Will 2024 be the Year of Real Estate in Tier-2 Cities

The present economic and medical conditions have adversely affected the Real Estate sector throughout the country. The long spent lockdown in the native places has made people so much connected with their roots that they have shifted their preferences from residing in top metropolitan cities to tier 2 cities.

As the year 2021-23 suffered unique trends in the real estate sector and the economy as a whole, similarly, the reverse migration happening from metropolitan and Tier 1 cities towards Tier 2 cities have raised the property demands in the latter cities considerably.

What will be the trends for Real Estate in 2024?

Companies adopting work from home policies amidst the Coronavirus breakdown has made the people spend more time in their home. This has aroused a need for spacious and comfortable housing with all the amenities. Tier 2 and Tier 3 cities have experienced this a lot in the pandemic era.

Reasons for reverse migration

Change in work culture

Infrastructure projects such as AMRUT  ( Atal Mission for Rejuvenation and Urban Transformation ) schemes and many others have encouraged social and cultural development in Tier 2 and Tier 3 cities.  Such developmental activities excite the real estate developers and investors to develop more residential and commercial projects in tier 2 and 3 cities.

- Centre and state infrastructure projects

Apart from the technical aspects, looking at the economic side of the equation, house and property rates in tier 2 cities are much more economical and affordable as compared to Tier 1 cities.

Economical rates