With real estate prices skyrocketing in cities like Chandigarh, towns like Mohali and Panchkula have witnessed a real-estate frenzy in the last few years. The Tricity is already among the most sought-after real estate destinations in Haryana and Punjab and the rapid infrastructure development has pushed the prices further upwards. As Chandigarh reaches its saturation point, homebuyers are focusing on Panchkula—drawn by its lush greenery, lower population density, and premium lifestyle. This shift has propelled Panchkula’s real estate market to new heights, with property prices nearly doubling post-COVID-19.
While new high-rise projects are emerging in the extension areas, the city’s residential market remains largely dominated by the secondary market. As per ANAROCK, a real estate consulting and research firm, the average prices in Mohali as of 2024-end range anywhere between INR 5,800 – 8,000 per sq. ft. while back in 2019 it ranged between INR 4,800-7,000 per sq. ft. As for Panchkula, average prices as of 2024-end stood anywhere between INR 6,200 to INR 8,500 per sq. ft. while back in 2019 it was between INR 5,000 to INR 7,500 per sq. ft.
Santhosh Kumar, Vice Chairman – ANAROCK Group, shared that the strategic locations of both Mohali and Panchkula have emerged as favourable real estate destinations in close vicinity of Chandigarh. “What aids the real estate market in these smaller cities is their relatively affordable price tags and the superior infrastructure facilities. Mohali is also considered the industrial hub of Punjab, making it an important town in the state boasting several industries including textile, pharma and automobiles. Both cities also offer a range of residential options in the affordable to premium categories,” said Kumar.
Panchkula holds tremendous potential to become a major growth hub in the region, feels Mukul Bansal, Managing Director, Motiaz Group. “With its well-planned infrastructure, green surroundings, and proximity to Chandigarh, it is already an attractive destination for homebuyers and businesses. Zirakpur and Mohali have already established themselves as key real estate hubs and Panchkula is next in the line,” said Bansal.
Real estate players are of the view that with the improved connectivity, the city is poised for the next leap. “With the PR-7 road and improved connectivity, Panchkula is poised to become the next hub. Going forward, enhanced connectivity through expressways and improved public transport systems, including a metro extension, can further elevate Panchkula’s appeal. The demand for well-planned, high-quality residences in such destinations is expected to grow further, driven by factors such as the increasing preference for homes beyond metro cities and the widespread adoption of hybrid work models,” said Aakash Ohri, Jt Managing Director & Chief Business Officer, DLF.
Panchkula and Mohali are drawing HNIs and investors looking for better air quality, and open spaces, said experts. With price points in Panchkula and Mohali now competing with select Delhi NCR markets, Tricity is becoming a strong alternative for homebuyers seeking luxury with a lower cost of living. The region’s better air quality, enhanced infrastructure, and accessibility to business hubs make it a compelling choice for professionals, NRIs, and retirees alike, they feel.
Prateek Mittal, Executive Director, Sushma Group, shared that the rapid urban expansion of the Tricity—comprising Chandigarh, Panchkula, and Mohali—has made it imperative to develop well-planned satellite towns that can cater to the growing demand for residential and commercial spaces. “Zirakpur and Panchkula, with their strategic locations, robust civic infrastructure, and seamless connectivity, have immense potential to emerge as key urban hubs,” he said.
Mohali has also 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.
Madhur Gupta, CEO of Hero Realty, highlighted the evolving homebuyer preferences, stating, “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.”
However, while the NRI factor contributes to the growth, the key challenge for the developers is to attract buyers from other states. “Both Mohali and Panchkula attract buyers mainly from the state itself or the NRIs who have moved from in and around these cities/state. As such, there are hardly any buyers from outside the state which becomes a challenge for significant future development. That said, if we consider trends in both markets, Panchkula is mostly preferred as a second home option with villas in higher demand by the buyers. As for Mohali, the city offers both options – apartments and villas for the discerning buyers,” said ANAROCK’s Santhosh Kumar.
While Tricity’s emergence as a luxury real estate hotspot is undeniable, industry experts caution that long-term affordability and infrastructure development will be crucial in sustaining this momentum. With India’s real estate sector expected to contribute 13% to GDP by 2025 and 18% by 2047, cities like Panchkula and Mohali are leading the shift toward premium living in Tier-II cities. However, as prices rise and demand surges, the focus must remain on balancing growth with sustainable urban planning, ensuring that the Tricity region remains an attractive, liveable, and investment-worthy destination.
