITES exports, and the influx of businesses and investments has stimulated sectors like retail, hospitality and services.

Homeland Group: Pioneering Real Estate Development in Mohali

A driving force behind Mohali's real estate growth is the Homeland Group, led by its visionary CEO, Mr. Umang Jindal. Recognized as a rising star in the world of real estate investment and development, Umang Jindal has spearheaded trailblazing projects like Homeland Heights, Homeland Regalia and the latest groundbreaking venture, CP67.

Commenting on Mohali's untapped potential, Mr. Jindal said, “Real estate is a dynamic and competitive industry. In the current scenario, investors are turning to real estate market in increasing numbers as a lucrative option and safe bet for their investments, considering that the risks are low and the rewards high. The real estate market in Mohali is expected to grow even more in years to come.”

Homeland Group's projects are known for their innovative design and world-class amenities, setting new benchmarks in luxury living. The CP67 project, in particular, seamlessly integrates high-street retail, cutting-edge office spaces, premium serviced apartments, diverse dining options, a seven-screen PVR multiplex, and top-notch hospitality, offering a truly world-class experience.

Conclusion

In conclusion, Mohali, with its booming real estate market and promising future, presents a golden opportunity for NRIs looking to invest in India. Whether it's the city's rapid development, its potential for high returns, or the privilege to maintain a tangible connection with their homeland, the reasons for investing in Mohali are many. As India continues to grow and prosper, there's no better time than now for NRIs to invest in Mohali's real estate and be a part of this exciting journey.

However, it is crucial to note that while investing in India, NRIs must adhere to the guidelines set by the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and laws enacted by their adopted country. It's always recommended to consult a financial advisor before making any investment decisions.