In an exclusive interview, Radheecka Rakesh Garg, Director of Rajdarbar Realty, talks about the growth prospects of commercial realty in Tier 2 and Tier 3 cities and shares her views on the Gurugram market. Excerpts:
What are the key factors contributing to the promising prospects of commercial realty in Tier 2 and Tier 3 cities?
The commercial realty prospects in Tier 2 and Tier 3 cities are promising and witnessing a significant transformation. The development of commercial infrastructure in these cities is driven by various factors. Infrastructure progress, including improved connectivity through new roads, rail networks and metro systems, plays a crucial role. The rise in prices of commercial spaces in metro cities has led to the expansion of commercial development in Tier 2 and Tier 3 cities. The trend towards entrepreneurship and the demand for affordable spaces have also contributed to the growth.
Additionally, the influx of big retailers and companies seeking growth opportunities in smaller towns has further boosted commercial real estate in these cities. Digitization, e-commerce, and work-from-home trends have also increased the demand for affordable and small commercial spaces. Overall, Tier 2 and Tier 3 cities offer substantial commercial real estate development opportunities and have become attractive destinations for businesses and investors.
As a real estate developer with a significant presence in both Tier 1 and Tier 2 & 3 cities, how do you assess their distinct growth potential?
Each city has distinct growth potential. Tier 1 cities have well-established markets, higher property prices, and developed infrastructure, making them attractive for diverse businesses. In the last few years, Tier 1 citiesRead more on financialexpress.com