Real estate sector witnesses significant growth in Tier 2 cities

The increasing growth in Tier 2 cities due to various reasons such as improved standard of living, establishment of industries, easily available land, reverse migration and enhanced connectivity, has resulted in higher demand for real estate properties. If we talk about the major reasons behind the above-stated development, the availability of more and more jobs, metro projects and e-commerce companies can be counted in.

Several cardinal giants have undertaken a mission to change the landscape of Tier-2 cities by identifying the potential hotspots for investments. A number of residential and commercial projects are under different phases of construction in cities like Meerut, Gurugram, Hisar, and Agra. One such eminent real estate entity is Rajdarbar Group which is gaining a tighter grip on sustainable projects across the nation.

As a part of the government’s ‘Make in India’ program, the focus has been shifted to Tier 2 and Tier 3 cities due to various strategies and measures launched by the state.  Another contributing factor would be the ongoing Covid-19 situation which has made people move away from the heavily inhabited cities.

 “The buyer’s preference for a change in location is fuelling property demand in the peripheral locations of cities today,” says Vice-chairman and MD of Dosti Realty, Deepak Goradia.

In India, there are 104 cities that come under the Tier-2 section. Cities classified as tier-2 have a few advantages and disadvantages of their own. Beginning with the advantages, they include low cost of doing business, less traffic, availability of basic facilities like schools, banks, hospitals, shopping markets and exceptional public transport. 

There are a few drawbacks that might not be common in all the tier-2 cities but could be seen in some. These would include lesser economic activity, relatively lesser job opportunities, absence of MNCs in these cities and lastly, poor international air connectivity.

As per the current statistics, tier 2 cities are witnessing a boom in the investments in the realty sector due to the accessibility of reasonably priced luxurious properties made available by developers like Rajdarbar Realty Group.

There is an influx of business prospects in the real estate domain in smaller cities. They are becoming the hub for real estate leaders like Rajdarbar Realty Group and a happy hunting ground for the investors and buyers owing to perks like plenty of space, subsided expenditure of living, and a pollution-free environment.

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