Note: This is a Guest post by Mr. Tripat Girdhar, Principal Architect of The Design Studio
Jawahar Lal Nehru, India’s first Prime Minister, had Chandigarh as his ideal city. This is the only one that was designed as soon as India gained independence. It was designed by Le Corbusier, a well-known French architect. It is considered as one of the best experiments in urban planning and modern architecture in India throughout the 20th century, and it is a stunning landscape placed at the foothills of the Shivaliks. Chandigarh became a symbol of India’s newfound independence. In 1952, the city’s foundation stone was placed. Architects such as Le Corbusier, Pierre Jeanneret, Jane Drew, and Maxwell Fry are well-known for their work in the city.
Chandigarh, one of India’s iconic cities, has a lot of promise in terms of iconic architecture, new architecture, and sustainable and green buildings. As a result, second-generation architects are flocking to our country’s design dynasties. True, the novel Coronavirus, as well as various variations and lockdowns, has changed our lives. It has an effect on architectural design as well, with people preferring sustainable constructions than well-known structures. As a result, tier2-3 cities are becoming more popular than metro cities. The spread of the virus has impacted the Indian economy, resulting in periodic lockdowns since last year. On a much smaller scale, people are gradually moving towards green and sustainable life.
The most important aspects of a city are education, medical facilities, healthcare, and transportation. Chandigarh has everything and is still expanding. Green and efficient energy solutions are becoming increasingly popular in residential settings. The need for extra living space is driving a huge increase in demand for affordable homes in suburban areas. People are moving to the suburbs from cities because it provides them with more indoor and outdoor space at a lesser cost. Additional activities are taking place within the home as a result of COVD-19 concerns, necessitating more space for living, leisure, career/job work, working out, school, and other functions.
After the pandemic, there was a paradigm change. As a result, people are relocating from metro cities to other locations, particularly their hometowns. In addition, the real estate market in these locations is flourishing, and development is occurring at an unprecedented rate.
Sustainable housing, on the other hand, has the ability to address concerns such as climate change, global warming, and urban green space scarcity. Through sustainable architecture, construction, and operations, green buildings reduce carbon emissions, energy and waste, and conserve water.
From Rs. 12,000 crore (US$ 1.72 billion) in 2019, the real estate market would increase to Rs. 65,000 crore (US$ 9.30 billion) by 2040. By 2030, India’s real estate market will have grown to US$ 1 trillion, up from US$ 200 billion in 2021, and will contribute 13% of the country’s GDP. Retail, hospitality, and commercial real estate are all expanding rapidly, supplying India with much-needed infrastructure.
After agriculture, the real estate sector creates the second-highest number of jobs in India. This sector is also likely to attract greater non-resident Indian (NRI) investment, both in the short and long term. The most popular property investment destination for NRIs is projected to be Chandigarh, followed by Bangalore, Ahmedabad, Pune, Chennai, Goa and Delhi.