|
To have a long term perspective of things is very necessary to succeed in any business. The same applies to real estate industry also, which is why there is definitely no reason to not to look beyond metros for property investments. Even as the world suffers from a real estate slowdown, India’s realty sector is staging a commendable performance. Much of this growth comes from the IT dominated Tier 1 cities like Bangalore, Gurgaon, Chennai and others. However, the coming period is equally challenging and real estate industry will have to work hard to conserve, consolidate and grow. Urbanization will have to be quicker and in a better planned manner. Realtors will have to look beyond their current scenario and prepare for the future by making a leap towards Tier II and Tier III cities. Real estate market in India has some very predictable trends that it has kept following without fail. The major metropolitan cities like Bangalore, Delhi and Mumbai have been a favourite of realty developers and have seen maximum property investments. These Tier 1 cities are already established as industrial and corporate hubs and therefore attract a lot of crowd from smaller cities, who come here looking for better opportunities. With more number of occupational openings and better connectivity options, the metros eventually become a home for these working migrants. As the demand for a comfortable housing arises, so does the supply. Therefore, real estate developers and builders have built complete townships, which are efficiently supported by social infrastructure like hospitals, malls, schools and other commercial complexes. However, with a flurry of large scale developments, these cities have become a little too crowded for comfort. Prices have gone north and genuine buyers are shying from investing in more properties. Further, unplanned development has lead to congestion, which has forced the developers as well the buyers to look at other avenues. Recent trends suggest that the tier II cities are experiencing a healthy growth in the demand of new residential as well as commercial properties. In the north, Rudrapur, Chandigarh, Faridabad has been leading the way. Rudrapur, a sleepy town in Uttaranchal has suddenly experienced an unprecedented price appreciation in real estate by more than 80 percent in the last three years, beating the hottest real estate markets of India like Mumbai. Similarly Chandigarh real estate is also witnessing a surge in demand, primarily due to the growing number of IT based industries in the city. Other cities like Bhopal, Indore in central India, Ahmadabad and Surat in Western region and Kochi, Bhubaneswar in the southern end of the country are also holding up with the growth story. This boom can be attributed to an increased industrial and economical activity in these cities, which is giving rise to an affluent middle class with bigger pockets and more ambitions. Over the long term, these cities have better prospects and more stable returns over metros. In fact to some, these cities are going to be the next generation centres of economic growth. The real estate industry is now looking at every city having sufficient economic activity, be it service-sector driven, industrial or incentive-driven programs of the government, as a preferred destination. Tier II and Tier III cities also present the local real estate guy with an opportunity to make his mark. Till now, realty was the bastion of the superrich or highly influential personalities. But with the attention now focussed on affordable housing in smaller cities, regional players can play the game to their strengths. This will be good for the industry as a whole. Author Bio:- Author writes behalf of 99acres.com, a leading online portal thriving to solve the consumer's requirements in real estate segment. The site offers a galore of information regarding the real estate property such as flats for sale and houses to buy, sell or rent at different locations India like real estate mumbai, real estate jaipur etc
Related Articles -
real estate in Chandigarh, Chandigarh real estate,
|
