Tricity region emerges as a new real estate investment hotspot for NRIs, professionals

Fuelled by high demand and limited land availability, the Tricity region — Chandigarh, Mohali, and Panchkula—is witnessing a substantial real estate boom, driving significant property price increases and establishing it as a prime realty hub for buyers and investors.

Real estate experts said that better connectivity, robust infrastructure, good air quality and proximity to hill stations like Kasauli and Shimla, are helping cities like Chandigarh, Panchkula and Mohali lead the shift toward premium living in Tier-II cities. They said that housing prices, especially luxury homes, had witnessed a significant increase in the range of 15-20 percent in the Tricity region in the last 2-3 years which has transformed these Tier-II cities into investment hotspots for NRIs and professionals.

Also Read: Explained: Hill stations redefine second-home market amid boom for residential properties

Market data showed that by the end of 2024, the average prices in Mohali and Panchkula ranged anywhere between Rs 6,000 – Rs 10,600 per square foot. This shift has propelled these cities to the forefront of real estate development.

According to market observers, Panchkula, Mohali and Chandigarh are drawing HNIs, professionals and investors as they look for better air quality and open spaces.  To tap the growing real estate demand, several major and branded developers have come up with different types of projects ranging from luxury group housing and townships to plotted developments. One of defining features of the Tricity region is its commitment to green spaces and a tranquil environment. Panchkula, in particular, has emerged as a sanctuary for those seeking a holistic lifestyle. The stunning views of the Shivaliks, lush riverbanks, and the serene Morni Hills create a peaceful ambiance.

Some of the projects include DLF’s The Valley Gardens, DLF The Valley Orchard, Trident Realty’s Trident Hills, Eldeco Aranya, Hero Homes Mohali among others.

Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Homes, said that families seeking a more peaceful and fulfilling lifestyle are drawn to the serene embrace of places like Panchkula. Additionally, homebuyers are looking for exclusive addresses and a resort-like living experience as they value privacy, comfort, and a luxurious lifestyle with many amenities and facilities.

“We have also observed significant interest and investment from NRIs in the region’s real estate market. Many NRIs view the current weakening of the Indian rupee as a favourable opportunity to invest in the market. These investors typically seek high returns through property investments and prefer off-city destinations and larger, superior homes in more peaceful settings by trusted developers.” Ohri told Moneycontrol.

Ohri added that over the past three years, there has been a surge in demand for DLF’s low-rise independent floors in Panchkula.

DLF’s The Valley Gardens has seen a hike of around 27 percent price  since its launch in 2022. The project was initially offered at Rs 8,329 per square foot but has now increased to Rs 10,556 per sqft. Similarly, DLF’s The Valley Orchard, has also seen appreciation of 5.5 percent within a few months of its launch in December 2023.

Hero Realty is also set to launch Phase III of its Hero Homes project in Mohali providing another opportunity for buyers to experience urban living in one of Tricity’s most sought-after locations.

Also Read: Scapes Hospitality launches luxury villa project in Kasauli, eyes Rs 350-crore revenue

S K Narvar, Group Chairman, Trident Realty, said that the surge in demand reflects not only the region’s strategic location and excellent connectivity but also its commitment to providing a lifestyle that combines modern amenities with serene surroundings.

“The luxury residential market in the Panchkula region is experiencing remarkable growth, driven by the evolving preferences of homebuyers seeking spacious and well-designed living spaces. Mohali, another crucial part of Tricity, has established itself as a hub for NRIs and IT professionals. The rapid development of Aerocity, IT City, and the upcoming metro connectivity has further elevated it as a prime real estate destination,” he said.