Emerging cities in India are rapidly becoming the driving force behind the country’s real estate boom, offering a rare mix of affordability, luxury, and high returns away from the crowded metropolises. According to a PropEquity report, residential property launch prices across India’s top 10 Tier II cities – including Goa, Chandigarh, Mohali, Lucknow, and Jaipur — have witnessed a rise up to 94% in new launch projects in the last five fiscal years ending 2023-24 due to growing consumer confidence, a buoyant job market and robust infrastructure development.
Among these realty hotspots, the Tricity region — comprising Chandigarh, Mohali, and Panchkula — has emerged as a thriving realty hub for homebuyers and investors alike, especially in the post-pandemic era.
The shift to remote and hybrid work models has spurred demand for larger homes, making Tricity a favoured destination for NRIs and professionals seeking a high quality of life without the chaos of major metros. The Tricity region, with its blend of serene environments and modern infrastructure, has successfully positioned itself as a key player in India’s evolving real estate landscape.
The Tricity region’s real estate market is witnessing a surge in interest from both domestic buyers and NRIs. A report by PropEquity revealed that some Tier-II cities have experienced price hikes of up to 65% in new launch projects over the past year. Adding to this trend, a single luxury independent floor unit in DLF The Valley Gardens in Panchkula was recently sold for over ₹4 crore, reflecting the growing appetite for high-end properties in the region.
Commenting on the rise of real estate in emerging cities, Shashank Vashishtha, Managing Director of Exp Realty India, said, “Offbeat cities, particularly in the Tricity region, have evolved beyond being affordable alternatives to metros. They are now emerging as sought-after destinations for modern, aspirational living. The combination of amenities, quality of life, and strong investment potential draws buyers and investors alike. The impressive property price appreciation and robust demand underscore the growing confidence in Tricity’s real estate market.”
In Panchkula, buyers are drawn to the city’s lush green spaces and excellent connectivity, making it a perfect blend of nature and urban convenience. Developers like DLF have been instrumental in transforming the city’s real estate profile. As per sources, DLF’s luxury offering, The Valley Gardens, has witnessed remarkable success, with nearly 97% of its inventory sold and a significant price appreciation of over 26%. This aligns with the broader trend across India’s Tier-II cities, where retail and residential real estate sectors are witnessing unprecedented growth.
Panchkula, part of the Tricity region alongside Chandigarh and Mohali, has seen its real estate market evolve significantly, with property prices now rivalling those in the National Capital Region (NCR).
Another prominent developer that has launched its projects in Panchkula is Trident. Trident Realty’s Trident Hills, a 200-acre integrated township at the foothills of the Shivaliks in Panchkula, includes a mix of residential and commercial offerings such as low-rise independent floors, group housing, and plots.
S.K Narvar, Group Chairman, Trident Realty, said, “The luxury residential market in Panchkula is experiencing remarkable growth, driven by the evolving preferences of homebuyers seeking spacious and well-designed living spaces. This surge in interest 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.”
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. These developments are supported by the region’s stellar physical and social infrastructure, which sets a new standard for urban living in Tier-II cities.
Highlighting the evolving homebuyer preferences, Madhur Gupta, CEO of Hero Realty, said, “The concept of home has evolved significantly, transforming into multifunctional spaces that seamlessly integrate work, family, and personal well-being. This shift has led to a growing demand for spacious, thoughtfully designed residences in the Tricity region. Among these, Mohali stands out as a premier destination with its strategic location near Chandigarh.”
Located in the premium Sector 88 of Mohali, Hero Homes spans 18.5 acres and features 16 towers with 927 residential units, offering configurations like 2BHK, 3BHK, and penthouses, ranging from 1,095 sq. ft. to 4,670 sq. ft.
According to industry reports, Tier-II cities outperform metro areas in terms of return on investment (ROI) and livability. Their real estate markets are primed for further growth. Strategic infrastructure development, rising demand for luxury housing, and changing buyer preferences are turning cities like Chandigarh, Mohali, and Panchkula into benchmarks for success in India’s Tier-II real estate sector.
