The Tricity area, encompassing Chandigarh, Mohali, and Panchkula, has now evolved into a promising residential market, capturing the interest of both prospective homeowners and investors. The Tricity’s journey of economic diversification, coupled with supportive government policies, has further accelerated its growth trajectory, says Aakash Ohri, Joint Managing Director & Chief Business Officer – DLF Home Developers Ltd.
In an exclusive interview with Sanjeev Sinha, Mr Ohri talks about the current status and the future growth prospects of the Tricity region in general and the Panchkula market in particular. Excerpts:
How has the Tricity region (Chandigarh, Mohali, Panchkula) positioned itself as a prominent destination for residential real estate, and what unique factors have contributed to its emergence as a hotspot in this sector?
The Tricity area, encompassing Chandigarh, Mohali, and Panchkula, has now evolved into a promising residential market, capturing the interest of both prospective homeowners and investors. The urban infrastructure of Tricity is meticulously planned, setting a benchmark for well-designed cities, with Chandigarh being a prime example. The region’s strategic geographic location also plays a pivotal role in its prominence. Nestled in the heart of North India, the Tricity benefits from its proximity to major educational and industrial hubs. This not only enhances convenience but also cultivates an environment of opportunity and growth, drawing in professionals and families seeking a balanced lifestyle. Moreover, Mohali’s transformation into a technology and educational hub with esteemed institutions and IT parks has significantly contributed to Tricity’s ascent. The influx of a skilled workforce fuels demand for premium residential spaces, establishing the region as a hub for both work and leisure.
One of the most distinctive facets of Tricity’s allure is its commitment to green spaces and a serene environment. Panchkula, in particular, has emerged as a haven for those who prioritize a holistic living experience. The breathtaking views of the Shivaliks, lush riverbanks, and the tranquility offered by the Morni Hills envelop the region in an unparalleled ambiance of serenity, setting it apart as a unique haven for peaceful living. The Tricity’s journey of economic diversification, coupled with supportive government policies, has further accelerated its growth trajectory. This nurturing ecosystem encourages real estate development, leading to a dynamic landscape of housing options that cater to diverse preferences.
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In recent years, we’ve seen significant growth in residential developments across the Tricity area. What key market trends and demand drivers have fueled this transformation, making it an attractive choice for homebuyers and investors?
Tricity’s remarkable growth in residential developments can be attributed to a fusion of factors, including its strategic location, the rise of technology and education sectors, the increasing emphasis on wellness and sustainable living, and a diversified housing market. As these trends and drivers converge, Tricity has solidified its reputation as an attractive destination for home buyers and investors seeking a harmonious blend of convenience, vibrancy, and tranquility in their living spaces.
The rapid pace of infrastructure development has also been a significant driver behind the flourishing residential developments in the Tricity area, particularly in Panchkula. Strategic projects like the Panchkula Extension and the Pinjore-Kalka Urban Complex further amplify this momentum. These initiatives accommodate the growing demand for housing and exemplify the region’s proactive approach to harnessing urban expansion for the benefit of its residents and stakeholders. Furthermore, the increased focus of the buyers on living away from the hustle and bustle of the city yet being connected with the city center has led to the rising demand for housing in locations like Panchkula.
Talking of demand, connectivity is a pivotal factor, with the region enjoying excellent transportation links, making daily commutes convenient and efficient. Proximity to key employment hubs and educational institutions has also significantly attracted families and young professionals.
Even investors view the Tricity area as a promising real estate market with substantial growth potential. The appreciation in property values and consistent rental demand have made it an ideal avenue for investment. Additionally, the region’s infrastructural advancements and urban planning strategies indicate a positive trajectory for long-term returns.
DLF entered Panchkula almost a decade back and last year launched another project. Can you give us an overview of the projects and why DLF chose to launch independent floors in an off-beat location like Panchkula?
Over the last two years, we have seen a remarkable demand for our low-rise independent floors in Panchkula. Many families in the Delhi NCR region sought luxurious living away from urban congestion. This trend, combined with the exceptional location of Panchkula, spurred us to introduce luxury independent floors in Panchkula. In August 2022, we launched The Valley Gardens, a collection of luxury homes, in Panchkula. Nestled in the foothills of the Shivaliks, with stunning views of the Morni Hills and the Shivalik range. The Valley Gardens spread over 34 acres is a limited collection of only 640 luxury independent floors. The Valley Gardens adds to the existing 175-acre site of The Valley, a highly sought-after residential development in Panchkula and home to over 1,400 families. This is a first-of-its-kind property in the region offering the perfect blend of luxury and country living, that has become so popular after the pandemic. The spacious independent floors will allow multi-generational families to continue to live together with ample privacy.
As more and more families seek an alternative to live in crowded metros without sacrificing luxury, Panchkula and The Valley Gardens become increasingly attractive. Because nothing can compare to waking up to the sound of birdsong, fresh breezes, and the view of hills. The allure is irresistible. The Valley’s strategic location adds to its appeal. Positioned with excellent access to NH-22, merely 10 minutes away from Chandigarh, and a convenient three-hour drive from Shimla, The Valley Gardens enjoys truly enviable connectivity advantages. Panchkula’s well-connected road network, linking it to Ambala, Shimla, and other major destinations via NH-22 and NH-21, makes it an ideal choice for those seeking both convenience and serene living.
What kind of buyer is investing in Tricity and Panckula? Do you also witness investments from NRI investors in your projects at Panchkula?
In recent years, the buyer landscape in Tricity and Panchkula has significantly transformed as people’s preferences and lifestyles evolve. These locations were traditionally associated with second homes, providing an escape from city life. However, due to post-COVID dynamics and the rise of remote work arrangements, people are now choosing to make these areas their primary residences. Families seeking a more peaceful and fulfilling living experience are drawn to the serene embrace of places like Panchkula. Similarly, discerning home buyers seek exclusive addresses and a resort-like living experience. They value privacy, comfort, and a statement lifestyle that comes with a plethora of amenities and facilities.
Panchkula is also becoming a preferred destination for primary homes for active and retired defence personnel, business owners, and professionals who seek a serene environment away from the city’s hustle and bustle. These buyers desire not only a comfortable living space but also a peaceful and rejuvenating atmosphere. Additionally, there is a trend of individuals investing in second or holiday homes, appreciating the concept of high-value holiday homes that serve as extensions of their current residences. These homes provide the ideal getaway for short breaks, and their strategic locations, easily accessible by road and air, make them even more appealing to this category of buyers.
We have 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 favorable 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.
How do you see the demand for independent floors gaining traction in offbeat locations like Panchkula? What are the reasons for its gaining popularity beyond Delhi NCR?
The demand for independent floors beyond metro cities like Panchkula is indeed gaining remarkable traction. Prospective buyers from diverse regions such as Chandigarh, Punjab, Delhi NCR, and even Himachal Pradesh have shown keen interest in making Panchkula their home, captivated by its unique charm. In fact, the values of properties in the region have witnessed a significant surge, nearly doubling in a short span. This surge can be attributed to the growing inclination of people towards locations like Panchkula that offer a respite from the urban hustle and bustle.
Investing in independent floors offers a range of advantages that make it an enticing choice for homebuyers. Not only does it come with a lower initial investment when compared to ready-to-move-in properties or independent villas/grounds, but it also guarantees quicker deliveries compared to condominiums.
This product category is particularly suited for those who prioritize their privacy and individuality over communal living, making it perfect for individuals who wish to avoid undue community influence. Furthermore, independent floors allow the unique opportunity for extended families to live close to each other while still maintaining their personal spaces, ensuring that multiple generations can reside independently without compromising on their proximity to loved ones.