Over the past three years, rents of accommodations in Tricity have risen by 50-70%, depending on the location. The probable cause is an increase in the number of multi-national companies here. Also, kids of well-settled farmers prefer to own independent homes in the Tricity.
With Greater Mohali Area Development Authority ( GMADA) set to raise the allotment price of a residential plots from Rs 12,500 to Rs 35,000 per square yard, the tenants of Mohali are expecting another price hike soon.
''Three years ago rent wasRs 7,000 for a 2BHKnow it is Rs 13,000.''
''3BHK fully-furnished house was available for Rs 12,000 three years ago. Nowadays, same property is available for something between Rs 18,000 and Rs 20,000. Rent of a 2BHK furnished house has increased to Rs 12,000-15,000 from Rs 8,000 three years ago.''
''Areas such as Mansa Devi Complex and many other sectors are close to IT park of Chandigarh. This increased the rates as IT employees preferred homes close to their workplaces.''
A tenant of a 3BHK flat in Sector-20,says ''In 2008, the rent was Rs 6,500, now it is Rs 10,000. Every year, the rates rise by around 15%.''
Part of the Dream Weave Walk Network 1998-2012