The housing market in Panchkula is experiencing a rapid increase in prices of properties because there has been an increased influx of buyers and investors who want to invest in areas other than the metros. According to industry experts, properties that were developed in the early years of 2010s for a price of ₹2,000 per square feet are now quoting at ₹9,000 per sq feet.
According to developers and market experts, factors contributing to growth have been infrastructure development, a limited availability of land, increased demand for luxurious properties, and the location of the area near Chandigarh. The Tricity region consisting of Panchkula, Mohali, and Chandigarh is one of North India’s fastest growing residential belts, where organized developers are increasingly making their presence felt.
The real estate companies like DLF, Hero Realty, Trident Realty, and Eldeco Group have demonstrated increased interest in the Tricity region, especially in high-end plots, luxurious floorings, and gated residential societies. According to the market analysts, Panchkula holds a significant advantage due to better infrastructure planning, low level of congestion, and green environment as compared to other big cities in the NCR.
Industry estimates suggest that capital growth in the Tier-II cities of India has been seen to be more promising than certain metro cities because of the relatively lower entry price, increasing connectivity, and greater interest among investors. In Panchkula, for instance, the demand has been mainly centered around luxury areas and integrated townships due to the greater desire for spacious homes and communities.
The realtors have pointed out that the trend towards larger houses and the hybrid working style that began during the times of the pandemic is still driving the market of the Tricity region. The location of the city with respect to Chandigarh, Mohali, Zirakpur, and even the international airport at Chandigarh adds to its attraction for professionals, NRIs, and well-off families. Market analysts observed that the requirement for high-end and luxurious housing has increased substantially over the past few years, reducing the difference between other NCR cities. Areas surrounding Chandigarh as well as those lying near highways have seen substantial fluctuations in prices due to scarcity and an increase in demand from both end-users and investors.
The stakeholders in the industry felt that Panchkula could sustain its growth momentum as well-organised players made their presence felt while development of infrastructure enhanced connectivity in the region. The city, according to them, was making gradual progress from being a peripheral residential town to a real estate destination within the Tricity area.
