The real estate market in India has been experiencing a significant shift, with Tier 2 cities emerging as the new hotspots for investment. Renowned real estate advisor Kunal Sharma, founder of Kunal Realty and based in the Tricity area encompassing Mohali, Chandigarh, and Panchkula, envisions a promising future for these cities. Sharma believes that rapid urbanization, growing disposable incomes, and substantial infrastructure development are creating a favourable investment environment in these regions.
The Rise of Tier 2 Cities
Tier 2 cities like Mohali, Zirakpur, and New Chandigarh have become prime locations for quality residential and commercial0020development. These cities are not only attracting investors but are also seeing substantial returns. “Investors have got high returns in the last three years and will continue to see valuation growth in their portfolio owing to sustained demand,” says Sharma.
A report by CREDAI-MCHI highlights that cities like Mohali and Zirakpur are part of a broader trend where Tier 2 cities are witnessing a real estate renaissance. This growth is driven by factors such as population expansion, infrastructural advancements, and a younger demographic seeking comprehensive living experiences.
Investment Opportunities and Returns
Tricity and its satellite towns offer a wide range of real estate investments catering to varied preferences and budgets. The region’s real estate market is diverse, encompassing luxury properties, affordable housing, and commercial spaces. Sharma notes, “Real estate prices are poised to appreciate further along with high rental yields. Investors, keen on capitalizing on Tricity’s growth, can expect high returns in the coming years.”
At Kunal Realty, Sharma has observed a surge in demand for integrated townships, low-rise independent floors, and plotted developments, reflecting the evolving aspirations of homebuyers. These developments offer a blend of residential, commercial, and recreational spaces, catering to the modern homeowner’s desire for holistic living.
Government Initiatives and Infrastructure Development
Government initiatives such as the Smart Cities Mission are playing a pivotal role in fostering the growth of Tier 2 cities. Substantial investments in infrastructure, including improved transportation networks, construction of airports, highways, reliable power supply, and robust communication networks, are propelling these urban centres forward.
In the Tricity area, infrastructure development has been a key driver of real estate growth. “Rapid urbanization, growing disposable income, and infrastructure development in and around Tricity have created a favourable investment environment,” asserts Sharma. Kunal Realty has been at the forefront of this growth, leveraging these developments to offer premium properties that meet the rising demands of investors and residents alike.
As Tier 2 cities continue to develop and attract investment, they are poised to become the next big hubs in India’s real estate landscape. The vision of experts like Kunal Sharma and the strategic initiatives of Kunal Realty highlight the potential for high returns and sustainable growth in these regions. With favourable government policies, robust infrastructure, and a burgeoning middle class, the future of real estate in Tier 2 cities looks exceptionally promising.
For those looking to invest in the Indian real estate market, the time is ripe to explore opportunities beyond the metros. As Sharma aptly puts it, “Tricity and its satellite towns offer a wide range of real estate investments for varied preferences and budgets.” The growth trajectory of these cities presents lucrative opportunities for investors and developers alike.
