According to Swadesh Builder’s Nitin Agrawal, cities like Bhopal, Kochi and Chandigarh are experiencing rapid development in economy and infrastructure
Indian real estate is making way to the higher leagues, and it’s not the swanky metropolitan cities furnishing that opportunity. Bhopal and other Tier-II and Tier-III cities in India are creating attractive prospects for general consumers and experienced real estate investors.
Take Kochi for example, this city gives its new IT and ITES workers the perfect mix of fresh air, beaches, and infrastructure. According to Swadesh Builder’s Nitin Agrawal, Bhopal, and cities like Kochi and Chandigarh are experiencing an influx of economy and technological establishments. The biggest beneficiary is real estate. Surprisingly, this change has been brought forth by real estate itself.
The cost of living, rent, and property prices in Tier-II and Tier-III cities are low. With less expenditure and more savings, young professionals are convinced to move into these low tier cities. Realty developers like Vikas Jain, Gopal Sharda, and Nitin Agrawal highlight that the overall cost of housing projects in Bhopal and Kochi is low.
For example, an investor can buy 1,500-sq ft 3BHK apartment in Surat at Rs 40 lakh, while the same configuration will be available in metropolitans like Mumbai and Delhi for double that price.
Underscored by Vikas Jain and Nitin Agrawal, Bhopal has been using national infrastructure-boosting programs, such as ‘Atal Mission for Rejuvenation and Urban Transformation (AMRUT)’ and ‘Smart Cities’ diligently. These programs were created by the government to target infrastructure revival of old metros in addition to the symmetrization of unorganized towns and villages. It’s attracting real estate developers to come into these cities by the dozen.
RERA has been instrumental in Tier-II and Tier-III cities where unfair practices in the real estate industry hurt the growth of realty and infrastructure. The Gaursons India Managing Director reveals, “Entry barrier has been created for non-serious players because of RERA. This is a period of change that will benefit the serious ones. Between 2018 and 2022, a lot of good players and good projects will be in the market. Prices will rise again with rising compliances.”
All the above factors are pushing real estate and economy to take reins of the development around the country. A prices drop further, homes will be a lot cheaper and the government can focus on eliminating homelessness. For that, it will need the support of real estate builders who can further drive down the prices and bring about a housing revolution.