GBP Group to invest 100cr, announced 500 residential plots at GBP Smart City in Mohali
GBP Group, one of the top builders in Punjab, announced 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 cost of the project is Rs 100 crore, which will be sourced through promoter funding and bank loan.
It presents an opportune time 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. Talking about the important characteristics of plotted developments, Mr. Raman Gupta, Director, Branding & Construction, GBP Group, says, “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 recent increase in multi-storied developments. Also, 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 an array of 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.
Overall, 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 Rs 2350 crore, the projects will comprise approximately 2000 plots, 1500 residential floor units, and 10,000 sq. ft of commercial area.
With the movement of people to Tier II and III cities in the aftermath of COVID-19, this 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. People have started realizing the importance of healthy living, immunity and are falling back on many age-old social norms, including living life king size where you have space to go through daily chores with ease. The demand for projects that provide less cluttered living is increasing. “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,” says Gupta.