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Tier II & Tier III Cities- New Face of India
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Tier II & Tier III Cities- New Face of India
In recent years, the story of India's housing sector has seen a massive shift in focus from metro cities to smaller towns and cities. Technically called, Tier II & Tier III cities, these cities and towns have taken center stage from Tier I cities in the country. These cities have further received a push ever since the central government put forward the mission of ousing for All and mart Cities Mission
Large availability of land, comparatively lower cost of construction, affordable property rates, better amenities and lower cost of living as compared to metros have made Tier II & Tier III cities the face of new India. With the government identifying 99 smart cities, real estate developers have shifted their focus to Tier-II and III cities. Tier II and Tier III cities offer the end-users with many benefits which can be summarized below.
Growing Markets: Better Economic Setup
Majority of Tier-II and Tier III cities are growing markets that hold good potential for economic growth. With many industries in the area, there is a better scope of employment and capital gains. The labor and other resources are available at lower cost as compared to the metros and Tier I cities.
Hub of Government Initiatives:
The government has launched progressive schemes like Pradhan Mantri Awas Yojana and Smart Cities Mission. These programs aim to provide affordable housing and better infrastructure to people. Also, this is a step to ease out the pressure on the existing infrastructure and resources of metro cities.
Better Amenities and Accessibility:
With the construction of new airports, flyovers, bus corridors and expressways, connectivity to Tier II and Tier III cities has improved significantly. Now one can reach these cities conveniently and in a hassle-free manner.
Housing Trends:
Housing trends in Tier II and Tier III cities have been on the positive side. Stable appreciation of property and promising future returns have made these cities a fine choice for new and first time home buyers.In recent times, the emergence of Tier-II and III cities have really given metro cities a run for their money.
Written By:
Naman
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Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.
