Tier II Cities Becoming Premier Destinations for Luxury Independent Floors

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    The real estate landscape of Tier II cities is undergoing a significant transformation as home-buying preferences shift towards a more luxurious and holistic lifestyle upgrade. Gone are the days when luxury living in these cities was solely about opulent homes; it now represents a comprehensive lifestyle offering that caters to the preferences of discerning modern homebuyers. This evolving trend is reshaping the real estate scenario in Tier II cities.

    In recent times, there has been a notable surge in the demand for luxury independent floors in Tier II cities, making these regions stand out as prime destinations for this particular housing segment. Several factors contribute to this trend, including affordability, the desire for increased living space and privacy, improved infrastructure, and an overall enhanced quality of life. This trend is particularly conspicuous in the Tri-City area of Panchkula-Chandigarh-Mohali.

    Aakash Ohri, Joint Managing Director and Chief Business Officer of DLF Ltd, shared his insights on this emerging trend, stating, “The Tri-City area has witnessed a significant uptick in the demand for independent housing options. While this shift has been evolving gradually, it is important to acknowledge the lasting impact of the pandemic on homebuyers’ preferences. Consequently, we are responding to this growing demand with our forthcoming offering, nestled amid the lush greenery of the Tri-city township. We firmly believe that this demand will continue to rise in the coming years as more homebuyers seek spacious, exclusive, and premium housing options away from congested metropolitan areas.”

    Panchkula, in particular, offers an attractive blend of urban conveniences and serene living spaces. Homebuyers are increasingly drawn to these low-rise, spacious residences that seamlessly combine urban comforts with tranquil living. The demand is fueled by a desire for greater privacy, security, and the modern amenities provided by independent floors. Developers are responding to this trend by creating recreational spaces that support a balanced lifestyle. The real estate sector is introducing diverse independent floor projects, ensuring quality construction, contemporary design, eco-friendly features, and smart home technologies. Panchkula, with its pristine environment and modern amenities, has become a favored destination for the next generation of homebuyers seeking solace away from the city.

    S K Narvar, Group Chairman of Trident Realty, observes, “Amid the growing demand for housing in Tier II cities, a noteworthy trend is the increasing preference for luxury independent floors among homebuyers. The Tri-city region, particularly Panchkula, is experiencing robust demand for independent floors. The inclination towards low-density, spacious, noise-free living environments that offer more privacy and security has driven the demand for luxury independent floors in Panchkula. Luxury living is no longer just about opulence; it’s also about having a larger living space, privacy, and access to modern amenities.”

    Independent floors offer the luxury of residing in low-rise homes, providing a sense of exclusivity highly prized by today’s discerning homebuyers. Narvar adds, “The serene environment of Panchkula (Tri-City), coupled with its proximity to Delhi-NCR and key North Indian areas, makes it an attractive destination for those looking to escape the hustle and bustle without feeling too disconnected. The shift in homebuyers’ preferences towards low-rise, peaceful, and low-density areas is reshaping the realty landscape in Panchkula. Developers have also recognized the desire for low-rise luxury living with contemporary features and amenities in Panchkula and are tailoring their offerings accordingly.”

    Investors are taking note of the investment potential in Tier II cities, where property prices tend to be more stable and have the potential for appreciation. Independent floors present a viable investment opportunity, whether for rental income or long-term capital gains. This trend is expected to persist as these cities continue to develop and offer an enhanced quality of life, making them attractive for both residents and investors alike.

    Also read: DLF Targets INR 400 Crore in Revenue with Launch of 92 Luxury Independent Floors in Gurugram

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