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 , 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, have excellent connectivity, and are well-equipped with top-notch 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.
Excellent connectivity-
The new Delhi Metro corridor approved by the Union Minister, i.e., the Inderlok to Indraprastha routes, will improve connectivity with Tier 2 and Tier 3 cities. According to real estate experts, the enhanced connectivity will boost investment in both commercial and residential projects in these locations. Moreover, property values might increase near this metro station. The length of this metro line will be about 12.4 kilometers. It comprises 10 stations which include Inderlok, Daya Basti, Sarai Rohilla, Ajmal Khan Park, Nabi Karim, New Delhi, LNJP Hospital, Delhi Gate, Delhi Sachivalaya, and Indraprastha. Moreover, this line will provide excellent connectivity to the Bahadurgarh region of Haryana. The commuters of this region can directly reach Indraprastha and other areas of central and east Delhi. Apart from this, the “Golden Ring” has emerged as a catalyst for the developing tier-2 cities surrounding Delhi-NCR, which makes these smaller cities a desirable destination for real estate investments among homebuyers.
Furthermore, Bahadurgarh and other cities are located near Delhi. The Delhi-Bahadurgarh- Rohtak highway, KMP expressway, and UER2 connect the region to all the important cities and districts in Haryana and Delhi-NCR. The region also has excellent connectivity with the railway corridor, with Bahadurgarh as an important railway station.
Social Infrastructure-
Bahadurgarh city and surrounding smaller cities boast an impressive social infrastructure, catering to the needs of both buyers and investors alike. Notably, the region hosts Asia’s biggest footwear 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 more have ready-to-move and upcoming luxurious properties like villas, plots, and first-time SCO spaces. The airport is just 30-40 minutes away from the location. Moreover, the city is also witnessing a population surge, particularly among millennials and young professionals, drawn by its proximity to offices and excellent connectivity.
Talking about the real estate growth in Bahadurgarh City, Yashank Wason, Managing Director, Royal Green Realty, said, “Unlike other cities of Delhi-NCR, Tier-2 & Tier-3 cities such as Bahadurgarh and more also offer luxurious living that is too far away from the hustle and bustle of the city. The region is close to Delhi, as it takes around 1 hour or so to reach, and is well-connected with roads, railway corridors, and the Delhi Metro. At our township, we offer villas, floors, plots, and our first-time SCO spaces equipped with top-notch amenities such as smart security & monitoring, a smart outdoor landscape, a swimming pool, a kid’s play area, and more that will enhance the standard of living of our residents.”
New Opportunities Unveiled:
With improved connectivity and rising property values, Bahadurgarh and other smaller 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 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. Most important of all it is an enticing option for startups and entrepreneurs who are aiming to establish their brand in tier-2 cities, especially Bahadurgarh.”
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.
