Tier II and Tier III are smaller cities as compared to the metropolises. These are the cities with populations of one million and less than a million respectively. Tier II are regional hubs such as state capitals or industrial areas like Pune, Dehra Dun, Cochin. Tier III cities are minor cities like Nasik, Baroda, Madurai, etc. that are just beginning to wake up and take form.
Congestion in big cities has pushed people and industries towards smaller cities. Hence Tier II and III come into play and are the future of real estate. Tier II and Tier III cities come with a myriad benefits. Governments also play a major role in the development of these small cities. The channeling of investments by major building houses is because of affordability and availability. Properties are easily available and at affordable prices. One can buy real estate property in Dehradun, Lucknow, Baroda and Pune at rates more affordable than their metropolitan neighbours. [Read more…]