Farmers of the village received a compensation of more than Rs 1 crore per acre after their land was acquired for the upcoming international airport at Mohali, and have now turned into speculative investors for the many upcoming residential projects in Chandigarh and Mohali.
The property dealers say farmers were allured into purchasing residential apartments in Mohali and the neighbouring region.
The real estate market in tri-city has been witnessing a downturn from the past few months after the withdrawal of speculative investors from the market.
But according to local real estate agents, Chandigarh and its peripheries may be witnessing a slow growth rate in real estate these days, but it will not be correct to say that the sector has slumped. They say the fact that prices of these projects have not been slashed by the developers proves there is no slump.
Paramjit Singh, Chandigarh-based real estate agent, says the real estate market in tri-city had gone into corrective mode as interests of speculative investors shifted from the property market, leaving only the end user.
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The 10-marla plot cost in Mohali, which cost Rs 80 lakh two months ago, is now selling at around Rs 1 crore. Similarly, the one-kanal plot, which cost around Rs 1.5 crore till a few months ago, is now costing Rs 2 crore.