Housing.com-Home buying in Tier 1 vs Tier 2 vs Tier 3 cities: Which is better?
Location is one of the important considerations when buying a property. It is a crucial factor that determines the value of a property. A good location is characterised by the availability of social infrastructural facilities like top-rated schools, reputed hospitals, etc., connectivity to arterial roads and transport links, upcoming infrastructural developments and proximity to commercial hubs. Thus, real estate in such locations sees growth potential, resulting in high property prices.
The real estate landscape across top cities and several tier 2 cities in India has rapidly transformed in recent years, owing to the government’s focus on infrastructure and key initiatives like affordable housing. As major cities are becoming saturated and smaller cities are gaining importance due to emerging employment hubs, the demand for homes has significantly increased in tier 2 cities such as Bhopal, Jaipur, Lucknow, Nagpur, etc. Several real estate investors are often confused about whether they should purchase a property in the top metro cities or look for opportunities in tier 2 or tier 3 markets. In this article, we will delve deeper into the pros and cons of investment in these real estate markets.
