In India's residential real estate market Tier-II and Tier-III cities like Nagpur, Palghar, Khalapur, Panipat, Ludhiana, and Panchkula are enticing developers with their untapped potential and promising opportunities reports Surfaces Reporter (SR).
In the wake of the Covid-19 pandemic, a new trend has taken hold - the rising demand for plotted developments. Homebuyers, seeking spacious and self-owned plots, have embraced this concept as a sanctuary amidst uncertain times. This demand has resonated not only in major cities but has reverberated through the streets and markets of smaller urban centers.
The result has been a flurry of land transactions, painting a vibrant picture of change. A comprehensive study by JLL India reveals that between January 2022 and October 2023, a staggering 3,294 acres of land changed hands, symbolizing the shifting landscape of aspirations.
What is truly captivating is the role played by tier-II and -III cities in this revival. In 17 significant land deals, 1,461 acres found new owners, challenging the conventional narrative of real estate dominance by metropolitan areas. Cities like Nagpur, Palghar, Khalapur, Panipat, Ludhiana, and Panchkula emerged as beacons of progress, collectively accounting for 75% of the acquired land in smaller cities.
Esteemed real estate developers, including House of Abhinandan Lodha (HoABL) Godrej Properties, Mahindra Lifespace Developers, and Arvind Smartspaces, recognized the immense potential in these heartlands. Armed with their vision, they ventured beyond the comfort of established markets, introducing transformative projects in uncharted territories.
Plotted developments and low-rise apartments have become the hallmark of these smaller cities' transformation. The allure of owning a piece of land, amplified by the uncertainties of the pandemic, has fueled the surge in plotted residential developments. A remarkable 1,015 acres, valued at an astonishing Rs 3,163 crore, have been dedicated to fulfilling this aspiration.
But the story doesn't end there. Some visionary developers have set their sights on vacation destinations like Shimla, Rishikesh, and Goa. Recognizing the growing demand for second homes in serene landscapes, they are poised to create havens of tranquility for those seeking respite from the ordinary.
As the boundaries of urban development expand, a new chapter is being written in India's real estate saga. The heartlands, once overshadowed, have emerged as protagonists in a tale of revival, resilience, and the pursuit of dreams in an ever-evolving property landscape.