Developers of real estate are going to Panipat, Nagpur, Ludhiana, and other places

By Bricksnwall | 2023-11-17

Developers of real estate are going to Panipat, Nagpur, Ludhiana, and other places

Quality residences are in high demand and are sought after by buyers in Tier 2 and Tier 3 cities.

For example, within an hour of its launch, DLF's first project in Panipat sold out. Within two days of its launch, Godrej Properties' first phase of its planned development project in Sonipat was sold out. Plotted residential projects were introduced in southern Indian cities such as Ambur, Trichy, Coimbatore, Mahabalipuram, and Mysuru.

Motivated by the impressive sales of residential real estate in developing cities, developers are also buying up property for the construction of future supply lines. Through recent land acquisitions, developers including Godrej Properties, M3M, Eldeco Group, and Omaxe Group have either entered or increased their footprint in these developing markets.

"People would desire to live in Tier 2 and Tier 3 cities if they were created with enough physical and social facilities, as homes in Tier 1 cities are prohibitively expensive otherwise. Furthermore, Samantak Das, chief economist and head of research at REIS, India, JLL, notes that there is organic demand from those who are already residing in Tier 2 and Tier 3 cities.