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Chandigarh Tricity Named Among India’s Next Property Growth Markets
A report says Chandigarh Tricity could become one of India’s important new property markets.
It is one of 11 cities or regions expected to help drive future real estate growth.
Home prices in these markets grew faster than in India’s biggest eight cities between 2021 and 2026.
Chandigarh Tricity already has relatively high housing prices compared with most of the other emerging markets.
Better roads, including Airport Road, may help people and businesses reach more areas.
The region also has jobs and services in fields such as education, healthcare and professional services.
These factors could create demand for homes and offices.
However, roads alone are not enough to create lasting growth.
The region will also need water, sanitation, public transport, housing and other civic services.
A CII-Knight Frank report identified Chandigarh Tricity as one of 11 emerging real estate markets in India.
Residential prices in the 11 markets rose 63% between 2021 and 2026, compared with 42% in India’s top eight cities.
Chandigarh Tricity’s residential prices were estimated at Rs 7,500-Rs 10,500 per sq ft, second-highest among the 11 markets after Goa.
Airport Road, regional roads, professional services, education and healthcare were cited as growth drivers.
The report cautioned that connectivity must be supported by utilities, civic services, employment and economic activity.
- Who
- The CII-Knight Frank report identified Chandigarh Tricity among 11 emerging real estate markets.
- What
- The report assessed Chandigarh Tricity as a potential leader in India’s next phase of property growth.
- Where
- The development outlook concerns Chandigarh Tricity, including Chandigarh and its surrounding urban areas.
- When
- The report cited price growth between 2021 and 2026 and a property transaction on May 13.
- Why
- Connectivity, an established services economy, economic activity and urban infrastructure were identified as the main growth factors.
Growth Opportunity
Infrastructure Caveats
Connectivity and property demand
Growth Opportunity
Airport Road and the regional road network could expand the Tricity’s reach and support premium, mid-premium and commercial development.
Infrastructure Caveats
Better roads alone may not create a sustainable market unless surrounding areas have reliable utilities, civic services and enough economic activity.
Urban expansion
Growth Opportunity
Peripheral areas could become extensions of established urban centres as mobility and economic activity improve.
Infrastructure Caveats
Expansion could be limited if water supply, sanitation, drainage, waste management, public transport, housing and efficient approvals do not keep pace.
Premium property market
Growth Opportunity
The sale of a Sector 9 house for about Rs 100 crore demonstrates strong demand for scarce property in established Chandigarh sectors.
Infrastructure Caveats
A high-value individual transaction does not by itself demonstrate broad-based, sustained real estate growth across the entire Tricity.
Key facts
- Emerging markets identified
- 11 markets, including Chandigarh Tricity
- Residential price growth
- 63% across the 11 markets between 2021 and 2026
- Top-eight-city comparison
- Residential prices rose 42% across India’s top eight cities over the same period
- Chandigarh Tricity price range
- Rs 7,500-Rs 10,500 per sq ft
- Long-term price CAGR
- The 11 emerging markets averaged 8% between 2016 and 2026, compared with 4% in the top eight cities
- Notable property sale
- A 4.1-kanal Sector 9 house sold for about Rs 100 crore on May 13
- National infrastructure pipeline
- 852 public-private partnership projects worth Rs 17 lakh crore
Sources
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