Homeland Group, VRC Acquire Prime Mohali Land Parcels For Major Mixed-Use Developments

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, generating around ₹400 crore for the Greater Mohali Area Development Authority (GMADA).

Further strengthening its presence in the region, Homeland Group, in collaboration with VRC — one of India’s most reputed construction companies — 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.”

Mrinal Mittal, MD, Homeland Group, said, “The response we’ve seen in this auction clearly signals how Mohali and the larger Tricity are evolving into a highly aspirational, investment-driven market. What stood out for us was not just the location advantage, but the opportunity to shape large-format, integrated developments that align with how people want to live and interact today. With these projects, our focus will be on creating balanced ecosystems where residential, retail, and lifestyle seamlessly come together to deliver long-term value for both end users and investors.”

Abhay Jindal, MD, Homeland Group, said, “Our partnership with VRC brings together complementary strengths, which is essential when you’re looking at developments of this scale and complexity. These projects are raising the bar for design, execution, and overall experience in the region. Mohali is entering a new phase of growth, driven by infrastructure and rising demand, and we see these developments playing a meaningful role in shaping its next chapter.”

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.

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