The then smaller cities of India were turning into an attractive business prospect due to various factors like prime location, accessibility, improved infrastructure increased connectivity within the suburbs, and most importantly the skilled manpower who were seeking jobs. The Indian real estate had picked momentum up until the year 2019 when covid 19 hits, disrupting the entire world’s balance.
The scenario had changed completely after the covid 19 onslaughts. Bigger cities had witnessed considerable growth pre-covid. Due to high property prices and saturation along with subdued demand led investors were moving towards tier-II cities. The fast-growing infrastructure made it possible for the market to attract industries to settle here. Moreover, with the existing government schemes like GMADA, Smart Cities, and AMRUT the cities have been growing in demand. There has been a rising demand for these cities even before the covid 19 outbreak with people moving in from the metro city to the non-metro ones in search of opportunities. This demand will likely continue since people are returning back, trying to love close to their near loved ones at the same time looking for a window of opportunity. Even the NRIs and HNIs will most likely seek to invest in the commercial realty sector after things normalize.
The commercial real estate sector can thus expect higher rates of deliveries with a higher degree of optimism and professionalism as the unsold inventories are being booked by asset management firms and after the increase in surplus demand of residential properties. One of the prime reasons for this is the lowered rates of interest which will be the driving force making the commercial real estate sector an enticing prospect.
There are many reports which presented figures of rising real estate investments in tier II cities over 20% before the outbreak. This substantially shows the gain in momentum of demand for the tier-II cities. Additionally with the continuous infrastructural developments in the past have boosted the real estate demand in cities like Mohali. The new commercial projects in Mohali can turn out to be lucrative assets. The upcoming Commercial projects in Mohali will have new requirements following the needs of buyers in health and safety. VRS group is one of the most prominent Real Estate companies in Chandigarh that has also developed several Residential Flats in Chandigarh and Mohali.
A report of the real estate market states that nearly 12 percent of people in Delhi-NCR would invest in nearby cities like Jaipur, Mohali, and Chandigarh. The real estate in Mohali is all set to witness a new wave of efficiency with higher deliveries and possession. The increasing demand for residential projects in Mohali will surely boost sales for the commercial sector.
