With the country expected to urbanise at a rate of around 36 percent this year and 50 percent by 2050, the focus will shift to tier-2 towns such as Bhubaneswar, Coimbatore, Indore, Jaipur, Kochi, Lucknow, Nagpur, Surat, Thiruvananthapuram and Visakhapatnam that have the advantages and development potential to be the next promising destination for the real estate sector, a report by Cushman and Wakefield, a real estate consultant and apex body of real estate developers Confederation of Real Estate Developers’ Associations of India (CREDAI) released on October 6 at the 21st NATCON being held in Sharm El Shikh, Egypt, has said.
The largest annual national real estate convention in Asia, NATCON, is currently in its 21st edition and is being organized by CREDAI in Egypt. On real estate-related topics such technological advancements, token or fragmented ownership, sustainable and green housing, commercial real estate, and tier 2/3/4 growth centers, among others, will be discussed and debated throughout the two-day convention.
While the primary real estate markets in India continue to be Delhi NCR, Mumbai, Bengaluru, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad, the report predicts that these 10 tier-II cities will soon provide additional strength to the country’s growth story, advancing its development.
According to the survey, the locations were chosen based on factors including population, infrastructure, talent pool, income, ease of life, and housing affordability.
