Small Cities, Big Opportunities: How Tier-2 and Tier-3 Cities are Revolutionizing the Real Estate Market
Mid-tier cities like Faridabad, Lucknow, Vrindavan, Ludhiana, Chandigarh, Indore, Dehradun, and Jaipur are becoming hotspots in the real estate market, offering a low-cost, peaceful life and high returns on investment.
Real EstateTier2 CitiesTier3 CitiesProperty PricesLuxury LifestyleReal Estate NewsSep 21, 2024
The cost of operations in these cities is low, and there is an abundance of skilled people. IT parks, industrial areas, and special economic zones are rapidly growing, highlighting the increasing contribution of these smaller cities to the economy. Government schemes such as the Smart City Mission and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) have also strengthened the infrastructure.
These smaller cities now offer the facilities of large metro cities, including malls, shopping complexes, sports and entertainment places, best schools and hospitals. Along with this, connectivity with major cities and highways is also improving. With lower pollution levels, people are expecting to lead better and healthy lives in these locations.
According to Mohit Goyal, MD of Omaxe Limited, “Tier-2 and tier-3 cities are now turning into urban centers, which is also bringing changes in the real estate sector. Property prices in Ludhiana, Chandigarh, Lucknow, Vrindavan, Indore and many other places have increased manifold. As a developer, we ourselves are now turning more to tier-2 and tier-3 cities rather than metro cities.”
Kushag Ansal, Director of Ansal Housing, states that due to the increasing demand for land and houses in small cities, developers are investing on a large scale. As a result, new malls, office spaces, and residential colonies are being developed, changing the entire urban landscape of these cities.
Vansh Kataria, CEO of Tirsya Estate, notes that as big cities become expensive, tier-2 and tier-3 cities are emerging as better alternatives. “These cities offer a high quality of life without spending much.” Meanwhile, Piyush Kansal, Executive Director of Royal Estate Group points out that, “Good returns are being generated from low investments in cities like Chandigarh, Mohali, and Ludhiana.”
With the increasing trend of residents shifting to small cities, it is clear that tier-2 and tier-3 cities are no longer just secondary options, but are now emerging as primary hubs of real estate growth in India.
Omaxe Limited Omaxe Limited is a leading real estate developer in India, with a presence in multiple cities across the country. The company has a strong track record of delivering high-quality residential and commercial projects.
Ansal Housing Ansal Housing is a renowned real estate developer in India, with a presence in multiple cities across the country. The company has a strong track record of delivering high-quality residential and commercial projects.
Tirsya Estate Tirsya Estate is a leading real estate developer in India, with a presence in multiple cities across the country. The company has a strong track record of delivering high-quality residential and commercial projects.
Royal Estate Group Royal Estate Group is a leading real estate developer in India, with a presence in multiple cities across the country. The company has a strong track record of delivering high-quality residential and commercial projects.
Frequently Asked Questions
What are the benefits of investing in tier-2 and tier-3 cities?
Tier-2 and tier-3 cities offer a low-cost, peaceful life and high returns on investment, making them an attractive option for investors.
Which cities are emerging as hotspots in the real estate market?
Cities like Faridabad, Lucknow, Vrindavan, Ludhiana, Chandigarh, Indore, Dehradun, and Jaipur are emerging as hotspots in the real estate market.
What is driving the growth of real estate in tier-2 and tier-3 cities?
Government schemes such as the Smart City Mission and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) have strengthened the infrastructure, and the cost of operations is low, making these cities attractive for investors.
What kind of facilities are available in tier-2 and tier-3 cities?
These cities now offer the facilities of large metro cities, including malls, shopping complexes, sports and entertainment places, best schools and hospitals.
Who are the major players in the real estate market in tier-2 and tier-3 cities?
Companies like Omaxe Limited, Ansal Housing, Tirsya Estate, and Royal Estate Group are major players in the real estate market in tier-2 and tier-3 cities.
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