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.
Growth of Corporate and IT Sector
Tier 2 cities have emerged as the working spaces for many IT companies, BPO’s and startups, igniting the employability opportunities in the area. The major reason for this development is the cost efficiency and the business-friendly environment of these cities. Developed connectivity, affordability, and advanced infrastructure are something which all businesses wish to have, which is easily being facilitated in tier 2 cities. This has made the tier 2 cities the key area of investment regarding property procurement.
This investment from the private sector has also accelerated the growth of the tier 2 cities. Furthermore, this growth has also raised the demand for rental spaces for retail and office spaces in this region.
Samir Jasuja, Founder and CEO of PropEquity, “The tier 2 cities present a huge opportunity for corporates and developers as massive infrastructure development and the government’s focus on making these cities as growth drivers will enable end-user demand.”
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