Property values in Chandigarh and Mohali are expected to rise with the internationalization of their airport. According to real estate agents, in the last three months there has been a notable increase in inquiries about properties around the airport.
Residential areas such as Ram Darbar Colony, Sector 31 and Sector 47 are among the most benefited, said Amit Chugh, a real estate broker. He said that an international airport will allow Non-Resident Indians (NRIs) to land in Chandigarh smoothly and thus we can expect an increase in NRI investment.
At present, monthly rents for apartments in Sector 31 and Sector 47 are Rs 5,000 to Rs 8,000 and capital values for residential land are Rs 1,800 to Rs 2,500 per square metre. foot Brokers project a 10 percent increase in principal value in the short term. “Much depends on how this project progresses in the future. If all goes well, such as the land acquisition and development process, property values in the areas adjacent to the airport will increase substantially,” said a real estate consultant.
The Airport Boost
The Airports Authority of India (AAI) has planned to bring the Chandigarh airport up to international standards. It was only on January 5 that civil aviation minister Praful Patel laid the groundwork for the international civil air terminal complex in Mohali. The new airport building will be able to serve 700 passengers.
The modernization project would also involve the construction of a platform for the remote parking of eight wide-body jet aircraft. According to the sources, the Punjab State Government has been requested to hand over around 300 acres of land, identified on the other side of the track with independent access from the city side.
A joint venture between AAI and the Greater Mohali Area Development Authority (GMADA) will be responsible for the maintenance of the new airport. The company will also be responsible for the development of the city side near the airport.