Smaller cities likely to lead Indian realty market soon
Bigger houses at lower prices – Who doesn't want that? While this might have been seemingly impossible in the past, in the wake of the pandemic, things have been turned around especially across the non-metro cities. Geography is no longer a constraint and urbanites are increasingly opting for a 'second home' in smaller cities where they can still lead a normal life while working remotely. Witnessing the change in consumer behaviour, realtors too had been making their footprints in those cities. Result? A boom in the real estate market in non-metro cities.
Rajdarbar Realty Group is one such developer that has been contributing to the realty growth in the tier 2 and tier 3 cities with a comprehensive project portfolio. However, unlike other realtors, the group already has its presence in those regions for years.
While change in consumer buying patterns is one reason for the flourishing real estate market in non-metro cities, another major factor is the slew of initiatives by the Indian government. For instance, in Goa, the government has been closely working with tech organisations to facilitate software exports and foster technopreneurship. Such efforts will lead to a surge in employment opportunities that will, in turn, bring about a boom in the real estate market as well. Other well-known government initiatives include AMRUT, Smart Cities Mission and more.
Radhika Garg of Rajdarbar Realty Group is of the opinion that in cities like Agra, Gurgaon and Meerut, the reason goes beyond affordability. She believes that road construction, incorporation of massive business establishments, increased employment, cheap cost of living, less pollution, etc, can also be attributed for this dramatic shift in the Indian real estate industry.
All these factors have placed homebuyers, investors and developers at the receiving end of the benefits. In fact, a survey conducted by ANAROCK in 2019 revealed that around 26 per cent of the property investors preferred the tier 2 and tier 3 cities a couple of years back. However, since the outbreak of the pandemic, the figure has almost doubled.
While realtors like Rajdarbar Realty have identified the potential of real estate market in the non-metro cities ahead of time, many others have started to tap it only recently. For the former, their heydays are not far behind. Nevertheless, it wouldn't be an overstatement to say that smaller cities are likely to witness a higher growth rate in the coming time, would it?