Real Estate is expecting major growth spurts in tier-II cities like Jaipur, Ahmedabad, Chandigarh, Bhubaneswar, Coimbatore, Indore, Nagpur, Vadodara and Visakhapatnam in India. Real estate experts believe that tier-II cities actually do have hope for growth and are best for investment and buying homes at affordable pricing. It’s not a bubble there neither a frothy story.
Eldeco MD Pankaj Bajaj and President of CREDAI-NCR says:
“There is an inherent demand in these markets. The prices have not risen; that’s the reason why the absorption continues to be there. There was some frothy demand in the tier-I markets, but it was never the case in tier-2 so it’s a great time to buy; choose your developer and that cardinal rule is there even for tier-I cities. It’s affordable and the good thing now is that in tier-2, the good developer would give you a product which is almost equivalent in terms of its stakes as what you would get in a tier-I town.”
Hence, the upcoming years would be exciting ones in terms of real estate development for tier-II cities. Real Estate investors are now gaining confidence in Tier-II cities as well. These cities are also now being equipped with frequent trains, better roads and highways and even airports.
With MNC’s seeking cheap land and labour and tier-II becoming the hub for new industries; these cities are witnessing major commercial development as well. This makes owning a home there, a much more beneficiary prospect. Tier-II is seeking major growth in the employment sector as well as the upcoming MNC setups.
Maharashtra government relaxed several regulations, norms to push commercial development in Pune and Aurangabad. Where Pune is tagged as an IT hub, Aurangabad is making its mark in the automobile market.
Hence, these cities come with affordable housing, great amenities, development scope, improved employment and low cost of living a content life with the added bonus of being less congested than the metropolitans or the tier-I cities.