Your vote on this answer has already been received
I came to know about it after Preity Zinta became co-owner of the IPL cricket team of the place. Otherwise I was not much aware of such a place on the map of India, except for some news on data centres and IT service provider having some rare offices.
Then I googled around to find a whole page on wikipedia.
Interesting part on wiki:
The region has been targeted by an increasing number of outsourcing IT companies, who look to capitalize on the rich investment opportunities the city offers.
Mohali comes under the jurisdiction of Punjab State while Punchkula is a part of Haryana.