Mohali is gradually emerging as an attractive investment destination for the IT, real estate, institutional, electronic and other industrial sectors. Considered a poor cousin of Chandigarh earlier, the town has come a long way.
Waking up to the need to improve the poor infrastructure of the city, which has been keeping the investors at bay, the Punjab government is set to pump in Rs 5,000 crore in various development projects aimed at transforming Mohali.
The most esteemed project, which will provide impetus to its economy is the international airport project, which took off on January 4, with the signing of an MoU between the Airport Authority of India (AAI), Greater Mohali Area Development Authority (GMADA) and the Haryana government. Over 300 acre was acquired for the project in Jheourheri village at a record compensation of Rs 1.5 crore per acre. GMADA is also in the process of acquiring additional 1,000 acre to provide the road connectivity to upcoming international airport at Chandigarh for which the cost has been estimated at Rs 1500 crore. Besides, land acquisition will also be carried out for the commercial exploitation along the proposed roads.
Talking to FE, chief administrator of GMADA, Vivek Partap Singh said, ?Currently, we have required funds with us to carry out our infrastructure projects. The way development of the city is being planned, it is very important to have good road connectivity. In coming three-to five years, we will be fully prepared to meet the increased traffic. We have collected around Rs 450 crore from external development charges (EDC) and we also fetched good price by auctioning few of our properties. The best auction was for 9.6 acre in sector 49, which has been bought by LIC at Rs 465 crore. If needed, we can also avail loan for raising the capital?.
The projects, which have been planned for the city in a bid to attract major investments include Mohali-Phagwara Expressway (Rs 2,000 crore), Expressway around Mohali (Rs 1,400 crore), IT Tower (Rs 150 crore), Punjab Habitat Centre (Rs 175 crore), Institute of Hotel Management (Rs 150 crore), Green Field Super-specialty Hospital (Rs 100 crore), Five Star Hotel-cum-International Convention Centre (Rs 200 crore), improvement, beautification of urban road network (Rs 300 crore), bus terminal-cum-commercial complex (Rs 150 crore), fruit, vegetable market (Rs 50 crore) and sports complex (Rs 150 crore).
Besides, Knowledge City, housing institutes of national repute and Fashion Technology Park (FTP) are also coming up in the city. To supplement the state government?s plans of transforming Mohali, the Centre has approved an outlay of Rs 307 crore to upgrade the existing infrastructure and for the planned development of the city under the Jawaharlal Nehru Urban Renewable Mission (JNNURM). Also, Singapore-based Jurong Consultants have been assigned to prepare a regional plan of the entire Greater Mohali area.
Apart from this, the entry of Special Economic Zones (SEZ) is set to change the face of the district. The first IT Special Economic Zone of Quarkcity spread over 51 acre in Mohali with the investment of Rs 1,200 crore has become operational. Another proposed IT SEZ Sukham Infrastructure (P) Ltd in Mohali has got a formal approval from the union government and will begin construction shortly.
Sukham has proposed to develop IT SEZ with an investment of Rs 745 crore at 16.86 hectare in Mohali. This will generate employment for 10,000-20,000 people. The project is being promoted by Urban Infrastructure Limited of Reliance Industries Limited, Landmark Holdings, Yellow Stone and Beggruen Limited. Moreover, the ?product specific? pharma SEZ of Ranbaxy Laboratories Ltd coming up on 80 acre in Mohali is under implementation. The project involves an investment of Rs 265 crore and will create employment for 1,400 people.
Over the past two to three years, Mohali has witnessed a slew of prestigious real estate developers, who also launched luxury housing projects. Ansal API has been developing Golf Links-an integrated township comprising luxury villas, condominiums, penthouses and plots.
Other major realty players like Unitech, Pearls Infrastructure and Emaar MGF have also come up with townships. The 200- acre township by Taneja Developers is another most-talked project in the town. Of late, UK-based Sun Group has firmed up plans to invest Rs 550 crore in the real estate sector of Punjab. The firm intends to come up with multi facility project, which will involve setting up of hotels, multiplexes and malls in Mohali district.
