Smaller Cities Smarter Choice

More than half of India’s real estate market is driven by metropolitan cities such as NCR, MMR, Bengaluru, Chennai, and Kolkata.  The key drivers of the Indian real estate industry are now set to change towards smaller tier 2 and tier 3 cities. Many of these cities are seeing increasing economic activity and infrastructure growth.

The prices of residential properties in tier 2 and tier 3 cities and towns start from a significantly lower base, due to cheaper land prices and also because active developers in these cities are more aligned with affordability.  Buyers tend to be more cost-sensitive as economic drivers in the city may not be at par with those in the larger cities.

1. The Lucknow Metro is being constructed in full swing and its phase one has started with metros being run from Lucknow Airport to Charbagh Railway Station. 2. The Lucknow-Agra Expressway and Outer Ring Road will immensely reduce travel time between Lucknow to NCR and will also control traffic within the city.

Some of the key economic drivers in Lucknow are

4. An IT City in Chak Gajaria farm, located on Sultanpur Road, is under construction. On the other hand, HCL has already started operations with its 100-acre campus, giving way to a large number of job opportunities. 5. Lucknow, Prayagraj are two of the cities that have been proposed to be converted into Smart Cities by the Modi Government

Some of the key economic drivers in Lucknow are

1. GMADA’s plan to extend the 200 ft wide Airport Road by 10 kms to connect the Chandigarh International Airport to New Chandigarh 2. The construction of educational institutions like the Narsee Monjee University and G.D. Goenka Public School taking place at the Education City (Knowledge Zone)

Similarly in New Chandigarh the key economic drivers are

3. The city’s plan to make open green landscapes, sports & recreational areas in the Recreation Zone with allocation for themed parks, horse riding grounds, and golf courses 4. The proposition of well located 25-acre Transport Terminal along the major arterial road MDR-B, heightens the easy connectivity and accessibility to Chandigarh and other LPAs

Similarly in New Chandigarh the key economic drivers are

Availability of land and labour at reasonable rates compared to metro cities also lead to affordable prices of real estate in cities like Lucknow and New Chandigarh. Land is one of the major components for real estate projects.

Similarly in New Chandigarh the key economic drivers are