From cities to corridors: Emerging towns like Chandigarh and Mohali magnetise homebuyers

The landscape of the Indian real estate market is experiencing a shift as homebuyers increasingly redirect their attention from traditional metropolitan areas to emerging cities strategically positioned along industrial corridors. Industry observers highlight the growing allure of emerging places such as Chandigarh, Panchkula, Mohali, Panipat, Sonipat, and Meerut amongst potential homebuyers. This heightened interest is attributed to the concurrent trends of economic expansion and development unfolding in these locations.

Simultaneously, there is a growing trend towards plotted developments and independent floors, reflecting a shift in buyer preferences. Developers are capitalising on the advantages of faster execution, prompt delivery, and efficient inventory liquidation associated with independent floors. These units typically boast a faster possession time, completed within 18-36 months, compared to high-rise societies that may take over four years for delivery. This expedited timeline proves beneficial for both builders and homebuyers, facilitating quicker monetisation of independent floors. The rising interest in independent floors reflects the evolving preferences of modern homebuyers, driven by a desire for privacy, personalisation, and a profound sense of ownership.

Independent floor surge in emerging cities

DLF, a major real estate developer in India, entered Panchkula in 2010 with The Valley, a 175-acre residential project along the Zirakpur – Panchkula – Kalka Highway. The project, currently housing around 1,400 families, has witnessed a notable appreciation in property value, increasing from the initial Rs 2,000 to an impressive Rs 8,000 per square foot. Building on this success, DLF introduced The Valley Gardens in August 2022, unveiling 424 luxury independent floors within a 34-acre expanse, which quickly appreciated to Rs 9,000 per square foot.

According to a report by Anarock Property Consultants, the year 2021 saw approximately 4,500 independent floors launched, with this number surging to over 20,000 primarily in Delhi NCR in 2022. With housing demand experiencing a resurgence in the current year, the trend is expected to continue, particularly in emerging towns.

Commenting on this trend, Shashank Vashishtha, Executive Director of eXp Realty India, highlighted the evolving real estate market's focus on homebuyers' desire for customisation.

"In today's real estate market, homebuyers highly value the freedom to customise their living spaces, expressing individuality and forming a deep emotional connection with their homes," he said.

"The tranquility of unique cities amidst breathtaking landscapes enhances these locations, making independent floors an exceptional investment. They offer a sense of ownership with a quicker turnaround time and additional facilities, catering to the convenience of homebuyers," Vashishtha added.

As emerging towns outside the Delhi NCR region continue to provide an affordable and distinct living experience, coupled with the advantages of independent living, the trend of independent floors is expected to gain momentum in the coming years, say experts. These places are becoming focal points in the Indian real estate market, as homebuyers increasingly seek a blend of modern conveniences and individuality.