Tier-II cities emerge as growth drivers for residential realty
Real Estate

Tier-II cities emerge as growth drivers for residential realty

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 ‘Tier-II: Residential Overview’, 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.

“The real estate activity in Tier II cities is fast catching up with that of Tier I cities. Interestingly, Ahmedabad’s 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,” said Samir Jasuja, founder and managing director of PropEquity.

“Post 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,” 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 ‘Tier-II: Residential Overview’, 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. “The real estate activity in Tier II cities is fast catching up with that of Tier I cities. Interestingly, Ahmedabad’s 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,” said Samir Jasuja, founder and managing director of PropEquity. “Post 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,” said Abhishiekh Andlay, founder, Andlay Estates. See also: Casagrand forays into residential constructionDDA-RERA tussle ends as 18 projects get registered

Next Story
Infrastructure Energy

KPCL to Establish Solar Projects at Thermal Power Stations in Karnataka

In line with the Energy Department’s initiative to boost renewable energy capacity, Karnataka Power Corporation Limited (KPCL) will install ground-mounted solar power projects across three of its thermal power stations in the state. The 100.1 MW projects will be located at Ballari Thermal Power Station (BTPS), Yermarus Thermal Power Station (YTPS), and Raichur Thermal Power Station (RTPS), with an estimated cost of ?411.4 crore. The project will be overseen by Tehri Hydro Development Corporation (THDC), a public-sector enterprise under National Thermal Power Corporation Limited, which has a..

Next Story
Infrastructure Transport

Nitin Gadkari Emphasises Urgent Need for Enhanced Road Safety Measures

Union Minister for Road Transport and Highways, Nitin Gadkari, stressed the immediate need for improved road safety measures and urged the road construction sector to adopt new technologies and sustainable construction materials. Speaking at the two-day Global Road Infratech Summit & Expo (GRIS) in New Delhi, with the theme "Vision Zero: Sustainable Infratech and Policy for Safer Roads," Shri Gadkari pointed out that a significant number of road accidents in India occur due to inadequate civil engineering practices in road design, construction, and management, as well as poor road signage and ..

Next Story
Infrastructure Transport

BBMP Extends Deadline for KR Puram-Nayandahalli Tunnel DPR

Following a failed attempt at securing a consultancy firm for the Detailed Project Report (DPR) of the Hebbal-Silkboard vehicular tunnel in Bengaluru, the Bruhat Bengaluru Mahanagara Palike (BBMP) is now seeking firms to prepare the DPR for the 28 km double-decker tunnel connecting KR Puram and Nayandahalli. The BBMP extended the deadline for bid submissions to March 11 after receiving no responses initially. The BBMP had first invited tenders for the tunnel project on January 25 but faced no interest from consultancy firms. A second call for bids was made on February 15. The BBMP had also pr..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?