Housing.com to scale up business in Chandigarh Tri-City area

A networking event was organised for leading real estate developers of tri-city, which aims to grow business at CAGR of around 52% in the next 2-3 years from tier – II markets. The proptech pioneer is keen to strengthen its presence in Tier-2 cities while offering innovative data and tech-backed solutions

Housing.com, India’s leading digital real estate platform, on March 10, 2023, organised a meet-and-greet event for real estate developers and property advisors in Chandigarh. Terming it a great success, the company said the aim of the event was to bring together the most influential real estate developers and property advisors from the region.

“The event provided these real estate sector stakeholders a platform to connect, and exchange information and ideas about the latest trends, technologies and industry best practices,” the company said in a statement, adding that the attendees had the opportunity to network with potential partners, clients and peers. Some of the major developers that participated in this event included Green Lotus, Sushma group and SBP Group.

Boasting infrastructure that is comparable with the world’s best cities, Chandigarh offers high-living standards and clean surroundings. It is one of the most sought-after real-estate destinations despite being one of the most expensive property clusters in India.

Data available with Housing.com show that there has been a remarkable increase in online property search volumes in Chandigarh. The search activity in Chandigarh is even higher than the national average, as well as in the cities of Ludhiana and Amritsar, based on Housing.com’s IRIS Index. This index is considered a reliable predictor of future property demand across 42 major cities in India. The peak index for the Chandigarh Tri-city region was observed in January 2022, indicating strong potential for property demand in the region.

The company’s latest networking event in the Punjab and Haryana state capital is part of its overall business growth strategy under which the Gurgaon-headquartered Housing.com is expanding its presence in India’s Tier-II markets.  Besides scaling up its business in these markets, the REA India-owned company expects business in these markets to grow at a compound annual growth rate of over 52% annually over the next three years.

Amit Masaldan, National Business Head, Housing.com, said, “The city of Chandigarh, known as the Tri-City, has long been a desirable real estate destination for the affluent. However, there is now an increasing demand for industrial and warehousing space in the fringe areas of Baddi, Lalru, Derabassi and Ambala Rajpura belt, which is contributing to the city's growth. Additionally, the pandemic has led to a renewed interest in Tier-2 cities like Chandigarh. With its established infrastructure and proximity to major commercial centers, Chandigarh is poised for continued growth in the real estate sector. At Housing.com, we are confident in our ability to be the preferred digital real estate partner for the people of Chandigarh.

“The pandemic has accelerated digital adoption, leading to a significant surge in online demand from the residents of Chandigarh. Since commencing physical operations in 2021, we have observed a remarkable growth of over 100% in the past two years. We expect this trend to continue, and we plan to enhance our sales and marketing efforts in this market," remarked Masaldan.

Data insights for Chandigarh Tri – City Area:

The data with Housing.com suggests that the satellite cities of Mohali and Zirakpur are witnessing the highest volume of search activity in the Tricity area since March 2020. In these areas the majority of homebuyers are looking for Apartments and Villas, followed by Plots.

In Mohali, the localities of Kharar, New Chandigarh, Sector 124, Sector 82 and Sector 115 are witnessing a surge in homebuyer search activity, while in Zirakpur area, Dhakoli, Gazipur, Aerocity Road and Sector 20 are the top localities as per homebuyer search activity.

Homebuyer activity in Zirakpur has witnessed the highest growth in the less than INR 50 lakh price bracket, while Mohali experienced the highest growth in homebuyer search activity for apartments and villas in the INR 50 lakh-1 crore price bracket. 

Discussing the buying trends in the city, Ankita Sood, Head of Research, Housing.com, said, “Chandigarh Tri-city is an emerging real estate node owing to its strategic location, and excellent international and regional connectivity which makes it the Gateway to North India. The region has witnessed robust growth in the service sector, and pharma and warehousing industries over the last decade attracting workforce from across Punjab, Haryana and Himachal Pradesh. The growth of FDIs, SEZs and IT parks has certainly propelled the growth in consumerism too which is evident as the FMCG trade has grown by 60-70 percent in the region. The influx of this population has had a ripple effect on the property markets in the city and its neighbouring areas such as Mohali and Zirakpur, which is evident in the high volume of online property searches in these cities.”