The ever increasing prices of properties in metros indicate for a time when buyers and investors start focusing on tier 2 cities that are developing and have tremendous potential to grow.
If 2017 seems like a good year for you to make the big purchase of your dream nest, then you are in company. Despite the IT slowdown and demonetization, thousands of Indians are going forth with their plan of buying a home this year.
If you have the liberty of choosing any place, then it is best to avoid the metropolitan cities at this point. It’s not that the properties out in the biggest cities are all taken. It’s only that they have gnarly price tags on them, some beyond reasoning.
If you do not mind living or investing in a small town, (by small town, I don’t mean the back of the beyond) then here are two destinations you must consider. Both these cities are up and coming, and are at the helm of dramatic development, their present status being, developing. Let’s take a look at the two most promising options home buyers have in small towns in India and why.
Bhubaneswar, Orissa
It is potentially the next big thing in Eastern India. Government aids, IT firms entering the market and lot of localities still open to be ventured make Bhubaneshwar a land of opportunities.
The twin cities of Bhubaneshwar and Cuttack in Orissa are important IT hubs of the east at this point. They may not have already risen to the status of a mega-city already, but they are not very far from it.
While fast growing industries and a speedy rate of employment has caused thousands of people from all over India to move in, it has gotten the real estate industry on an upward move.
The reason you still want to invest in the real estate of either of these two cities is because most of their raw land is owned by the government. That means the real estate industry is much better regulated than in other places because of direct government involvement.
It has only been two decades since private players have started to enter the local market. By that, the market is still virgin and loaded with possibilities.
Assessing in terms of options, the northern and south-western parts of Bhubaneshwar are witnessing a lot of development in real estate recently. The presence of KIIT and Infocity-1 has spruced the areas up.
Independent houses, bungalows, duplexes and multi-family homes are coming up at a fast pace offering people copious options to pick from. Good news is houses and single-family units still score high in these areas as compared to apartments.
Some areas in particular worth considering for home buying are Uttara, Patrapada, Hanspal and KananVihar.
Coimbatore, Tamil Nadu
The industry landscape in Coimbatore has changed a lot in last one decade. This has brought a lot of diversity to the city, which in a way has benefitted real estate market here.
Coimbatore has already earned the status of an important city in Tamil Nadu. Second largest in size, Coimbatore is nicknamed the “Manchester of South India”. By the support of highly employing industries like textile and spinning, IT, automobiles, general engineering and such, the place is a buzzing pocket of development.
The real estate market in Coimbatore is lucrative at this point and before it is all gobbled up by hungry investors, it is going to be that way. The IT sector has largely influenced the rise and fall of industries in Coimbatore. Previously, the medical and healthcare industry held sway over other smaller businesses. At this point, the dominance has been distributed among other bigger industries that are gradually taking over the population.
In midst of all this, the future of real estate seems bright. While some commercial developments are speeding up, the high street real estate is at large too. After Bhubaneshwar and Cuttack, Coimbatore is another great place for buyers hankering to find single homes.
Duplexes and single-family units are dotting the cityscape at this point. The organized development of the real estate in the past few years have left a trail of urbanization that is hard to ignore. Many luxury villas in Bangalore have sprung up over time, but that hasn’t obscured the construction of independent homes.
The icing on top is the rock-bottom prices of the newly constructed houses. They come for a fraction of the price at which similar sized homes in bigger cities are offered at. A decent sized 2 BHK apartment in Coimbatore today may only cost you Rs.50 lakh which is reasonable.
Some prime locations for home seekers to consider are Avinashi Road, Vadavalli, Saravanampatty, Trichy Road, Ganapathy and Race Course.
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