Mohali, March 19: In a landmark outcome of the recent GMADA e-auction, one of the costliest mixed land-use sites was sold at nearly ₹70 crore per acre, setting a new benchmark for such developments. The 5.5-acre premium parcel, strategically located opposite YPS School on the Chandigarh border, has been acquired by Homeland Group in partnership with VRC, generating close to ₹400 crore for the Greater Mohali Area Development Authority (GMADA).
Further strengthening its regional footprint, Homeland Group, again in collaboration with VRC, secured another prime 13-acre mixed land-use site in Sector 62, located in the heart of Mohali. This parcel attracted significant investor interest and was acquired at approximately ₹47 crore per acre, with the total deal value exceeding ₹600 crore—making it one of the highest bids in GMADA’s history for similar developments.
Both projects will be developed jointly by Homeland Group and VRC, combining premium real estate development capabilities with strong construction expertise. The partnership has already generated considerable buzz within the real estate sector and among prospective buyers.
Umang Jindal, CEO of Homeland Group, shared that the developments will feature premium residential apartments seamlessly integrated with commercial spaces on the ground and first floors. He noted, “Each location offers distinct advantages—the YPS site benefits from proximity to Chandigarh and connectivity to the Leisure Valley belt, while the Sector 62 site enjoys a central position near Amb Sahib Gurudwara Road, surrounded by established commercial hubs.”
With an estimated investment of nearly ₹1,000 crore in land acquisition alone and a planned built-up area of around 5 million sq. ft., these projects are poised to become among the largest mixed land-use developments in Mohali. The company aims to complete both developments by the first quarter of 2031.
Homeland Group’s earlier projects—Homeland Regalia, Homeland Heights, and CP67—have already set benchmarks as premium residential and retail destinations in Punjab. Given the strong appreciation and returns delivered to investors and homebuyers in past developments, industry experts remain optimistic about the impact of these upcoming projects on the evolving real estate landscape of the Tricity region.
