Tier-II cities emerge as growth drivers for residential realty
06 Sep 2022
2 Min Read
CW Team
Ahmedabad, Vadodara, Nashik, Gandhinagar and Jaipur have taken the top five places among Tier-II cities in growth of the residential property market on the back of rapid urbanisation, industrialisation and growth of IT industry, according to a report by PropEquity.
The report, titled 鈥楾ier-II: Residential Overview鈥�, states that there has been a remarkable jump in both absorption as well as supply of quality residential properties in various price brackets in these cities. The report has tracked performance of the residential segment of the real estate sector in various Tier-II cities from FY 2017-18 to FY 2021-22.
鈥淭he real estate activity in Tier II cities is fast catching up with that of Tier I cities. Interestingly, Ahmedabad鈥檚 residential real estate market size of Rs 833.90 billion has outshone some of the Tier 1 cities like Chennai and Kolkata with market sizes of Rs 525.54 billion and Rs 38440 billion respectively, at the end of fiscal year 2021-22. Although it is also interesting to observe that the market share of Tier-I cities is about 4x times the share of Tier-II cities in the last five fiscal years,鈥� said Samir Jasuja, founder and managing director of PropEquity.
鈥淧ost Covid lockdowns, Tier 2 cities have been witnessing new job creation at a decent rate and many tech and other sector companies are encouraging work from home for their employees for at least the next couple of years. This has led to scenarios where Tier 2 city housing projects are getting great traction due to their attractive pricing and potential for a higher upside in terms of investments,鈥� said Abhishiekh Andlay, founder, Andlay Estates.
See also:
Casagrand forays into residential construction
DDA-RERA tussle ends as 18 projects get registered
Ahmedabad, Vadodara, Nashik, Gandhinagar and Jaipur have taken the top five places among Tier-II cities in growth of the residential property market on the back of rapid urbanisation, industrialisation and growth of IT industry, according to a report by PropEquity.
The report, titled 鈥楾ier-II: Residential Overview鈥�, states that there has been a remarkable jump in both absorption as well as supply of quality residential properties in various price brackets in these cities. The report has tracked performance of the residential segment of the real estate sector in various Tier-II cities from FY 2017-18 to FY 2021-22.
鈥淭he real estate activity in Tier II cities is fast catching up with that of Tier I cities. Interestingly, Ahmedabad鈥檚 residential real estate market size of Rs 833.90 billion has outshone some of the Tier 1 cities like Chennai and Kolkata with market sizes of Rs 525.54 billion and Rs 38440 billion respectively, at the end of fiscal year 2021-22. Although it is also interesting to observe that the market share of Tier-I cities is about 4x times the share of Tier-II cities in the last five fiscal years,鈥� said Samir Jasuja, founder and managing director of PropEquity.
鈥淧ost Covid lockdowns, Tier 2 cities have been witnessing new job creation at a decent rate and many tech and other sector companies are encouraging work from home for their employees for at least the next couple of years. This has led to scenarios where Tier 2 city housing projects are getting great traction due to their attractive pricing and potential for a higher upside in terms of investments,鈥� said Abhishiekh Andlay, founder, Andlay Estates.
See also: Casagrand forays into residential constructionDDA-RERA tussle ends as 18 projects get registered
Next Story
Bihar Unveils Major Infrastructure Plan for Inland Waterways
Union Ports, Shipping and Waterways Minister Sarbananda Sonowal announced a comprehensive infrastructure initiative to strengthen inland water transport in Bihar. Launched in Patna during the first workshop on National Waterway 1 (the Ganga), the plan aims to transform the waterway into a modern, sustainable transport network.Key project highlights and infrastructure upgrades include:Two hybrid electric catamaran vessels, offering cleaner and quieter river transportInstallation of Quick Pontoon Opening Mechanisms (QPOMs) at four locations, enhancing river crossing efficiencyTwo RO PAX terminal..
Next Story
GDA Seeks Centre Funding for Noida鈥揋haziabad Metro
The Ghaziabad Development Authority (GDA) is seeking central government funding to revive the stalled Noida鈥揋haziabad metro corridor, a crucial transit link in the National Capital Region. The project, initially launched several years ago, aims to enhance connectivity between Noida sectors and key locations in Ghaziabad.Construction on the corridor has faced delays due to funding shortages. GDA officials are urging the federal government to allocate finances to accelerate remaining civil works, electrification, signalling, and testing. Completion of these tasks would enable full operation an..
Next Story
Telangana Sanctions Rs鈥�1.25鈥疊illion for Old City Metro
Telangana鈥檚 government has approved a Rs鈥�1.25鈥痓illion allocation to support the expansion of Hyderabad鈥檚 metro network through the historic Old City area. This funding forms part of state efforts to enhance public transport and ease traffic congestion while preserving the district's cultural heritage.The budget sanction will finance detailed planning and preliminary civil works, including land surveys, utility realignment, and the construction of access roads and circulation areas around future metro stations. The proposed route aims to connect major heritage sites, bustling markets, a..
