The real estate industry is showing a rapid shift in the focus from the metros and Tier I cities to the Tier II and Tier III cities. The industry is moving over from Delhi, Mumbai, and Chennai, to pave the path for the new contestants in the race. The real estate industry has realized that there is life and potential for growth of the industry beyond the mega and metropolitan cities in India.
Tier II cities like Ghaziabad, Rohtak, Faridabad, Bhiwani, Chandigarh, Indore, Ahmedabad, Kochi, Secunderabad, Rajkot, and Pune,, Nagpur, Surat, Vadodara, Visakhapatnam and Jaipur are experiencing the initial phase of rapid economic growth. The major industrial sectors are making huge investments in these cities, making them hotbeds for growth and development. These towns have a sea of opportunities in store, both from the demand and supply sides.
One of the basic reasons for investments flocking in to the smaller cities is available properties and affordable prices. Moreover, the special initiatives taken by the respective governments in providing the smaller cities with infrastructure facilities and creation of SEZs, have played a vital role in promoting these small towns into cities of the future. They are what experts term the “emerging metros of tomorrow”.
These cities have been chosen as the hub of development based on various parameters such as, physical and social infrastructure, business environment, real estate, decadal growth, purchasing power and literacy. Most of the Tier II cities have an active economy, conducive business environment and proactive governments, but a lower rank on social infrastructure due to a lack of quality hotels and entertainment avenues.
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