Surge in Real Estate Prices: Tier-2 Cities Close the Gap with Top 8 Indian Cities
Real estate property prices in Tier-2 cities are surging, driven by economic diversification, infrastructure development, and reverse migration.
Real EstateTier 2 CitiesHousingcomProperty PricesIndiaReal Estate MumbaiJun 13, 2024
Cities like Coimbatore and Kochi sit in the mid-range, with average values between Rs 5,500-7,500 and INR 6,000-8,000 per square foot, respectively. This mid-range pricing is indicative of a balanced real estate market, offering a blend of affordability and growth potential. Online property searches in the INR 1-2 crore segment have surged by 61 percent, while the above INR 2 crore bracket has witnessed a remarkable growth of 121 percent, as per the report.
Several factors are propelling the rapid growth of Tier-2 cities. Economic diversification, infrastructure development, and reverse migration, spurred by the pandemic, have become significant catalysts, according to Dhruv Agarwala, Group CEO of Housing.com. The 'The Bharat in India' report by Housing.com sheds light on the burgeoning real estate markets in Tier-2 cities across India, analyzing shifts in the dynamics of the real estate sector, with emerging urban centers swiftly bridging the gap with Tier-1 cities.
Housing.com is a prop tech firm that provides comprehensive real estate solutions to buyers, sellers, and investors. The company's 'The Bharat in India' report aims to highlight the emerging trends and opportunities in the Indian real estate sector, with a focus on Tier-2 cities.
Housing.com is a leading online real estate platform that provides an end-to-end ecosystem for all stakeholders in the property market. The company's mission is to simplify the process of buying, selling, and owning a property, leveraging technology and data analytics to provide insights and opportunities to its users.
Frequently Asked Questions
What is driving the growth of Tier-2 cities?
Economic diversification, infrastructure development, and reverse migration are driving the growth of Tier-2 cities.
What is the average capital value of real estate in Tier-2 cities?
The average capital value of real estate in Tier-2 cities ranges from Rs 3,000 to Rs 7,000 per square foot.
Which cities are driving the growth of Tier-2 cities?
Cities like Bhopal, Nagpur, and Jaipur are driving the growth of Tier-2 cities.
What is the growth rate of online property searches in the INR 1-2 crore segment?
Online property searches in the INR 1-2 crore segment have surged by 61 percent.
What is the purpose of Housing.com's 'The Bharat in India' report?
The report aims to highlight the emerging trends and opportunities in the Indian real estate sector, with a focus on Tier-2 cities.
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