Tier 2, 3 Cities Lead in Land Acquisitions, Lucknow and Jaipur Top the List

A recent report on the real estate market in India has revealed a significant shift in land acquisition trends, with Tier 2 and 3 cities accounting for 44% of all land purchases. Among these cities, Lucknow and Jaipur are leading the pack, driven by a combination of affordable property prices, growing urbanization, and increasing demand for housing.

The report, compiled by a leading real estate research firm, highlights that while Tier 1 cities like Mumbai, Delhi, and Bengaluru have traditionally dominated the real estate market, the focus is now shifting towards smaller but rapidly growing urban centers. This shift is particularly evident in the state of Uttar Pradesh, where cities like Lucknow and Kanpur have seen a surge in land acquisitions. Similarly, in Rajasthan, Jaipur has emerged as a key player in the real estate market.

According to the report, one of the primary drivers of this trend is the affordability of real estate in these cities. Property prices in Tier 2 and 3 cities are generally lower compared to their Tier 1 counterparts, making them attractive options for both investors and homebuyers. Additionally, the government's focus on infrastructure development in these regions has further boosted their appeal.

The report also notes that the demand for housing in these cities has increased significantly in recent years. As more people migrate from rural areas to urban centers in search of better job opportunities and living conditions, the demand for affordable housing has grown. This trend is particularly evident in states like Maharashtra, where cities like Pune and Nashik have become popular destinations for homebuyers.