Developers of real estate are going to Panipat, Nagpur, Ludhiana, and other places
By Bricksnwall | 2023-11-17
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.