When I look at commercial real estate opportunities in Punjab from an NRI's perspective, one thing becomes immediately clear: location alone is not enough.

Being based overseas means I cannot simply visit a property every weekend, speak to the developer in person, check the surrounding area repeatedly, or keep an eye on construction. Every decision has to be supported by documentation, transparency, location fundamentals, and a developer I can actually verify.

That is why RERA-approved commercial real estate along Mohali Airport Road deserves a closer look.

Mohali Airport Road has developed into an important commercial corridor connecting key parts of Mohali, Aerocity, IT City and the Chandigarh International Airport region. Developers such as STJ Group have built a significant commercial portfolio along this corridor, including Mohali Citi Centre projects and other retail and commercial developments. STJ Group's current project portfolio includes MCC 2, MCC 3, MCC Avenue and STJ Forum along Airport Road.

For an NRI, however, the real question is not simply, "Should I buy commercial property in Mohali?"

The better question is:

How do I identify a legally compliant, RERA-registered commercial property that makes sense for my investment objectives?

Here is how I would approach it.

Why Are NRIs Looking at Mohali Airport Road for Commercial Property?

The first thing I would study is the location.

Mohali has evolved considerably from being primarily a residential extension of Chandigarh. Its commercial landscape now includes retail destinations, offices, IT-related developments, hospitality, healthcare, education, and mixed-use developments.

Airport Road is particularly interesting because it connects several established and emerging development zones.

For me, this makes the corridor worth evaluating from two perspectives:

First, accessibility. A commercial property needs customers, employees, tenants or visitors to reach it conveniently.

Second, surrounding development. Commercial real estate does not operate in isolation. Residential communities, offices, institutional developments, hospitality and infrastructure can all influence the activity around a commercial destination.

That does not mean every property on Airport Road will automatically perform well. It means the location deserves to be studied at a micro-market and project level rather than evaluated only based on a brochure.

Can an NRI Buy Commercial Property in Mohali?

Yes. Under India's current foreign-exchange framework, an NRI or OCI can generally acquire immovable property in India other than agricultural land, farmhouse or plantation property. The RBI's regulations also specify permitted payment routes, including funds received through banking channels and eligible NRE, NRO or FCNR(B) accounts.

This is an important distinction because commercial property is often considered separately by buyers who assume that NRIs face restrictions on purchasing it.

In general, commercial property is permitted for NRIs and OCIs, subject to applicable FEMA, tax, registration and other Indian laws.

However, I would never treat this as a reason to transfer money immediately.

Before making a payment, I would have the transaction reviewed by the relevant bank, lawyer and tax professional, particularly where the buyer's citizenship, residency status, source of funds or intended repatriation arrangements create additional considerations.

What Does RERA Approval Mean for an NRI Investor?

For me, RERA registration is one of the first boxes to check, but it is not the only box.

The Real Estate (Regulation and Development) Act, 2016, created a regulatory framework intended to improve transparency and accountability in real estate transactions.

In Punjab, prospective buyers can check registered projects through the Punjab RERA system.

The Punjab RERA registered-project list, for example, identifies Mohali Citi Centre Avenue as a commercial project promoted by STJ & Co. and GMADA, with registration number PBRERA-SAS81-PC0178, located in Block E, Aerocity, SAS Nagar (Mohali).

This is exactly the type of information I would verify independently rather than relying only on a salesperson's statement that a project is "RERA approved."

What should I verify on the RERA portal?

I would check:

• Project name

• Promoter name

• RERA registration number

• Project type

• Registered location

• Approved project information

• Promoter disclosures

• Project status

• Relevant completion or possession information

A RERA registration should be treated as an important due-diligence checkpoint, not as a substitute for legal verification.

Why Developer Track Record Matters to an NRI

This is where I would look beyond an individual property.

If I am buying from another country, I want to understand who is developing the project, what they have delivered, where their projects are located, and how their existing developments are performing operationally.

STJ Group has developed a commercial portfolio around Mohali's Airport Road and Aerocity markets. Its current portfolio includes Mohali Citi Centre 2, Mohali Citi Centre 3, Mohali Citi Centre Avenue and STJ Forum, alongside residential developments such as The Pinnacle.

The group's commercial projects are therefore relevant to anyone researching the Airport Road commercial real estate market.

But I would still evaluate each project individually.

The developer's track record can tell me about execution experience, but it does not eliminate the need to verify the particular project's RERA registration, title, approvals, specifications, payment schedule and contractual terms.

What Should an NRI Check Before Buying Commercial Property?

This is probably the most important part of the entire process.

When buying from overseas, I would create a due-diligence checklist before discussing returns.

1. Verify RERA Registration

Start with the Punjab RERA database.

Make sure the project name, promoter, and registration details match the documents provided by the developer.

2. Verify Title and Ownership

RERA registration should not be treated as a replacement for title verification.

I would have a qualified property lawyer check the title documents, ownership structure, encumbrances, and other relevant legal records.

3. Check Land Use and Approvals

Commercial property requires appropriate permissions and land-use considerations.

I would verify that the property is permitted for the intended commercial use and that relevant development and building approvals are in place.

4. Understand Exactly What I Am Buying

"Commercial property" can mean very different things.

It could be a showroom, retail shop, office, SCO, food outlet or another commercial format.

I would clearly understand:

• Carpet area

• Saleable area

• Common areas

• Floor

• Frontage

• Parking

• Access

• Signage rights

• Maintenance responsibilities

• Possession terms

• Leasing restrictions

5. Study the Surrounding Catchment

A commercial property's potential is closely connected to the people it serves.

I would look at:

• Existing residential catchment

• Nearby offices

• Footfall generators

• Accessibility

• Parking

• Road visibility

• Competing developments

• Upcoming infrastructure

• Nearby retail and hospitality

• Future development in the surrounding area

This is especially important on a large corridor like Airport Road because two properties can technically be on the same road while having very different commercial characteristics.

Is Commercial Real Estate Better Than Residential Property for an NRI?

I would not treat this as a simple either-or decision.

Commercial and residential property serve different purposes.

A residential property may be easier to understand for someone looking for personal use or conventional rental housing. Commercial property, on the other hand, can be structured around business occupancy, retail demand or office requirements.

But commercial property can also involve greater dependence on tenant demand, location-specific footfall, maintenance, vacancy periods and the type of business that occupies the space.

That is why I would focus less on the label "commercial" and more on the individual property's fundamentals.

What About Rental Income?

Rental income is naturally one of the reasons an NRI may consider commercial real estate.

But I would be cautious about evaluating an investment based purely on a promised rental percentage.

Instead, I would ask:

Who is likely to rent this property?

Why would they choose this location?

What businesses are operating nearby?

What is the realistic vacancy period?

Who pays maintenance and operating expenses?

What are the applicable taxes?

A projected rental return is only meaningful when the assumptions behind it are realistic.

How Can an NRI Manage a Property From Abroad?

This is another issue I would consider before buying, not after possession.

Fortunately, distance does not necessarily mean the property has to remain unmanaged.

An NRI can arrange local support for matters such as:

• Property documentation

• Tenant coordination

• Lease administration

• Maintenance

• Utility payments

• Property inspections

• Rental collection

• Communication with the developer or association

A properly executed Power of Attorney, where appropriate, can also make certain property-related processes easier.

I would have any Power of Attorney drafted and reviewed by a qualified professional rather than using a generic template downloaded online.

How Should an NRI Handle the Payment?

RBI rules specify that payment for permitted immovable property purchases by NRIs/OCIs should be routed through permitted banking channels or eligible non-resident accounts. Payments through traveller's cheques or foreign currency notes are not permitted under the relevant framework.

This is one area where I would keep everything documented.

I would maintain records of:

• Bank transfers

• Payment receipts

• Agreements

• TDS documentation where applicable

• Registration documents

• Tax records

• Correspondence with the developer

• Loan documentation, if applicable

The cleaner the documentation, the easier it becomes to manage the property later.

What About Taxes?

Taxation is an area where I would never rely on a generic internet calculation.

The applicable tax treatment can depend on the buyer's residential status, nature of income, property use, transaction structure, holding period, and the tax laws applicable at the time of the transaction.

There can also be tax obligations connected with purchasing, renting or eventually selling the property.

India's tax framework has also changed, including changes applying from April 2026, so NRIs should obtain transaction-specific advice from a qualified tax professional. The Income Tax Department has published updated guidance concerning TDS compliance for immovable-property transactions under the new tax framework.

For an overseas investor, I would consider professional tax advice part of the investment cost rather than an optional expense.

Can an NRI Repatriate the Sale Proceeds?

Potentially, yes, but repatriation is subject to FEMA rules, the source of funds, the manner in which the property was acquired, applicable taxes, and banking requirements.

The RBI framework contains specific provisions concerning repatriation of proceeds from the sale of immovable property.

This is why I would think about the eventual exit strategy at the time of purchase.

If my long-term objective is to move funds back overseas, I would ask my authorised dealer bank and tax advisor about the applicable repatriation process before investing.

Why I Would Consider RERA-Registered Commercial Projects on Airport Road

After looking at all these factors, my approach becomes fairly straightforward.

I would not invest simply because a project is on Airport Road.

I would look for the combination of:

Location + RERA registration + legal due diligence + developer track record + commercial demand + clear documentation + realistic financial assumptions.

This is also why developments such as the commercial projects associated with STJ Group are relevant to the conversation.

STJ Group's current portfolio includes multiple commercial developments on Airport Road, including MCC 2, MCC 3, MCC Avenue and STJ Forum. Its official project information describes MCC 2 as a commercial retail development on Airport Road, MCC 3 as a commercial retail project, and STJ Forum as an ongoing commercial project on the same corridor.

For an NRI researching this market, that gives me a starting point for comparing project formats and locations. It does not remove the need to evaluate each project independently.

My NRI Commercial Property Checklist

If I were preparing to invest from overseas, this is the checklist I would keep beside me:

Before selecting a property

☐ Study the Airport Road micro-market
☐ Compare nearby commercial projects
☐ Understand the property's intended use
☐ Evaluate access, visibility and parking
☐ Research the developer's track record

Before booking

☐ Verify Punjab RERA registration
☐ Verify promoter details
☐ Conduct title due diligence
☐ Check approvals and land use
☐ Understand the complete cost

Before signing

☐ Read the sale agreement carefully
☐ Confirm possession terms
☐ Understand maintenance charges
☐ Check cancellation and default clauses
☐ Clarify payment schedule

Before transferring money

☐ Confirm FEMA eligibility
☐ Use permitted banking channels
☐ Discuss tax implications
☐ Understand TDS requirements
☐ Speak with an authorised dealer bank where required

After purchase

☐ Keep every document safely
☐ Arrange local property management if required
☐ Plan for leasing or self-use
☐ Track maintenance and taxes
☐ Understand future sale and repatriation procedures

Final Thoughts: Invest From Abroad, But Verify From the Ground

For me, the biggest lesson when considering commercial real estate from overseas is simple: distance should make due diligence more important, not less.

Mohali Airport Road offers an established and developing commercial environment, and RERA-registered projects provide an important layer of regulatory transparency. STJ Group's presence across multiple commercial developments in the Airport Road and Aerocity belt also makes the developer worth researching when comparing commercial opportunities in this market.

But an NRI investment decision should ultimately be based on the specific property.

I would verify the RERA registration. I would check the title. I would understand the commercial catchment. I would study the agreement. I would calculate the complete cost rather than looking only at the headline price. And I would take professional legal and tax advice before committing substantial funds.

Because when the property is thousands of kilometres away, clarity becomes part of the investment itself.

Frequently Asked Questions

Can NRIs buy commercial property in Mohali?
Yes. NRIs and OCIs can generally purchase immovable property in India other than agricultural land, farmhouses and plantation property, subject to applicable FEMA rules. Commercial property is generally permitted.

Can an NRI buy RERA-approved commercial property on Mohali Airport Road?
Yes, subject to the NRI's eligibility and applicable laws. The specific project should be independently verified on the Punjab RERA portal before investment.

How can I verify whether a commercial property in Mohali is RERA registered?
Search the project and promoter details on the official Punjab RERA database and match the registration number and project information with the documents provided by the developer. Punjab RERA's registered-project records include commercial projects in the SAS Nagar/Mohali district.

What documents should an NRI check before buying commercial property?
At a minimum, I would review the RERA registration, title documents, approvals, sale agreement, payment schedule, project specifications, possession terms and relevant tax and registration documents with qualified professionals.

Can NRIs finance commercial property in India?
Financing eligibility and loan terms depend on the lender, borrower profile, property and applicable regulations. An NRI should discuss financing with an authorised Indian lender before finalising the purchase.

Can an NRI rent out commercial property in Mohali?
Commercial property can generally be leased or rented subject to the property's legal terms, applicable laws, agreement conditions and tax requirements.

Can an NRI sell commercial property in India?
NRIs can generally transfer permitted immovable property subject to FEMA and applicable Indian laws. The process can involve tax, TDS, documentation and banking requirements.

Can an NRI repatriate money after selling property in India?
Repatriation may be permitted subject to FEMA conditions, the source and manner of acquisition, applicable taxes and banking requirements. The exact position should be confirmed with an authorised dealer bank for the individual transaction.

Is RERA registration alone enough to decide whether I should invest?
No. RERA registration is an important verification point, but it does not replace independent checks of title, approvals, location, developer track record, financial assumptions and contractual terms.

Why consider Mohali Airport Road for commercial real estate?
Airport Road connects important parts of Mohali's developing commercial and residential ecosystem, including Aerocity and other major growth zones. However, investment potential should always be evaluated at the individual project and property level rather than assumed from the corridor alone.