Tier 2 & Tier 3 cities offer substantial opportunities for commercial realty development: Mohit Goel
The escalating costs of commercial spaces in metropolitan areas have propelled commercial development in Tier 2 and Tier 3 cities. The surge in entrepreneurial endeavours and the demand for budget-friendly spaces have also contributed to this growth, says Mohit Goel, Managing Director, Omaxe Ltd, a prominent real estate player in northern India.
In an exclusive interview with Sanjeev Sinha, Mr Goel talks about the promising prospects of commercial real estate in Tier 2 and Tier 3 cities, and shares his views on affordable housing. Excerpts:
What are the key drivers behind the promising prospects of commercial real estate in Tier 2 and Tier 3 cities?
The prospects of commercial real estate in Tier 2 and Tier 3 cities are not only promising, but they are also witnessing a profound transformation. Several factors contribute to the development of commercial infrastructure in these cities. Notably, infrastructure advancements, such as enhanced connectivity through new road networks, railways, and metro systems, play a pivotal role. The escalating costs of commercial spaces in metropolitan areas have propelled commercial development in Tier 2 and Tier 3 cities. The surge in entrepreneurial endeavours and the demand for budget-friendly spaces have also contributed to this growth.
Furthermore, the influx of major retailers and corporations seeking expansion opportunities in smaller towns has further ignited the commercial real estate sector in these cities. The advent of digitization, e-commerce, and the prevalence of remote work have amplified the demand for cost-effective and compact commercial spaces. Overall, Tier 2 and Tier 3 cities offer substantial opportunities for commercial real estate development, making them
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