As urbanisation continues to shape India’s real estate sector, Tier-2 and Tier-3 cities have emerged as the new epicentres of growth and innovation. Major hotspots of the segment have been Gurugram, Faridabad, various cities in Punjab, and several other developing cities across the country, witnessing a remarkable transformation in their real estate landscape.
With unique projects and robust infrastructural development, these cities have been capturing the attention of real estate developers, investors, and buyers, setting the stage for a promising future.
The development of highways, expressways, airports, and the Regional Rapid Transit System (RRTS) has improved connectivity and created an ecosystem fostering economic growth and urban expansion. This comprehensive development has caught the eye of real estate developers, who see immense potential in these cities for residential and commercial projects.
Mohit Goel, managing director of Omaxe Ltd, said, “We have witnessed an exponential increase in demand for our projects in Faridabad and adjoining areas. The improved connectivity through highways and the upcoming RRTS project have made these cities highly attractive to potential buyers.”
He added that with the presence of numerous multinational corporations and a thriving job market, the demand for residential and commercial spaces in these regions has surged over the years.
Radheecka Rakesh Garg, director of Rajdarbar Realty, said, “The demand for upscale residential and commercial spaces in tier-2 and tier-3 cities like Hisar, Agra, etc., is on the rise. These regions are also undergoing significant infrastructural expansion, attracting investors and end-users alike.”
The extensive infrastructural developments, including the expansion of highways, construction of expressways, the establishment of international airports, and the introduction of the RRTS, have laid a strong foundation for the real estate sector’s growth. These developments not only enhance connectivity but also create employment opportunities and boost the overall economic growth of these cities.
The rise of these cities on the real estate map has led to the popularity of residential and commercial projects that offer a perfect blend of luxury, comfort, and convenience. Modern amenities, green spaces, state-of-the-art facilities, and cutting-edge designs have become synonymous with these projects.
Prateek Mittal, executive director of Sushma Group, said, “Punjab’s real estate landscape is undergoing a remarkable transformation. The government’s focus on infrastructure, coupled with the charm of these cities, has attracted a diverse range of buyers. Cities like Ludhiana, Mohali, and Zirakpur are experiencing an influx of investments in residential and commercial projects, offering world-class amenities and modern living experiences.”
Tejpreet Gill, managing director of Gillco Group, said the government’s proactive approach to infrastructural development has been a game-changer for Tier-2 and Tier-3 cities. Mohali’s real estate market has been steadily expanding, presenting numerous opportunities for investors, developers, and homebuyers alike.
“Mohali’s geographical position plays a pivotal role in its real estate growth. Situated adjacent to Chandigarh, the capital of Punjab and Haryana, Mohali benefits from its proximity to key business centers and economic hubs. This connectivity enhances its allure for individuals seeking prime residential and commercial spaces. Besides, sustainable development of infrastructure has been a major factor in the popularity of realty projects in the state. The real estate sector in these regions is expected to boost in the coming years,” Gill said.
Kushagra Ansal, director of Ansal Housing, said, “Our market research shows that investments in these cities have yielded impressive returns over time. The convergence of infrastructural development, urbanisation, and growing demand has created an environment where property prices are poised to appreciate significantly in the long run.”
He added that as Tier-2 and Tier-3 cities continue to evolve into vibrant urban hubs, the real estate sector is set for unprecedented growth. With a focus on sustainability, modernity, and convenience, these cities are well on their way to redefining the real estate paradigm in India.
Investors and buyers are drawn to the promising returns offered by Tier-2 and Tier-3 cities. The potential for price appreciation over the years and the growth in infrastructure and economic activities make these cities a hotspot for real estate investments. Indian government’s focus on enhancing connectivity and infrastructure has laid the foundation for a real estate boom in Tier-2 and Tier-3 cities.
