Mohali- A Perfect Destination for Real Estate

With the programmes initiated by the present government in facilitating investment and business environment, a lot of sectors got proper boosting, with real estate to be named one among them. Recent surveys disclose that good transport connectivity, employment opportunities and availability of infrastructure serve as the key movers in this sector to make the related destinations attractive for real estate investments.

 

Taking all the indicators into consideration, Mohali emerges as a perfect destination for investing in real estate. Having a close proximity to Chandigarh, the city stays as an acclaimed space both in the list of investors and buyers. Mohali, Chandigarh and Panchkula, known as the tricity, celebrate the mutual advantages each has with the closeness.  

Mohali has been developed as a satellite city of Chandigarh to decongest the housing strain on it. It was eclipsed by the parent city for long. But now, it has emerged as a promising investment zone. There are several factors that justify the placing of Mohali as a perfect destination in the Indian real estate map. Mohali has been endowed with superior physical infrastructure such as Chandigarh international airport, railway station at SAS Nagar, presence of IT SEZ, upcoming metro rail, excellent road connectivity and other social infrastructures like schools, colleges, hospitals etc. There are many emerging development projects that give Mohali several descriptions like Education City or Knowledge City, an IT City, Commercial Centre etc. 

Mohali is distinguished as the only investment zone near Chandigarh, apart from Zirakpur, which has been renowned in giving returns on investment. Emerging as one of the promising destinations in north India, Mohali stays like a salad bowl with multiple options such as independent houses, villas, multi storey society apartments, builder flats etc. 

Many real estate developers have tried their luck in Mohali and the adjacent area. Mona Townships stands as the leading real estate company offering luxurious supreme apartments, both in residential and commercial segments. With the changing needs of time, the company takes the benefit of the available and upcoming technologies in improving their services. The excellent services provided by them too have attracted many to make Mohali their ideal destination.

Summary

This piece of writing foregrounds Mohali as an ideal destination in India for investing in real estate. It gives a brief description of the advantages and features of the city that make it any one’s first choice. With the initiatives of the present government, the place got further impetus in terms of investment and business. The present developments equipped the city with all the necessary ingredients for it to be chosen as the perfect destination for real estate investors and home buyers.

End Users keep Punjab`s Real Estate Going

The sheer essence and stunningly green beauty of Punjab refreshes your mind and soul. The state of

five rivers is basically an agro based economy with industrial sectors like sugar and textiles etc. However the real estate trends in Punjab have changed drastically over the last few years with the emergence of top class real estate developers like Mona Townships Pvt Ltd (MTPL), Omaxe, TDI etc. They have changed the dynamics of the real  estate industry, coming up with world class projects in group housing, shopping complexes and malls, integrated townships, office complexes, IT parks etc. has generated lot of scope for investment Punjab property.

Chandigarh, being the state capital has been the list of developed cities as some of the most ambitious and high end projects are planned around Chandigarh, in places like Mohali, Zirakpur, Panchkula etc. This entirely new pattern of development is going to change the face of real estate development in Punjab.

However, it is the end users who have been the main stay of Punjab`s property market for quite some time now feel the industry experts. This is especially true for the tri-city area near Chandigarh, comprising of Mohali and Panchkula. Many leading developers like Mona Townships Pvt Ltd, DLF, Omaxe etc. are already present in this area coming up with ambitious projects in places like New Chandigarh and Greater Mohali, however the demand generated is mainly for apartments in the price range between 30 lakh to 50 lakh which shows that the end user is driving the market. Buyers who are buying houses are either first time investors who are purchasing property for end use or buying property because of the growing needs of the family, in both cases it is generally the end user who is driving the residential property market.

Affordable housing being the buzz-word, Punjab state government is showing initiative in this area with plans of building one lakh units for the economically weaker sections (EWS) in the state. The state government has plans to set up the Punjab State Affordable Housing Development Authority. The Greater Mohali Area Development Authority is set to enter the affordable housing segment in SAS Nagar. There are plans to construct 10,000 apartments over a specific period of time with 2,000 apartments being constructed in the first phase for the economically weaker sections.

One major reason for the end user driving the market is that there has been price correction in the tri-city area in the last year and the first quarter, Chandigarh prices of dropped, most sectors in Mohali have registered a downwards trend, so has Zirakpur.

The Master Plan 2031 of Chandigarh has been given the green signal; the main point in this master plan is that Chandigarh will remain an administrative capital with more importance given to government establishments, another important in the Master Plan is a holistic housing policy being adopted, this plan envisages limited use of land, group housing instead of plotted development as well as allocation of land for the economically weaker sections (EWS) of the society. As of now this should be the right time for the end user to invest in property.

Use of Solar Energy in Real Estate

Environment friendly solar solutions are finding business value among real estate developers around the world. In a study conducted by World Green Council in over 60 countries, real estate developers are moving towards solar energy solutions both in residential and commercial developments.

Developing countries like India where resources are few and needs are high, proper usages of solar energy can go a long way in solving the problem of depleting resources.

Growing our country in efficient way by using fewer resources, generating less waste, reducing pollution and preserving greenery are the only solutions to enjoy both economic growth and a good living environment, while there has been an increase in residential and commercial construction in India using solar energy, there is still huge untapped potential in this area where a lot can be done.

Solar energy can be a practical solution to our problems and this fact is now being understood by real estate developers across cities in India. The Jawaharlal Nehru Solar Mission has acted as a huge impetus for solar energy utilization in the country.

Real estate developers are keen to go for green solutions, with the knowledge of the benefits of such initiatives and also greater support in terms of government policies. Another major factor fuelling this momentum is affordability due to fall in PV Module cost.

 

There are several other reasons because of which developers are opting for solar projects. The significant ones are:-

·         Increasing prices of Grids.

·         Easily available rooftop spaces.

·         Incentives and subsidies given by Government for captive projects.

·         No hassles of maintenance and long life after installation.

Solar water heating is one of the most economically viable options in the use of solar energy and is used widely in many countries. In India real estate developers across various cities are also exploring the possibilities of this concept. The recently passed Renewable Energy Law will further encourage developers to provide clean sources of alternate energy with solar energy being the major source in their projects. It not only reduces construction cost but also provides a natural and healthy living environment.

 

Many builders have started to construct homes that are engineered to tap into alternate energy resources; small steps like this will not only reduce reliance on conventional sources of energy but also lead to sweeping changes in the way real estate and solar energy function.

Solar energy is all set to see a surge in India due to increasing demand, favorable policies, a large power deficit and high solar radiation, solar energy projects have started to compete with other forms of conventional energy sources like imported coal and gas, with the intentions of Government very clear on this it is expected that there would be a solar energy boom and developers in India have understood this and have started to implement solar energy in their projects.

To become an important source of energy in the future, solar energy industry and real estate industry need closely work together.

Things to note while buying under construction property from investor

When you think of buying an under construction property from an investor, it is not the same as it is when you are buying from a builder. And it is not the same as if you are buying property in the secondary market, from a home owner.

The investor when he wants to sell his under construction property to a buyer to make profit on his investment, he assigns the right of the property completely to the buyer, this arrangement requires the builder also to be a party as the first party has neither paid the full amount, nor in possession of the property. This arrangement between seller, buyer and builder is called “Assignment deal”. 

Most of the consumers are unaware of the finer points of these transactions and discover them in the buying process. So it is important for the buyer to have knowledge of these points before making the deal. 

It gets even more complicated if the seller has a loan running, generally this question is completely forgotten at the time of deal making and if the buyer also has plans to avail a loan it gets even more complicated. 

Here are some questions that the buyer should ask before finalizing the deal. 

•   What was the price of the property when the seller bought it?

It is very important for the buyer to know what the price of the property was when the seller bought it and get documents like the sale agreement executed between seller and the builder. This document is mandatory for loan application.

•  What is the outstanding left on the property and how much is paid?

Get a statement of records and copies of payment receipts from the builder; these will be required for the lending too.

• Are there any pending dues which might attract penalties?

Check whether the seller has being making delayed payments, there is high possibility the all those interest accrued by the builder will be charged on the new buyer on possession.

• Is the seller having any home loans?

It is very important as a buyer to know whether the seller has any loan on the property which he is selling, if yes how is he planning to clear the loan? Take advice from your financial adviser he will be able to guide you in a proper manner.

• Are there any other loans attached to this property?

The property that you are buying if it is attached to any other loans can never be known unless the seller discloses it. In India, there is a method for loan search for an individual, but a search for collateral created in a property can never be found out.

• Who will pay the transfer fee to the builder?

Generally it is the seller who pays the transfer charges to builder however that is not a rule. Sometimes, the buyer and seller make an arrangement and pay it together.

The most important thing to keep in mind when you are buying an under construction property is that all the steps of the transactions are closed smoothly and effectively. For that to happen be educated and well informed before striking the deal and keep your calm at all times.