The winds of change are blowing through the Indian real estate sector, with Tier 2 cities emerging as the new growth engines. Fuelled by a growing population, rapid urbanization, and improved infrastructure, these cities are attracting not only residents but also developers eager to tap into their immense potential.

Tier 2 cities, with their lower cost of living, better work-life balance, and affordability compared to metros are positioned to lead the transformation towards a ‘Viksit Bharat’ by 2047. Recognizing this potential, developers are strategically expanding their footprints, making 2024 a landmark year for the sector. Budgetary provisions aimed at promoting urban infrastructure development in these cities further bolster the prospects for real estate growth.

As India is expected to urbanize at a rate of around 50 percent by 2050, the focus will inevitably shift to Tier 2 cities, making them the next promising destination for the real estate sector. Aspirational living is driving a notable move towards premium and luxury properties, even in non-metros. The new-age demographic seeks holistic fulfillment, prioritizing spaciousness, luxury, and comprehensive amenities. This translates into a growing demand for high-end lifestyles and inclusive communities.

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Let’s take a look at the housing trends shaping the realty landscape in tier 2 cities:

As tier 2 cities emerge as promising destinations for realty investment, integrated townships, low-rise developments, and luxury properties are redefining the housing market. With a focus on holistic living experiences and modern amenities, tier 2 realty is experiencing a surge in demand from discerning homebuyers. Now, let’s explore the trends driving this growth and explore the prospering opportunities in Tier 2 cities’ real estate sector.

Integrated townships: Offering self-contained communities with residential, commercial, and recreational spaces, these townships cater to the desire for a complete living experience.

Low-rise independent floors: Providing a sense of ownership and community while escaping the vertical density of high-rises, these are popular choices for families and professionals.

Plotted developments: Catering to individual customization and flexibility, these allow residents to build their dream homes.

Spacious and luxury properties: Reflecting aspirations and evolving lifestyles, spacious homes with high-end finishes and amenities are in high demand.

Future-ready high-end amenities: Smart homes, co-working spaces, fitness centers, and recreational facilities are attracting residents seeking a modern and convenient lifestyle.

Nature-inspired holistic living: Envisioning a healthy and connected lifestyle, developers are incorporating green spaces, walking trails, and sustainable practices into their projects.

Notably, the Tricity of Punjab, comprising Chandigarh, Mohali, and Panchkula, stands out as a rapidly developing region with a thriving real estate market. This region is gaining traction as a strong investment zone due to the availability of multiple options, sound connectivity, and classic amenities. Among the Tricity, Panchkula emerges as a haven for those prioritizing a holistic living experience. Its meticulously planned urban infrastructure sets a benchmark for well-designed cities, with Panchkula serving as a prime example.

The breathtaking views of the Shivalik Mountains, lush riverbanks, and the tranquillity offered by the Morni Hills envelop Panchkula in an unparalleled ambiance of serenity, making it a unique haven for peaceful living. It benefits from its proximity to major educational and industrial hubs, creating an environment of opportunity and growth. This draws in professionals and families seeking a balanced lifestyle, thereby driving the demand for residential properties.

In essence, the housing trends driving the realty sector’s growth in Tier 2 cities reflect a swing towards aspirational living and holistic lifestyles. With innovative projects and strategic investments, developers have girded up their loins to capitalize on the immense potential of these cities, offering homebuyers unparalleled living experiences in serene surroundings. As Tier 2 cities continue to evolve as dynamic real estate markets, they hold the promise of shaping India’s urban landscape and contributing to its journey towards development and prosperity.

(By S K Narvar, Group Chairman, Trident Realty. Views are personal)