According to the latest residential property index (Residex) released by NHB (National Housing Bank), Tier II and Tier III cities like Surat, Guwahati and Nagpur are going to see upward trend in real estate segment. They have also seen growth at same levels as most metro cities do during the quarter from October to December.Raghuvir Developers.
As compared to last quarter, Nagpur has witnessed great price rise of 8%, Guwahati at 7.4%, Surat at 6.2%, Pune at 7.3% and Ahmadabad at 3.1%. Other remarkable growth seekers are state capitals like Bhubaneswar, Bhopal, Raipur, Patna and Dehradun which are hovering at similar levels. The improved economic activity is a major driving factor and industries are competing and the real estate prices are increasing in metros. For Pune, it is true because it is a major IT hub of the country.
The Tier I and Tier III cities are witnessing the growth because of saturation of Tier I cities. They are supported by the cheaper and sizeable land and talent pool and various great real estate options. The operating costs are very lower along with conductive business environments.
Some of the prominent Tier II and Tier III cities that are witnessing enhanced investors’ interest in real estate market are Jaipur, Ahmadabad, Surat, Chandigarh, Vishakhapatnam, Indore, Vadodara, Nagpur, Coimbatore, Lucknow, Bhopal, Kochi and Bhubaneswar to name a few.
A tier III city Chandigarh houses various major IT company offices. It has also made the emergence of satellite cities like Panchkula and Mohali. The real estate activity is also growing because of proximity to major growth centers. The new launches are also appealing factors in these cities over the past few years. Some of the major real estate leaders like Raghuvir Developers are looking forward to provide affordable housing with various modern and luxurious facilities in Surat.Surat Real Estate Growth Like Metro Cities
They are trying to provide every possible facility that can help residents live a happy life. The projects are located in the vicinity of several major landmarks to provide easy connectivity options. The investors are seeking to invest in these cities because they are some of the fastest growing cities in India.