Regardless of how volatile the market condition is, real estate has always been the best investment option considering the fact that it is less risky and offers long-term security. While the realty market in the metro cities has been flourishing over the years, the trend is slowly changing with their non-metro counterparts also witnessing holistic growth.
In fact, the government has identified several small cities across the country all of which are expected to see massive development in the coming years. While this can be attributed to a number of initiatives by the government, leading developers are to be credited as well. Speaking of the latter, Rajdarbar Realty is one such developer that has been making significant efforts for the growth of the realty sector across tier 2 and tier 3 cities through a comprehensive portfolio of projects.
In addition to this, government schemes like AMRUT and Smart Cities Mission are also to be attributed for the shift in growth towards the smaller cities. Affordability is another major factor for the increasing investments across non-metro cities like Agra, Gurgaon and Meerut. Furthermore, rural road construction, business establishments, increased employment opportunities, cheap cost of living and cleaner environment are also among the chief reasons.
While well-established real estate players like Rajdarbar Realty have been able to identify the potentially promising regions beforehand and will soon be able to reap their rewards, there has also been a shift in buyer sentiment boosted by the pandemic. They are increasingly turning towards tier 2 and tier 3 cities for living due to better affordability. This has, in turn, opened new doors of possibilities for the investors as well, leading them to seize the advantage across smaller cities.
A survey by ANAROCK in H1 2019 revealed that about 26 per cent of the property investors preferred tier 2 and tier 3 cities. However, ever since the pandemic broke out, the figure has almost doubled with city dwellers finding it easier to lead a ‘normal’ life in smaller cities and towns. All these factors considered, a higher growth rate can be anticipated across tier 2 and tier 3 cities in the coming time.