Rising real estate costs and overworked infrastructure in metro areas have caused a continuous exodus of residents and businesses from Tier I cities in India to Tier II cities. Furthermore, government initiatives like AMRUT and the Smart Cities Mission have improved these cities’ growth potential. Here are a few names to take into consideration if you want to invest in one of India’s top tier-II cities.

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The large influx of migrants in India’s major cities has resulted in a rising lack of public services. Living conditions progressively deteriorated as the population grew year after year. Instead, the likelihood of owning a home became a faraway dream for many as real estate prices continued to rise with each passing year. As major cities like Delhi, Mumbai, Bangalore, & Kolkata becoming more and more difficult to live in, neighbouring towns with more reasonable rents started to gain popularity.

The efforts made by the Central and the relevant State governments to develop the areas as satellite towns also contributed to the improvement of these cities’ liveability scores. This success story has also been greatly aided by the expansion of the service sector throughout India, far from the tier-I markets’ chaotic cities. In a recent poll of consumer attitudes, it was discovered that approximately 26% of real estate investors preferred Tier II cities like Ahmedabad, Jaipur, Chandigarh, Kochi, & Nashik for their investments. “The continual growth in the population of metro areas has led to a stage where the developers are reporting the saturation of land & decreased housing demand. Property prices are now very high as a result of this. All of these elements have compelled buyers to shift their focus to tier-II marketplaces that are more affordable.

According to a recent estimate

During the past year, real estate investments in Tier II cities have surged by almost 20%. The rapid infrastructure development in tier-II cities, which has given these cities’ real estate markets a boost, is one of the main elements that have made it possible. The overall expansion of these regions has also been boosted by government initiatives like the Smart Cities Mission and Atal Mission for Rejuvenation & Urban Transformation (AMRUT). Given the prevailing circumstances, tier-II cities’ businesses as well as residential sectors are expected to move north.

The top cities in India that are most likely to become the next mega growth hubs and attract both buyers and investors are listed below.

In Maharashtra, Nagpur

Nagpur, the third-largest city in Maharashtra after Mumbai & Pune, has lately been dubbed the country’s most livable city in terms of the availability of hospitals, schools, and other amenities. The city has seen an explosion of development projects in numerous industries ever since it was included on the coveted list of the government’s flagship Smart Cities Mission. Nagpur is a more reasonably priced option to Mumbai in terms of real estate costs.

The city has excellent road, rail, and air access. The 13.5 km North-South Corridor of the Nagpur Metro project was officially opened in 2019, improving the city’s connectivity while also having a positive effect on prices in the surrounding corridors. In addition, the completion of the 61 km section of the Outer Ring Road Project by the end of 2020, improved use of Mihan SEZ, a multi-modal international cargo hub, and a reduction in stamp duty from 6% to 5% across the State will all reinforce Nagpur’s position as a centre for real estate investment. In Nagpur, there are more than 4,600 properties up for sale as of May 2020, more than 85% of which are ready-to-move-in units. The vast majority of the apartments in this city come with 2 or 3 bedrooms.

Punjab’s Chandigarh

One of India’s best-planned cities, Chandigarh is renowned throughout the world for its flawless layout and cutting-edge construction. Chandigarh’s infrastructure has grown steadily throughout the years because it is a planned city. Additionally, as one of the initial cities selected for the Smart Cities Mission, the city performs better than the main metros in terms of quality of life, e-readiness, and Human Development Index. Additionally, there is no shortage of career options for IT specialists in India. The residential projects have been planned away from the busy roads to protect the people from noise and air pollution, which is the nicest thing about the city. In Chandigarh, there are residential projects for villas, farms, apartments, and townships.

Sectors 5, 8, 9, 10, 18, and 69 are a few of the city’s most well-to-do neighbourhoods. If you want to invest in a neighbourhood that won’t break the bank, think about Dera Bassi, where you can easily get a 1 BHK flat for between Rs 15-20 lakh. If you’re seeking for plotted developments, you might want to think about investing in the Mullanpur Land and Industrial Area, Sectors 21, 33, 44, and some of the areas largest land parcels for residential usage. Chandigarh has improved from an investment standpoint with the reduction of stamp duty rates from 6% to 5%, the lengthening of the building term for plots and projects during the COVID-19 crisis, as well as the lack of costs for non-construction or extension. The future improvements identified in the Chandigarh Master Plan 2031 will enhance the city’s potential for growth.

Rajasthan’s Jaipur

Jaipur, sometimes referred to as the Pink City, has grown into one of the best locations for real estate investment throughout the years. Being a planned city, Jaipur has excellent transportation connections using a variety of means. The trip from the city of Jaipur to the National Capital, which is located on National Highway (NH) 8, only takes up to four hours. Additionally, the city is a component of the Golden Quadrilateral and also is anticipated to grow to the size of a megacity by 2025. Over the next five years, it’s anticipated that investments totaling more than $2 billion will alter the city. This is the reason why major and small developers alike favour Jaipur for the debut of their upcoming residential projects.

To inform, private developers have mostly taken over Jaipur’s residential development on land supplied by the Jaipur Development Authority (JDA). The city’s northern, southern, and western quadrants show the most development. Some of the most well-known locations in the city, where the majority of the incoming housing supply is located, include Ajmer Road, Sikar Road, Jagatpura Road, and Sirsi Road. Jaipur is a market for both investors and end users in terms of real estate investment. The city is favoured by a lot of individuals because it offers an inexpensive investment alternative to Delhi NCR.

In addition to the ones mentioned above. Other Tier-II cities where real estate investments is a safe choice include Nashik, Kochi, Coimbatore, and Vishakhapatnam.

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