Housing demand is no longer limited to big real estate markets like Delhi-NCR. Demand for homes with larger configurations, gated communities and premium lifestyle amenities is also increasing in Chandigarh Tricity. Along with Chandigarh, Mohali, Zirakpur and Panchkula, residential and commercial activities are also increasing in areas like Derabassi, Kharar, New Chandigarh and Kurali. A new city is taking shape here and the map of the area is about to change.
The real estate market of Chandigarh Tricity is now moving out of the old cities and towards new micro-markets. Mohali-Aerocity-Airport Road, Zirakpur, New Chandigarh, Derabassi, Kharar and Kurali are prime examples of this change.
Better road and airport connectivity is making access to these areas easier. Now their long-term success will depend on how fast employment, schools, hospitals, markets and other urban facilities develop along with connectivity.
The biggest reason behind this change is believed to be better connectivity and rapidly developing urban infrastructure. In the report of CII-Knight Frank, Chandigarh Tricity has been included among the 11 emerging cities of the country. According to the report, between 2021 and 2026, housing prices in these emerging markets increased by 63%, while in 8 major cities of the country this increase was 42%.
Better connectivity increased the scope of property
Work on many big road projects is going on in the tricity. These include 31.23 km Zirakpur-Kurali 6-lane Greenfield Highway, 10.30 km Chandigarh Airport-Aerocity Greenfield Highway and 19.20 km Zirakpur Bypass.
The total cost of these projects is said to be around Rs 5,278 crore.
These roads will not only help in reducing traffic, but will also make access to the outskirts of the tricity easier. As time to reach an area decreases, interest in buying a house and starting a business there may increase.
2.Airport Road and Aerocity become new property hubs
Mohali’s Airport Road is a big example of this. Along with residential projects, office, hotel, retail and other commercial activities have also increased in Airport Road, IT City, Aerocity and surrounding sectors.
According to Umang Jindal, CEO of Homeland Group, today a customer buying a home does not just look at how far the project is from the city. He also sees how much time it will take to reach the airport, office, school, hospital and market.
This means that now connectivity itself is becoming an important part of property value.
Big houses, gated societies and premium lifestyle
The demand for luxury housing in Tricity is not increasing just because of location. Buyers are also now preferring larger configurations, gated communities, club houses, better security and modern lifestyle amenities.
Its benefit is benefiting those micro-markets where there is scope for developing large plots, new townships and modern residential projects.
For this reason, expansion of other urban facilities along with residential development has become important in areas like New Chandigarh, Mohali and Airport Road.
Search increasing outside expensive main areas
Zirakpur has long been a major residential market between Chandigarh and Panchkula. But due to rising prices and traffic problems, buyers are now looking at the surrounding areas as well.
Real estate activities are increasing around Kurali, Laldu, Derabassi and Kurali-Morinda Road. In some cases, the interest of buyers may increase due to the lower prices of land and houses here compared to main cities.
That means the real estate market of Tricity is no longer limited to just Chandigarh, Mohali, Panchkula and Zirakpur. It is gradually turning into a major regional real estate corridor.
New Chandigarh also booming
Hospitals, schools and other facilities are being developed along with residential projects in New Chandigarh i.e. Mullanpur. Whereas in Mohali, construction activities have increased around IT City, Airport Road, Aerocity and new sectors.
According to Tejpreet Singh Gill, Managing Director of Gilco Group, mere construction of a road cannot sustain the demand for real estate in a new area for long. For this, development of employment, schools, hospitals, public transport and everyday facilities is also necessary.
Commercial property also benefits
Only residential properties cannot benefit from better connectivity. There are increasing possibilities for showrooms, shops, offices, hotels and mixed use projects around Airport Road and major highways.
However, just looking at the proposed highways or future projects is not enough before buying property in a new area. It is also important to look at the existing road network, public transport, water-sewerage, schools, hospitals, employment centers and the existing development in the surrounding areas.
Also read: 14 year record broken in Mumbai, 5,000+ houses sold on Ganpati festival itself, sales in September crossed 12 thousand
Source: ndtv.in
