NewsVoir
Bahadurgarh (Haryana) [India], June 29: The real estate industry in Delhi NCR has witnessed major change in the past few years. While the capital city continues to boom in economic and infrastructural areas, the emergence of Tier 2 and Tier 3 cities in its vicinity is soaring as a pathbreaker, especially in the real estate market.
With rapid urbanization, better infrastructural development, enhanced economic opportunities, and higher quality of life, these smaller cities are not only catching the eyes of homebuyers but also exciting developers who are eager to seize the opportunities in this potential real estate market. The development of the "Golden Ring", i.e., a connected network encircling Delhi-NCR, further led to the expansion of Tier 2 and Tier 3 cities such as Bahadurgarh, Sonipat, Alwar, Meerut, and Manesar. These smaller cities provide exclusive investment opportunities, with special focus on enhancing the road connectivity and being equipped with developed amenities.
According to the CBRE report, Tier-2 & Tier-3 cities of India experienced a remarkable increase in investment, with capital flows more than doubling in 2023. Developers are drawn to these cities for land acquisition due to the robust increase in demand for real estate projects across the country. Moreover, the capital flows hit a record of $1.3 billion, up from $600 million in 2022.
Enhanced Connectivity-
The new Delhi Metro corridor approved by the Union Minister, from Inderlok to Indraprastha, will enhance connectivity with Tier 2 and Tier 3 cities. According to real estate experts, this improved connectivity will stimulate investment in both commercial and residential projects in these areas. Property values are expected to rise significantly near this metro corridor. Bahadurgarh, well-connected to NH-10 and Jhajjar Road, is poised to become the next preferred destination for real estate investment. It is also linked via the Kundli-Manesar-Palwal Expressway. Furthermore, Bahadurgarh and surrounding cities are in close proximity to Delhi. The Delhi-Bahadurgarh-Rohtak highway, KMP Expressway, and UER2 connect the region to all major cities and districts in Haryana and Delhi-NCR. The area also enjoys excellent railway connectivity, with Bahadurgarh serving as an important railway station.
Social Infrastructure-
Bahadurgarh city and surrounding tier 2 & 3 cities boast an impressive social infrastructure, catering to the needs of both buyers and investors alike. Notably, the region hosts Asia's biggest footwear & Industrial park and is home to some renowned companies such as Relaxo, BNG Fashion, Yokohama, and Aqualite. Balaji Action Cancer Hospital, the upcoming Minerva Mall, Maharaja Agarsen Medical University, etc situated close to the city enhance the appeal of the area. Furthermore, some of the renowned developers, such as Royal Green Realty, TATA, Omaxe, Essel Realty, HL city, and few others have ready-to-move and upcoming luxurious & premium townships with product varies from villas, plots, and first-time SCO spaces. With UER in place the travel time to the IGI airport has been reduced to half an hour from these townships. Moreover, the city is also witnessing a population surge, particularly among millennials and young professionals from Delhi, drawn by its proximity to offices, excellent connectivity and social infrastructure.
Talking about the real estate growth in Bahadurgarh City, Yashank Wason, Managing Director, Royal Green Realty, said, "Bahadurgarh city considered as a premier destination offers exceptional residential developments, unparalleled location and a wide array of amenities. The region has excellent connectivity to rail anf road networks with Bahadurgarh as an important railway station. Furthermore, Delhi-Bahadurgarh-Rohtak Highway and KMP Expresway connects to all the important cities of Delhi-NCR. At our township, we offer expandable villas, plots, and first-time in Bahadurgarh SCO spaces equipped with top-notch amenities such as smart security & monitoring, a smart outdoor landscape, state0of-the-art club house equipped with all modern amenities lie swimming pool, a kid's play area, restaurant, and much more that will enhance the standard of living of our residents."
New Opportunities Unveiled:
With improved connectivity and rising property values, Bahadurgarh and other Tier 2 & 3 cities are evolving into hotspots for developers. This opens up exciting new opportunities for commercial development, marked by the emergence of Shop-Cum-Office (SCO) spaces. This innovative concept combines retail and office spaces within a single unit, transforming the commercial real estate landscape. This diversification in the commercial real estate sector provides businesses with a wide range of options tailored to meet the industry's needs. With a strategic location, these spaces hold immense appeal for SMEs, further cutting costs and streamlining operations in Tier 2 cities.
On this, Wason, further adds, "Our first-time Shop-Cum-Office (SCO) spaces in Bahadurgarh will offer cost-effective solutions and increased convenience for businesses. The SCO spaces are increasingly becoming the retail future as they provide a unique blend of retail and office space which caters to the changing needs of the real estate sector. Moreover, these spaces in Tier-2 cities, such as Bahadurgarh, are attractive for SMEs due to their strategic location, offering both retail and office space in one building and reducing costs. Companies can benefit from shared infrastructure and facilities, such as common areas and parking spaces, among others. These spaces are poised to make a positive impact on the local economy, generating numerous job opportunities. Moreover, their proximity to the airport and other prominent landmarks makes them a convenient and accessible destination for businesses and customers."
Future Outlook:
The Indian economy is set to undergo rapid urbanization of approximately 50% by 2050, which will encourage more developers to expand their footprints in these markets. Finance Minister Nirmala Sitharaman's recent announcement during the interim budget 2024 underscores the government's steadfast commitment to infrastructure upgrades & building connectivity nationwide. This significant move will benefit the real estate industry, not just in major cities but also in Tier 2 and Tier 3 cities across the country.
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