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Residential Real Estate Booms: Indian Homebuyers Bet On Smaller Cities - Details
The Indian residential real estate market is witnessing a significant revival, marked by an increase in land acquisitions by property developers across the country. According to The Times of India report, this resurgence is not confined to major metropolitan areas but extends to tier-II and tier-III cities as well.
Indian Residential Real Estate Booms (Image Source: iStockphoto, TN Digital)
The Indian residential real estate market is witnessing a significant revival, marked by an increase in land acquisitions by property developers across the country. According to The Times of India report, this resurgence is not confined to major metropolitan areas but extends to tier-II and tier-III cities as well.
A report by The Times of India indicates that this trend has gained momentum, particularly after the Covid-19 pandemic. Homebuyers are increasingly interested in plotted developments, a shift that has also been influenced by the rising demand for warehousing.
According to the JLL India's study, between January 2022 and October 2023, developers have acquired around 3,294 acres of land. 44.4 per cent of these transactions, encompassing 1,461 acres, occurred in tier-II and tier-III cities across 17 land deals.
As quoted by The Times of India report, Ghosh emphasises HoABL’s strategy to create consumer wealth by investing in 'new India' cities and towns that have experienced significant infrastructure and connectivity enhancements, thereby becoming crucial commercial hubs. The cities like Nagpur, Palghar, Khalapur, Panipat, Ludhiana, and Panchkula are pivotal contributors to this trend.
Established real estate firms, including HoABL, Godrej Properties, Mahindra Lifespace Developers, and Arvind Smartspaces, have been actively involved in numerous land transactions in tier-II and -III cities
Kamal Singal, MD & CEO of Arvind SmartSpaces said a heightened interest in land ownership post-pandemic. The plotted developments offer flexibility for consumers, while developers navigate the challenges and opportunities in extensive horizontal developments. Singal said that the long-term vision and conviction required in this segment, which promises better returns over medium to long-term periods.
Of the land acquired in these cities, a substantial 91.6 per cent (1,339 acres) is earmarked for residential developments, focusing primarily on plotted residential projects.
Over 1,015 acres, valued at over Rs 3,163 crore, are allocated for plotted developments. Additionally, some developers are exploring the launch of holiday homes, catering to the growing demand for second homes in vacation destinations like Shimla, Rishikesh, and Goa.
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