Integrated Townships Demand to Soar in Zirakpur

Zirakpur over the past few years has shown tremendous growth and development in terms of infrastructure and real estate projects established. Major reasons for this growth have been its proximity to Chandigarh, increase in demand for a better lifestyle, competitive price points, variety in the size of living units available.

As per the 2009 Master plan for Zirakpur, only 23.4% area was kept for residential colonies, but in the revised master plan presented in the year 2016, it was increased to 1449.43 ha or 33.25%. This was a direct outcome of the growing population and the soaring residential real estate demand.

According to the 2011 Census, the migrant population has risen by 22.3% in the last decade and will continue to exhibit an upward trend in the coming years. The researchers at IIT Ropar have also conducted a study on the rapid urbanisation observed in the coming up of infrastructure and build-up areas located in the Tricity region.

The build-up areas in SAS Nagar, Kharar, Mullanpur, Panchkula, Mohali, and Zirakpur have witnessed 79% increase in the last 25 years. It is expected by 2030, that the Tricity will witness a rise of more than 30% in urbanisation.

The interplay of above-discussed factors with the present conditions of pandemic influencing every slightest choice made by the end-users on a daily basis has led to a spike in enquiries and demand for integrated township projects.

Adding on to the trend, a recent report on Reverse Migration released by ANAROCK, property consultant based in Mumbai, points out Chandigarh amongst the top 7 cities to be the major beneficiary. NRIs and people coming in from metropolitan cities will be seeking a much more dynamic social life within their societies. They are also more inclined towards well-planned technologically advanced homes.

This rings in positivity for developers planning integrated townships in this region. Developers will have to live up to the standards of amenities and architecture expected by this particular class of buyers, who desire to own a luxurious and comfortable home close to all possible social structures.

A crucial thing to note, in the construction of such modern townships is that ideal ratio between commercial to residential establishments should be 10%. This when simplified means for every 6000 homes, 600 commercial stores must be available for people to shop & explore multiple avenues of entertainment and recreation.

The sentiment amongst buyers to make a property purchase is renewed and strengthened due to the homes being the only safety net against this pandemic. In such a scenario, under-construction projects with extended timelines won’t seal the deal as easily as the ones with shorter delivery timelines.

Independent plots in integrated townships are henceforth lucrative options for investment, as they offer the much-needed private space, flexibility to customize area around, with round the clock maintenance and security.

Developers are likely to go beyond the usual and bring in concept-based societies, with wide roads, greener areas, jogging pathways, commercial hubs located within the premises. Seamless connectivity with important highways and landmarks of the city would be another value addition to these township projects in terms of a strategic location. These meticulously designed projects will be redefining the stature of real estate available in the Tricity region.