With the country expected to urbanise at a rate of around 36 percent this year and 50 percent by 2050, the focus will shift to tier-2 towns such as Bhubaneswar, Coimbatore, Indore, Jaipur, Kochi, Lucknow, Nagpur, Surat, Thiruvananthapuram and Visakhapatnam that have the advantages and development potential to be the next promising destination for the real estate sector, a report by Cushman and Wakefield, a real estate consultant and apex body of real estate developers Confederation of Real Estate Developers' Associations of India (CREDAI) released on October 6 at the 21st NATCON being held in Sharm El Shikh, Egypt, has said.
The 21st edition of NATCON, organised by CREDAI at Egypt, is Asia's largest annual real estate national convention, held in the presence of 1400+ delegates. The two-day convention will host discussions and debate on real estate subjects including technological innovations, token / fragmented ownership, sustainable and green housing, commercial real estate, tier 2/3/4 growth centres among others.
While Delhi NCR, Mumbai, Bengaluru, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad continue to be the key eight real estate markets, the report anticipates that these 10 tier-II are soon going to add more power to the India-growth-story, propelling the nation's development forward.
The cities have been selected based on indicators pertaining to population, infrastructure, talent pool, income, ease of living, and housing affordability, the report said.
The report highlights how rising urbanization is putting pressure on the existing infrastructure across the tier-I cities as they try to fulfil the growing demand for quality-built spaces. The country is urbanizing swiftly with the urbanizing rate rising by 32 percent in 2013 to around 36 percent in 2023 and this is shifting the focus towards markets that have the advantages and development potential to be the next promising destination for the real estate sector, the report said.
