· Demand goes up for homes in Tier-2 and Tier-3 houses
· Satellite towns on fringes of metro cities gain popularity
· Real estate poised to grow to one trillion US dollar by 2030
Development of railroads and road communication network play a significant role in development of real estate in Tier-2 and Tier-3 cities. Similarly, the demand for satellite cities near the metropolitan cities is also on the rise.
Infrastructural amenities like development of roadways, railways and airways were limited to the main cities in the country. Governments give top priority to connectivity of all places through launching of Udaan by the Centre bringing 425 small towns on the airways map and launching of the Vande Bharat Express trains with train speeds crossing 160 KMPH. During the past nine years, over 50,000 km of national highways has been developed.
People often migrate to the towns and cities for education, employment and to improve their living standards. It has put pressure on the availability of homes and other amenities. Because of the reason, the development of Tier-2 and Tier-3 towns gained significance. As a result, the move has a positive impact on preventing migration of people to cities. At the same time, those who live in Metropolitan cities prefer to move out of the cities and to live in wider homes.
They prefer to have a second home in Tier-2 and Tier-3 towns, pushing up the demand for homes in these areas. People are investing in these towns because of the improved transport connectivity, reduction in travel time and availability of all amenities in the region. In 2021, the size of the Indian Real Estate was $ 200 billion and is poised to cross trillion US dollars by 2030.
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