New Delhi, NFAPost: Optimistic of a quick turnaround in the current slump, real estate company Sushma Group started the possession of its 11th project ‘Joynest MOHI on PR-7 Airport Ring Road in Mohali.
Spread over an area of 10.75 acres, it is realty major’s first project of its Joynest (value homes) series and the first project being delivered on this part of Airport road in Mohali region.
While talking about the project, Sushma Group Executive Director Prateek Mittal said Tier II and Tier III cities are witnessing a boom in the real estate sector following the recent government policies and announcements.
“Joynest MOH1 is one its kind project in the affordable category with highest standards of quality being provided in a budget that suits the masses. This project will help us make a significant contribution towards the government’s vision of Housing for All,” Sushma Group Executive Director Prateek Mittal.
Sushma Group Executive Director Prateek Mittal said the company started the delivery of our first project of affordable housing- Joynest series within a timeframe of around 39 months from the start of construction.
The group is looking at a total investment of Rs 300 crore into the project, which is being partially funded through internal accruals and partially through sales and institutional funds from LIC Housing Finance.
The residential project will offer a total of 13 towers with 9 floors in a built up area of 12 lakh sq. ft. and in the first phase of possession, out of 950 units the group is delivering 216 units in three towers.
MOH 1 comprises of 2 and 3 BHK apartments available in respective configurations of 1080 sq ft to 1488 sq ft. Joynest MOH 1 offers ample green space along with basement parking and is equipped with all the amenities such as gymnasium, card room, landscaped gardens, club house, meditation and yoga pavilion. An amphitheater and a party lawn will also be there to fulfill the entertainment needs of its occupants.
Designed intricately by the top architects, the project provides proper ventilation and ample natural light to each unit. It has been designed with the vision to give the inhabitants maximum space without compromising on great looks.
Apart from the internal placement of the towers and units, the project is constructed on the Airport road and provides direct connectivity with Chandigarh, Punjab, Haryana, Delhi and Himachal Pradesh.
Besides Mohali and its peripheral areas of Zirakpur, Kharar, and New Chandigarh (Mullanpur), Greater Mohali Area Development Authority (GMADA) led IT City and Aero City projects have fuelled property development in the area. The concept of the tricity’s development hub in the recent past also expedited the development activities.
Developers in the Chandigarh also facing labour shortage as 50% to 100% of their migrant workers have gone back to their home town because of Covid. Companies are also facing liquidity crunch as they are also facing unsold inventory.
According to Arvian Research property development companies will find a relief in the cut in home loan interst rate and there is a large requirement for ownership among customers.
“It is a. reality that interest rates are at its lowest in nearly two decades. Now the rates have dipped below 7% and expected to fall further. Delhi and adjoining areas are growing because of the booming investment due to manufacturing companies. So Chandigarh has the potential to emerge as a right destination for people to stay with well-connected roads and airport infrastructure,” said Arvian Research.
In a recent media interaction, GMADA chief administrator Tanu Kashyap said the organisation is determined to promote activity in the property development sector in its jurisdiction.
“After the Covid-19 pandemic and lockdown, we are taking a very considerate view of requests from different industry stakeholders. The Punjab government has already announced a slew of concessions and incentives for the industry. Similarly, more regulatory and policy changes are in the works and will be announced in due time. GMADA will also be offering properties in the near future to promote business activity in the sector,” GMADA chief administrator Tanu Kashyap.
Also, Chandigarh is also expecting a lot of demand from Non-Resident Indians (NRIs) as falling rupee will lead to lower property prices for this segment of buyers.