As potential home hunters, we are picky and prudent, and rightly so! Primarily we look for two things while searching for a home – affordability and facilities.
If you feel that the bustling metros and tier-1 cities are the place to be, you might be surprised to know that the sentiment is fast changing. With low property costs and emerging smart technology, tier-2 cities have become a popular investment option for home buyers.
But that’s not all. Let’s dive a tad bit deeper into what’s drawing people to these cities for property investment.
Many are of the belief that smaller cities are investment-friendly because their facilities are basic, just about necessary for a satisfactory standard of living. This is not true. Highly urbanised, the tier-2 cities of India today have excellent health care facilities, growing job opportunities, developed infrastructure – all at an affordable price. And unlike popular belief, these cities aren’t just for the retired folks. Lately, they are seeing a significant influx of young population in search of homes.
Growing Job Opportunities
Thanks to the reduced operational costs and availability of office spaces they offer, these cities are fast becoming commercial hubs. What makes it better is also the ease of doing business here. So, if you are fretting about the lack of career opportunities here, there is good news! With significant infrastructural development, there has been an immense push for commercial development in cities like Pune and Aurangabad, making them perfect for settling down in.
Additional Read: Impact of Smart Cities on Indian Real Estate Industry
If you were to look at the top 10 tier-2 cities in India, you would find that they house advanced public and private infrastructure. There is easy connectivity through roads, highways, and airports. Electricity, telecommunication, waste management, et al – India’s second tier regions are fast advancing in all areas. Furthermore, the emergence of smart cities is transforming their face, giving tough competition to tier-1 cities.
Affordability of Market
Cities that fall under the tier-2 category are typically untapped housing markets. With relatively lower property costs, you’ll find these cities an affordable option for buying a house. What’s more, the easy availability of home loans means you can own a house of your own without difficulty, should you choose to settle down in any of these cities.
Growing Retail Investment
Over the years, cities such as Chandigarh, Jaipur, Pune, etc. have been experiencing a major shift in lifestyle. With their populace’s disposable incomes rising, they have become a growing market for many luxury and premium brands. Additionally, the emergence of mall culture has also changed the face of these cities extensively.
Additional Read: List of Reasons Why You Should Buy a House in Smart City
So, if you are ready to settle down in a tier-2 city in India, Tata Capital is here to erase your financial woes. After all, good planning is central to good investment!
Visit us today for competitive home loans, designed to help you come closer to your dreams. Check your home loan eligibility on our website and use our home loan EMI calculator to plan your investment with more clarity.