Flat worth Rs 3 crore for just Rs 70-80 lakh! These Tier-2 and Tier-3 cities are overtaking Mumbai-Gurgaon and are becoming the engine of real estate.

Tier-2 tier-3 cities are next property hotspots: Tier-2 and Tier-3 cities are soon going to leave metro cities behind in the real estate sector. The property market is now emerging from NCR and is gaining momentum in these cities, which is not only benefiting these small cities but people are also getting luxury facilities at very low prices. Many recent real estate reports show that cities like Lucknow, Prayagraj, Dehradun, Mohali and Chandigarh are fast emerging as new centers of investment. Not only are property prices here affordable compared to big cities, the development potential here is also much greater.

Today, while buying a house in metro cities has become difficult for the common buyer, in cities like Lucknow or Dehradun, the same budget is providing bigger houses with better facilities. Not only this, figures show that in the coming years the population of more than 100 cities of India will be above 10 lakh. In such a situation, tier-two and tier-three cities are now going to become centers of new economic activities and investment.

Now, not Mumbai, Gurugram but cities like Dehradun, Lucknow are becoming the new centers of luxury property.

According to property analysts and experts, a three-bedroom flat in posh areas of Gurugram or Mumbai is available for around Rs 3 crore, whereas in Lucknow or Dehradun it is available for Rs 70-80 lakh. This difference is attracting investors and first-time buyers of their dream homes to these cities.

These roads are becoming real estate hotspots in UP

In Uttar Pradesh, Gomti Nagar and Rae Bareli Road of Lucknow have become the most preferred residential and investment areas of the city. The demand for mid and premium housing projects is continuously increasing here. The rapidly developing Shalimar One World in Gomti Nagar Extension is taking the real estate map of Lucknow to a new level. Shalimar Valencia Towers, emerging as an icon of an ideal lifestyle amidst the dynamic and rapidly changing development scenario of Lucknow. Similarly, Omaxe Group is also known for its strong presence in Lucknow. Omaxe City Township, located on Amar Shaheed Path near Rae Bareli Road, as a hi-tech township, has emerged as a prime option for luxury and comfortable lifestyle. It provides excellent connectivity to all nearby cities.

Naini area of Prayagraj is rapidly developing as an industrial and educational centre. Here big developers like Omaxe have brought townships like Sangam City. At the same time, Omaxe Ananda, located in Prayagraj itself, is special for those people who like to live in a calm and peaceful environment. Surrounded by lush green gardens, the project offers excellent connectivity to major locations in the city and offers a comfortable living experience with modern amenities.

Areas like Rajpur Road and Sahastradhara Road in Dehradun are fast developing for luxury housing. Real estate projects like Sikka Kimaya Greens here are offering not only 2/3/4 BHK apartments but also penthouses with modern amenities. In such a situation, the trend of luxury housing and penthouses which was seen only in metros, is now being seen in Tier-2 and Tier-3 cities also.

Now big housing projects are coming up in small cities like Chandigarh, Lucknow, Mohali.

There was still development in cities like Chandigarh, but for some time now, areas like Mohali are also becoming the choice of developers. Recently, Delhi-NCR based One Group Developers has launched its new low-rise residential project The Clermont in Mohali. This project worth about Rs 400 crore includes 27 towers and 216 units (3 BHK independent floors). Which shows that now the era of high-rise buildings has come in small cities.

Expressways are the strength of these cities
The biggest force behind the development of tier-2 and tier-3 cities is better infrastructure. Projects like Delhi-Meerut Expressway, Lucknow-Ballia Expressway, Delhi-Dehradun Expressway and Industrial Corridor have taken connectivity to new heights. This has not only reduced the pressure on big cities but has also brought new life to the real estate markets of small cities.

Report predicts India’s real estate leap

According to a Colliers-CII report, India’s real estate sector may grow from the current $300 billion to $5–10 trillion by 2047, i.e. an increase of almost 20 times. The report says that by that time the sector’s contribution to GDP will increase from 7% to 14–20%.

The report clearly indicates that real estate is on track to become the main engine of India’s economy and Tier-2 and Tier-3 cities will be seen strongly leading in all three segments of commercial, residential and retail in the coming years.

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Now is the right time to invest

At present, property prices in cities like Lucknow, Prayagraj, Dehradun, Mohali and Chandigarh are still attractive for investment. According to experts, prices in these areas may increase manifold in the next 10–15 years. Growing infrastructure, affordable prices and better return prospects are making these cities a ‘smart choice’ for investors. In such a situation, it is clear that the next chapter of India’s real estate story will not be written in metro cities, but in emerging cities like Lucknow, Prayagraj, Dehradun and Mohali. There are maximum possibilities here now.