Investing in Mohali Real Estate: things to know
As we all know that Mohali is a Tear-2 type city of Punjab, which is a part of Tricity Cluster. Being very well connected with Chandigarh, Mohali becomes a really great place to invest in. Chandigarh and Mohali are so well connected that, sometime a local person get confused that where Chandigarh ends and Mohali border get started. Mohali has seen a rapid growth in the real estate sector. GMADA (Greater Mohali Area Development Authority) and Punjab government has very big plans for the development of the city.
Mohali is not a new city its almost well know city around the globe because of the presence of International Airport and an International Cricket Stadium in the city. Because of these two internationally recognized authorities, Mohali is well deserved to be a best option to invest in.
Better and wider connecting road across the city, IT Park and Industrial park around the city also make the city livable.
If you want to invest in Mohali then you can get a large number of options around the Mohali city. From Studio Apartments to 4 or 5BHK, Mohali has every option for the customers.
What type of property are the best options to invest?
Mohali has every type of property you think of, whether you are looking for a Residential Plots, Flats, Floors, Commercial Shops, Showrooms or Industrial Land. You just name it and Mohali has it for you. But of course everyone has its own likings and requirements. Everyone has their own expectation in terms of returns from their investment.
Depending on the expectations from the investments here are some of the suggestions-
Invest in a Flat: Mohali is hub of IT companies, there are many IT Companies already got shifted in Mohali IT Park. Because of increasing demand of IT sector, more and more IT personal are shifting to the city regarding the job. All those are looking for a place to reside. So if you want to get instant returns form your property, then you should go for Flats.
Invest in Plots: As we all know flats are only for those who are looking for an immediate returns from the property. But the flat also need maintenance from time to time. It means it need an investment for a continue returns. Also as the flat get older the price of the flat only get increased as per the inflation because of the continuous use of the flat.
So if you are a kind of person who lives away from the city, or a person who want to own the piece of land where your future home will be, then go for Plots. Plots has more benefits over flats, which we can discuss some other time. As the property price get rising your investment starts increasing without any money spent on maintenance.
Invest in Shops or Showrooms: If you understand the real estate very well and know how the commercial property rental system work, then commercial space whether its shop of showrooms are best for you. Commercial spaces can give you much better investments over residential when compared over rental business.
Rent in a Residential and Commercial Real Estate
Let’s understand with an example, if a person buys a 3 BHK flat in an average area of Mohali for say around 80 Lacs to 1 crore, he/she can get a rent of around 25,000- 35,000 per month. So per year, the rent received is around 3,60,000.
In addition to this, the rent is dependent on many factors like nearby amenities, in this particular case proximity to the bus stand and major malls, shopping areas, hospitals, offices, etc. The rent generally increases by 8-10 percent per annum, but can also stay stagnant or decrease a bit in case the market is slows.
In the case of a commercial property, investing 1.5 to 2 crore in a prime location can fetch annual rent of around 9 to 12 lakhs. However, since the lease is fixed for a longer term, there is no increment every year like in the case of a residential property.
More over as discussed above, flats need maintenance time to time, so you have to renovate the flat, white wash and more which will take around 1 lacs every time you think of going for that. But in case of commercial, you are free, because a brand spent its own money to make it look like the color scheme of their branding. So you are saving there as well.
Invest in Industrial Land: This type of investment is only for those who are really into manufacturing or into warehousing business. A normal person should not enter into that type of investment.
Property Price Range
If you are interested in buying property in Mohali you can make choices from 1 BHK, 2BHK, 3 BHK, 4BHk and 5BHK apartments. The average cost remains from Rs 4,000 per sqft. You can purchase a normal 1BHK home having the size of around 700 sqft for a starting cost of Rs 25 lakh. On the other hand, the cost of a 2BHK flat sized at 980 sqft have normally around Rs 35 lakh. The price of the luxury apartment Property in Mohali with spacious covered around 1,500 sqft to 2,000 sqft remains Rs 80 lakh and Rs 1.3 crore. These flats are also available with rental options that start from Rs 15,000 per month.
Sector 115 Mohali, and Sector 126 Mohali are some of the low cost areas which are witnessing good demand and number of housing plans. These areas have also found a good cost appreciation in the last few years. You can more areas like Gazipur, GMADA Aero City and the airport road.
In the same area you can also opt for a Plots, size ranging between 100 sq. yds. to 1000 sq. yds. Depending on your needs and budget, we can suggest you the best for you.
What is the best time to invest in Mohali?
As we are into this business, so we got every type of calls, some with less budget, some with decent budget, some who are searching recently and want to finalize and the most amazing are the ones who are searching the property from 1 or 2 years. I can understand that searching a good property takes time, but 2 years, that’s too much. I usually call them as “Window Shoppers”. The pet line of those users is “Last time to itna rate nhi tha (Prices were not this much last time)” and when asked about the last time they visited then they drop the bombs by saying, before 1 year or 2 years.
As per my experience, there is not wrong time to invest in real estate. When you start thinking of investment, just go for that. I am not saying that just for that that blindly, but go for that after a good research about-
- What type of property is best for you
- What is the best location for you
- What is the best property within your budget and more.
When you have answers to those questions, just dial 9988809910 and share your details with us, or anyone whom you want to consider for more details about the property and investment. It might take few month, but don’t back off if you have make up your mind of investment.
Why I am saying this? Because, if you back off, it will take months to make up your mind again. Let’s say you think of investing again in 6 months, the prices might go up by some extent from the prices what you have backed off from last time.
FOR MIDDLE CLASS ONLY:
If your salary get increased 10% every year, the prices in real estate also get increased proportionally.
Eg: If you are earning 6 lacs annually and you are looking for a 50 lacs property, the next year you will be earning 6.60 lacs and the price of the property will be around 60 lacs.
So please don’t be too late or lazy to get started in the opportunity of investment in Mohali and take a right step in the right direction, and if you need any help or found any barrier in your road to investment, we are here to help you in all manner.