Shiva Kumar CR, the President of the National Association of Realtors (NAR), has said that real estate growth in India will come from Tier II/III towns. He made this statement at the NAR’s annual convention in Mumbai.
Kumar said that Tier II/III towns have a number of advantages that make them attractive to investors. These towns are growing rapidly, thanks to factors such as industrialization, urbanization, and improved infrastructure. They are also relatively affordable, compared to Tier I cities.
Kumar said that the NAR is working with the government to promote real estate investment in Tier II/III towns. The NAR is also providing training and certification programs to realtors who work in these towns.
“The future of real estate in India lies in Tier II/III towns,” Kumar said. “These towns are the growth engines of the economy, and they offer a great opportunity for investors.”
Here are some of the reasons why real estate growth is shifting to Tier II/III towns:
- Industrialization: Many Tier II/III towns are becoming manufacturing hubs, thanks to factors such as lower land costs and a skilled workforce. This is leading to increased demand for housing and commercial space in these towns.
- Urbanization: The Indian government is promoting urbanization, which is leading to the growth of Tier II/III towns. As more people move to these towns for work and education, there is a growing demand for housing and other amenities.
- Improved infrastructure: The government is investing in improving the infrastructure in Tier II/III towns. This is making these towns more attractive to investors and residents.
The growth of real estate in Tier II/III towns is a positive development for the Indian economy. It is creating jobs, boosting economic growth, and improving the quality of life for millions of people.
Via: Deccan Herald
Last modified: July 15, 2023