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,
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