The next wave of property boom: Chandigarh Tricity among 11 cities expected to lead real estate growth

Chandigarh Tricity, alongside 10 other emerging cities, has been identified in a recent CII-Knight Frank report as one of the cities poised to lead India's next wave of real estate growth. This includes a residential price surge of 63 per cent between 2021 and 2026, compared to 42 per cent in India's top eight cities. The report highlights Chandigarh's residential prices, which range from Rs 7,500 to Rs 10,500 per sq ft, as second only to Goa among the 11 emerging markets.

The report's assessment is based on the city's improving connectivity, an established services economy, and the presence of mobility anchors like Airport Road and regional road networks. The economic anchors identified are professional services, education, and healthcare. The combination of these factors creates potential demand for premium and mid-premium housing and commercial development, according to the report.

The report also emphasizes that connectivity alone does not guarantee a sustainable real estate market, as it needs to be accompanied by urban infrastructure such as water supply, sanitation, drainage, waste management, public transport, and housing. For Chandigarh Tricity, the report suggests that the region's urban infrastructure can keep pace with the economic activity that better connectivity brings.

This interaction between mobility, economic activity, and urban capacity is crucial for the emergence of new real estate centers. The report cautions that infrastructure creation should be backed by economic activity, employment, and the ability of businesses, households, and new commercial activity to utilize that connectivity.