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PNN
Mohali (Punjab) [India], March 19: In a significant outcome of the recent GMADA e-auction, one of the most expensive mixed land-use sites was sold at nearly 70 crore per acre, marking the highest bids recorded so far for mixed land-use development in a GMADA auction. The 5.5-acre prime parcel, located opposite YPS School on the Chandigarh border, was acquired by Homeland Group, in collaboration with VRC -- one of India's most reputed construction companies -- generating around 400 crore for the Greater Mohali Area Development Authority (GMADA). Further strengthening its presence in the region, Homeland Group, again in collaboration with VRC, also acquired another prime 13-acre mixed land-use parcel in Sector 62, located in the heart of Mohali, in the same auction. This parcel too witnessed record-breaking interest and was acquired at about 47 crore per acre, with the total amount exceeding 600 crore, making it among the highest bids for such developments in GMADA's history. Both projects will now be developed in joint collaboration between Homeland Group and VRC, bringing together the developer's experience in premium real estate and VRC's strong construction expertise. The collaboration has generated significant interest across the real estate market and among prospective buyers. Umang Jindal, CEO of Homeland Group, stated that the projects will feature premium residential apartments thoughtfully integrated with commercial spaces on the ground and first floors. He added, "Each site offers unique benefits--the YPS location is strategically situated adjacent to Chandigarh and linked to the Leisure Valley belt, while the Sector 62 parcel is positioned in Mohali's downtown area near Amb Sahib Gurudwara Road, surrounded by well-established commercial hubs." With an investment of nearly 1,000 crore in land alone and a planned built-up area of around 5 million sq. ft. across both developments, the projects are expected to be among the largest mixed land-use developments in Mohali, following the success of Homeland Global Park. The target is to deliver the projects by the first quarter of 2031. Homeland Group's earlier developments, including Homeland Regalia, Homeland Heights and CP67, have already established themselves as some of the most premium residential and retail destinations in Punjab. Considering the strong value appreciation and returns experienced by investors and homebuyers in previous Homeland projects, the industry remains optimistic about the impact these upcoming developments will have on the Tricity's evolving real estate landscape (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same.)
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