Unlocking Opportunities: The rise of real estate in Tier 2 & Tier 3 cities

financialexpress.com:

India’s real estate sector is experiencing a paradigm shift and transforming the landscape in tier 2 and tier 3 cities. The picture recent projections present of real estate prospects in these emerging markets is highly promising.

With a staggering housing demand of 93 million units forecasted by 2036, developers are increasingly turning their attention to tier 2 and tier 3 cities. Notable regions such as Chandigarh Tricity, Agra, Lucknow, Ujjain, Vrindavan and Hapur, among others, have emerged as focal points. Almost 91.6 per cent of the acquired land is earmarked for low-rise and plotted formats, reflecting the huge unmet demand for affordable housing.

“Collaborations between public and private stakeholders will play a pivotal role in driving infrastructural enhancements and fostering an environment conducive to economic prosperity. Increasing realty prices in metro cities have led developers to explore tier 2 and tier 3 cities, recognizing them as untapped reservoirs of opportunity,” says Mohit Goel, MD, Omaxe Group.

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Several catalysts underpin the promising prospects of tier 2 and tier 3 cities. “Enhanced connectivity, the popularity of start-up ecosystems, and the expanding retail sector are driving demand across residential and commercial segments. Infrastructure upgrades, including expanded road networks and efficient transport systems, have further bolstered the appeal of these cities for businesses and residents alike,” says Radheecka Rakesh Garg, Director, Rajdarbar Realty.

“As India gears up for accelerated urbanization, tier 2 cities are assuming newfound significance in the real estate landscape. With urbanization rates