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Tier-2 Tier-3 cities are the next property hotspots: Tier-2 and Tier-3 cities are soon going to leave metro cities behind in the real estate sector. The property market is now emerging from NCR and is gaining momentum in these cities, which is not only benefiting these small cities but people are also getting luxury facilities at very low prices. Many recent real estate reports show that cities like Lucknow, Prayagraj, Dehradun, Mohali and Chandigarh are fast emerging as new centers of investment. Not only are property prices here affordable compared to big cities, the development potential here is also much greater.
Now, not Mumbai, Gurugram but cities like Dehradun, Lucknow are becoming the new centers of luxury property.
These roads are becoming real estate hotspots in UP
Areas like Rajpur Road and Sahastradhara Road in Dehradun are fast developing for luxury housing. Real estate projects like Sikka Kimaya Greens here are offering not only 2/3/4 BHK apartments but also penthouses with modern amenities. In such a situation, the trend of luxury housing and penthouses which was seen only in metros, is now being seen in Tier-2 and Tier-3 cities also.
Now big housing projects are coming up in small cities like Chandigarh, Lucknow, Mohali.
Expressways are the strength of these cities
The biggest force behind the development of tier-2 and tier-3 cities is better infrastructure. Projects like Delhi-Meerut Expressway, Lucknow-Ballia Expressway, Delhi-Dehradun Expressway and Industrial Corridor have taken connectivity to new heights. This has not only reduced the pressure on big cities but has also brought new life to the real estate markets of small cities.
According to a Colliers-CII report, India’s real estate sector may grow from the current $300 billion to $5–10 trillion by 2047, i.e. an increase of almost 20 times. The report says that by that time the sector’s contribution to GDP will increase from 7% to 14–20%.
The report clearly indicates that real estate is on track to become the main engine of India’s economy and Tier-2 and Tier-3 cities will be seen strongly leading in all three segments of commercial, residential and retail in the coming years.
At present, property prices in cities like Lucknow, Prayagraj, Dehradun, Mohali and Chandigarh are still attractive for investment. According to experts, prices in these areas may increase manifold in the next 10–15 years. Growing infrastructure, affordable prices and better return prospects are making these cities a ‘smart choice’ for investors. In such a situation, it is clear that the next chapter of India’s real estate story will not be written in metro cities, but in emerging cities like Lucknow, Prayagraj, Dehradun and Mohali. There are maximum possibilities here now.
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