GBP Group announces 500 plots in Mohali at ₹100-cr investment

GBP Group has announced the development of residential plots at GBP Smart City in Mohali. Spread over 23 acres, the project will have 500 plots ranging from 80 sq yard to 137 sq yards and are priced at 17,990 per sq yard. Located at NH 205-A, near upcoming Aerocity extension, Mohali, the project will cost ₹100 crore, which will be sourced through promoter funding and bank loan.

It is an opportunity for end-users looking to invest in affordable housing. As the price points offered here are on an average INR 50,000 per sq yard in Aerocity, while the plots offered by GBP Group are being offered at a competitive price of 17,990 per sq. yard. Raman Gupta, Director, Branding & Construction, GBP Group, said, “Plots in integrated townships offer the best of both worlds - an independent dwelling unit and the benefits of community living. Having one’s own independent house is an aspiration for most Indians despite the increase in multi-storied developments. Over a period of time, plotted developments by reputed builders tend to yield better returns.”

The plots are in proximity to Airport Chowk, the center of bustling activities and a prominent four-lane expressway is under-construction which will be fully-functional in a year; Kharar-Ambala has all the requisites to have a fine livability quotient. IT City and Aerocity being the two ambitious commercial projects will be providing the residents with options in retail, entertainment and recreation. The regular upsurge of real estate developments has further laid to the establishment of Aeretropolis, a project by GMADA with 5500 acres of land that is going to be having 20,000 residential plots. Ashoka University, Amity University are the two upcoming premier educational institutions while Chandigarh and Chitkara University, the already established esteemed educational institutions of Tricity region are a 8-minute drive away from the project.

The Group is planning to launch five new projects this year, two commercial and three residential, in areas like Peer Muchalla, Airport Road, New Chandigarh, Derabassi, and Mohali extension. To be developed with an investment of more than ₹2350 crore, the projects will include approximately 2000 plots, 1500 residential floor units, and 10,000 sq. ft of commercial area.

With people moving to Tier II and III cities in the aftermath of COVID-19, the age-old demand for plots & floors has come back to the real estate market. The flexibility offered by plotted developments and the high appreciation is attracting real estate buyers to choose these options. Gupta added, "Buyers are going for housing societies, townships, or projects that provide stores of basic necessities inside the project. People stuck in apartments were missing freedom, and the plotted development is the solution for all their needs. There is an emergence of shifting to large spaces, and we see it in the number of inquiries.”