Over the years Tricity’s real estate market has carved a niche for itself. Not only has it made a name but people from various parts of North India have been active in this property market both for living and investment purposes. Talking specifically of the post-COVID recovery in real estate, Tricity has witnessed a significant comeback. Unsold inventory is down, new projects have been announced and under-construction properties are eliciting interest from buyers. This is set to grow further.
One of the most remarkable aspects of the post-pandemic real estate market has been the growth of the luxury segment. This momentum is only going to continue forward in 2023. The affordable segment as usual is going to perform well,despite repo rate hike . As far as the overall residential outlook is concerned, unsold inventory is under control, ready-to-move-in properties are increasingly getting scarce and the share of under-construction properties is going up further.
Now inventory is at a manageable level, and even though ready-to-move-in properties are the most sought after, but they are increasingly getting scarce. In view of this, the spotlight has shifted towards under-construction properties. The Tricity is also being specifically sought after for its proximity to hills.
The emergence of hub and spoke model has been gaining traction, positively impacting real estate in tier 2 and tier 3 cities. Both residential and commercial real estate in Tricity has by and large benefitted from these developments.
Chandigarh has always been a sought-after residential city. This is why the areas surrounding it had emerged as preferred dwelling destinations. Proximity to the Himalayas has also contributed towards its popularity. The emergence of an industrial hub has further boosted its prospects. Now with the government’s major thrust on infrastructural development among other initiatives,has led to the increase in demand for residential and commercial spaces, in turn further aiding realty growth.
Going forward, with the improving economy, future prospects of real estate are bright, especially as Tricity has certain intrinsic advantages that make the region a hotbed, both for residential and commercial real estate.