Key housing trends driving realty sector’s growth in Tier 2 cities

financialexpress.com:

The winds of change are blowing through the Indian real estate sector, with Tier 2 cities emerging as the new growth engines. Fuelled by a growing population, rapid urbanization, and improved infrastructure, these cities are attracting not only residents but also developers eager to tap into their immense potential.

Tier 2 cities, with their lower cost of living, better work-life balance, and affordability compared to metros are positioned to lead the transformation towards a ‘Viksit Bharat’ by 2047. Recognizing this potential, developers are strategically expanding their footprints, making 2024 a landmark year for the sector. Budgetary provisions aimed at promoting urban infrastructure development in these cities further bolster the prospects for real estate growth.

As India is expected to urbanize at a rate of around 50 percent by 2050, the focus will inevitably shift to Tier 2 cities, making them the next promising destination for the real estate sector. Aspirational living is driving a notable move towards premium and luxury properties, even in non-metros. The new-age demographic seeks holistic fulfillment, prioritizing spaciousness, luxury, and comprehensive amenities. This translates into a growing demand for high-end lifestyles and inclusive communities.

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Let’s take a look at the housing trends shaping the realty landscape in tier 2 cities:

As tier 2 cities emerge as promising destinations for realty investment, integrated townships, low-rise developments, and luxury properties are redefining the housing market. With a focus on holistic living experiences and modern amenities, tier 2 realty is experiencing a surge in demand from