Panchkula: An emerging real estate destination

March 23, 2020 6:18 PM

With a healthy environment, availability of social as well as core infrastructure and a burgeoning business ecosystem, Panchkula has all the necessary components to give a fillip to the development of real estate projects.

real estate, real estate in india, Panchkula, Tricity, Chandigarh, Mohali, emerging real estate destinationPanchkula, a part of Tricity also comprising Chandigarh and Mohali, has become a cynosure owing to its natural beauty and promising business ecosystem.

A serenely beautiful place away from the bedlam of daily life is what the people want to have for their dwellings. As pollution is increasing by the day in metros, the places unaffected by such factors have become the most sought-after destinations for living. Panchkula, a part of Tricity also comprising Chandigarh and Mohali, has become a cynosure owing to its natural beauty and promising business ecosystem. Situated in the hills of the Shivalik range, the city has gone through a rapid change, industrial as well as commercial, without affecting its natural surroundings. The transformation includes all the modern amenities of life, besides infrastructure development. All these factors create a conducive environment for investment in residential as well as commercial properties in the city.

Smooth accessibility is a prerequisite for the development of real estate projects. Besides the locational advantage, Panchkula is well-connected with highways ensuring ease in connectivity to residents with other cities. Positioned at a distance of 10 minutes from Chandigarh and 3 hours from Shimla, the city is linked to Ambala-Shimla NH- 22 and NH-21, apart from direct access to NH 73.

Residential and commercial, both kinds of projects, are necessary to augment business activities in a city. Panchkula has emerged as a preferred destination for business houses and IT firms are prominent among them. Many companies have commenced their business operations in the city, creating huge employment opportunities. Spread over an area of 79 acres, the Panchkula IT Park has 28 plots for IT majors. This area has land for commercial establishments, institutions, and shops too.

The proximity to Chandigarh has proved a major growth stimulator for Panchkula. Whenever companies running business operations in Chandigarh looking for expansion, they find Panchkula a better alternative. Many existing brands and retail chains in the region have marked their presence in Panchkula, providing it luxuries at par with metro cities. The growth of retail markets, shopping malls and multiplexes has pushed the demand for commercial spaces. These factors have made the city the hotspot for investment in properties. As the commercial operations are increasing, so are the employment opportunities. The increasing demand for residences amongst the new age working population has encouraged the development of projects in the city. Even the young tech employees working in Chandigarh IT Park find abode in Panchkula. These factors are making the city a flourishing real estate market, gaining pace by the day. The residential and commercial properties developed along the Chandigarh-Panchkula highway are representing the opportunities of this thriving realty destination.

Rapid urbanization has changed people’s choices; they are inclined towards a modern lifestyle. This is a major trend affecting the life of the city. A luxurious residence has become a desire for everyone. The realty sector is expected to develop townships equipped with ultra-modern features to enhance the convenience of residents. At the same time, many policy reforms introduced by the government have provided the much-needed impetus to the sector, encouraging developers to come up with world-class projects.

With a healthy environment, availability of social as well as core infrastructure and a burgeoning business ecosystem, Panchkula has all the necessary components to give a fillip to the development of real estate projects. Growth of nearby areas and connectivity with neighboring states are other features of the city, exhibiting immense possibilities. In short, Panchkula is a promising place for the development of residential and commercial properties.

(By Deepak Makhija, Sales Head, DLF, Chandigarh Zone)

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