VMPL
New Delhi [India], October 7: The Tricity real estate market is entering a more mature phase of growth, with Chandigarh, Mohali and Zirakpur increasingly evolving as an interconnected real estate ecosystem. According to Rohit Singhla, Director, SPS Realty, the region is witnessing a shift from speculative-led activity towards a more quality-conscious market, where connectivity, construction quality, infrastructure and long-term value are becoming key drivers of buyer decisions.
The changing nature of demand is particularly visible in the residential segment. Homebuyers today are more informed and discerning, looking beyond apartment size and ticket price to assess the overall living experience. Connectivity, design, open spaces, amenities, construction quality, developer credibility and the long-term potential of a location are increasingly influencing purchase decisions.
There is also a growing preference for homes that provide greater usable space, privacy and lifestyle amenities that support work, wellness and family living. As a result, the definition of a premium home is expanding beyond specifications and finishes to encompass the quality of the environment in which people live. This shift is reflected in SPS Realty’s approach to Elysium, its residential development, which has been conceived around expansive living spaces, contemporary design, open areas and a comprehensive lifestyle experience. The project reflects the growing demand for homes that combine comfort, quality and long-term relevance.
Indian Real Estate Outlook Remains Positive
Residential real estate is expected to remain a key growth engine, particularly across the premium and mid-premium segments. At the same time, commercial and retail real estate are benefiting from expanding consumption, emerging business ecosystems and the growth of new urban centres. Infrastructure is emerging as another critical factor shaping real estate demand. Roads, airports, transit networks, employment hubs and social infrastructure are increasingly influencing where people choose to live, work and invest. The next phase of growth will require stronger execution, transparent processes and projects that genuinely respond to market requirements rather than simply following short-term trends.
“The Tricity real estate market is at an interesting stage of evolution. Chandigarh, Mohali and Zirakpur are increasingly functioning as an interconnected real estate ecosystem rather than three separate markets,” said Rohit Singhla, Director, SPS Realty. “While Chandigarh continues to command a premium because of its established infrastructure and limited availability of developable land, Mohali and Zirakpur are benefiting from new infrastructure, expanding residential catchments and increasing commercial activity.”
Punjab’s Real Estate Growth Extends Beyond Established Markets
Punjab’s real estate market is being shaped by urbanisation, improving connectivity, economic activity and changing aspirations among homebuyers and investors. The Chandigarh Tricity is playing an important role in this evolution, with Mohali and Zirakpur emerging as significant residential and commercial growth centres around Chandigarh.
As established markets become more expensive and land availability becomes increasingly constrained, development is naturally extending towards well-connected peripheral locations. This is creating opportunities for emerging micro-markets, particularly those supported by strong infrastructure, employment opportunities and social amenities. The movement of demand towards peripheral areas of the Tricity is already becoming increasingly visible. Over the longer term, Punjab has the potential to develop a more diversified real estate ecosystem spanning residential, commercial, retail and mixed-use developments. For developers, this expansion also brings greater responsibility to ensure that projects complement the broader urban fabric and are supported by appropriate planning and infrastructure.
Experience-Led Retail Reshaping Commercial Real Estate
The retail and commercial real estate landscape is undergoing a significant transformation, with consumers increasingly seeking more than conventional shopping destinations. Convenience, accessibility, brand choice, parking and an overall experience are becoming important considerations, while retailers are placing greater emphasis on visibility, catchment and connectivity.
Zirakpur is particularly well positioned to benefit from this trend as its expanding residential base creates new consumer catchments. VIP Road has emerged as an important commercial corridor, supported by its connectivity to the wider Tricity and proximity to growing residential communities. SPS Realty’s Helios, located on VIP Road, Zirakpur, has been developed against this evolving commercial backdrop. The project comprises 177 premium showrooms and more than 200 parking spaces, with a focus on creating an organised commercial ecosystem for both businesses and consumers. Our larger vision with Helios is to create a commercial ecosystem where businesses have visibility and accessibility, while consumers have a more organised and convenient retail experience. As the Tricity’s consumption base expands, developments that combine location, planning and experience will become increasingly relevant to both businesses and consumers. With Chandigarh, Mohali and Zirakpur continuing to grow as a connected urban region, the next phase of the Tricity’s real estate story is likely to be defined by stronger infrastructure, evolving consumer preferences and a greater emphasis on quality, credibility and long-term value.
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SPS Realty Director Rohit Singhla Sees Quality-Led Growth Defining Tricity Real Estate
