Plotting Boom with Low-Rise Developments in Tier II and III Cities
Dec 27, 2023
PNN
New Delhi [India], December 27: Indian residential real estate market is experiencing a positive graph. Along with metropolitan cities, Tier II & III have also seen a surge in the low-rise plot demands.
As predicted by Vipul Agrawal, MD & CEO of Sunil Agrawal and Associates, "Tier II and Tier III cities have not just emerged; they've flourished as the epitome of untapped potential, witnessing an exponential rise in plotted low-rise residential developments."
With infrastructural advancements and growing employment opportunities in Tier II & III, the plotted developments have become lucrative options for homebuyers after Covid 19.
The JLL reports say between January 2022 and October 2023, developers secured nearly 44.4 percent of land deals, equating to 1,461 acres across 17 transactions in Tier II and III cities. The reputed developers are entering the bigger market of Tier II and III cities for the availability of expansive spaces and purchasing power of the target audience. It is one of the significant reasons for an increasing number of closed deals in these cities.
Additionally, the growing trend among developers in Tier II & III cities involves strategic land acquisitions to penetrate new markets and cater to the escalating demand for high-quality projects. The plotted developments and low-rise apartments stand out as especially sought-after in these regions.
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