Tier-II Cities Will Continue To Fuel India’s Growth, According To A New Report.
According to a research by property brokerage firm CBRE India, India’s tier-II cities would continue to fuel growth as the country tries to become a $5 trillion economy.
According to the paper titled Tier-II Cities: Coming of Age, some of the key causes leading to the rising prominence of these cities are increased economic possibilities, enhanced connectivity, and expanded real estate.
The paper examines the economic prospects of ten cities, including Chandigarh, Jaipur, Ahmedabad, Kochi, Thiruvananthapuram, Lucknow, Indore, Bhubaneshwar, Vishakhapatnam, and Coimbatore, as well as their growth rates.
According to the survey, the rising economic base and access to a competent personnel pool are major motivators for occupiers to consider expanding in Tier-II locations.
These cities have an advantage over India’s leading real estate markets since they provide a mix of non-SEZ and SEZ enterprises with typical monthly rates ranging from Rs 30-40 per square foot to Rs 60-80 sqft.
“Most tier-II cities have established high-street sites, with a few developing.” “Well encircled by residential catchments, these shopping attractions cater to a large audience, supplying a wide diversity of brands across athleisure, fashion & apparel, F&B, department stores, hypermarkets, fine dining restaurants, car showrooms, and electronics,” says the report, adding that the cities’ expanding economic base and access to a skilled talent pool are key influencing factors for occupiers to consider.
Occupants are further attracted by the high quality infrastructure as well as the low cost of land and operations in these areas. While some choose to lease space to begin their activities, others prefer to use flexible space.
The survey also reveals that Kochi and Coimbatore are significantly less expensive than other cities. According to the survey, most cities either emerged as front runners or performers in terms of health-wellbeing and educational performance.
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