Real estate on the rise in non-metros
In the last few decades, developers and investors have concentrated on India’s metro cities and channelled a majority of investments and project launches to cities such as new Delhi, Mumbai, Chennai, Bengaluru, among others.
Eventually, as is the case with any single-point focussed investment, these regions started facing issues of overpopulation, over-supply of housing and related issues of urban chaos. The Smart Cities Mission, launched in 2015, aims to tackle these escalating problems: from transportation and energy supply to governance and basic urban infrastructure services. We take a look at how, in the last couple of years, the focus is shifting towards our tier-II and tier-III cities:
As per recent data from Anarock Research, it is estimated that by 2030, the country will have 104 tier-II, 331 tier-III and IV, and only 155 tier-I cities. Top hotspots include:
North: Chandigarh, Amritsar, Srinagar, Jaipur, Agra, Varanasi
South: Visakhapatnam, Mysore, Kochi, Thrissur, Coimbatore, Tirupur
East: Guwahati, Patna. Jamshedpur, Ranchi, Bhubaneshwar
West: Surat, Rajkot, Nagpur, Nashik, Aurangabad