Homeland, VRC Acquire Mohali Land for Mixed-Use Projects

Homeland Group, in collaboration with VRC, has acquired two prime mixed land-use parcels in Mohali through a GMADA e-auction, marking some of the highest bids recorded for such developments.

A 5.5-acre parcel near the Chandigarh border was acquired at approximately Rs 700 million per acre, generating around Rs 4 billion for the Greater Mohali Area Development Authority. Additionally, a 13-acre site in Sector 62 was secured at about Rs 470 million per acre, with the total deal value exceeding Rs 6 billion.

The projects will be developed jointly, featuring premium residential apartments integrated with commercial spaces. Together, the developments will span around 5 million sq ft of built-up area, with a total land investment of nearly Rs 10 billion.

Commenting on the development, Umang Jindal, CEO, Homeland Group, said, “Each site offers unique benefits—the YPS location is strategically situated adjacent to Chandigarh… while the Sector 62 parcel is positioned in Mohali’s downtown area… surrounded by well-established commercial hubs.”

The developments are targeted for completion by the first quarter of 2031 and are expected to rank among the largest mixed-use projects in Mohali, reinforcing the region’s growth as a key real estate destination in the Tricity market.