The Indian real estate sector is witnessing a notable transformation due to the increase in Tier 2 cities property appreciation. According to a recent report made by Magicbricks, the average capital appreciation in Tier 2 cities has shot up to 17.6 percent, which is higher than Delhi’s 15.7 percent and the national average of 11.1 percent. This sudden change has made real estate in Tier 2 cities a go-to option for investors and property purchasers, where a return on investment is yielded.
Why Tier 2 cities is growing faster than metros?
For a city to grow instantly, a multidimensional support is required. Initiative from the governments, investment from the private sectors, and involvement of the society are essential in the transition of the city. Let’s dive into the factors that have boosted the tier 2 city growth in India.
Government Initiatives
The government has understood the role of the multitier development in achieving the sustainable and equitable growth of the country. Initiatives like Atal Mission for Rejuvenation and Urban Transformation (AMRUT), smart city missions such as National Heritage City Development and Augmentation Yojana (HRIDAY), Swachh Bharat and other proposals have boosted the investments and structural development in these cities, attracting private and public sector investments in the cities.
Enhanced Connectivity
These emerging urban centers have become a major connecting point in the city. The government’s initiative, increased road connectivity, easy access to airports, and future national highway projects of the region have rapidly transformed the infrastructure development in the city. These facilities of the city have made the region a convenient spot for running a business.
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