in.investing.com-Tier 2 and 3 Indian cities to emerge as pivotal real estate growth hubs in 2025
With its critical role in the economy, the housing sector is projected to contribute 13 per cent to the national GDP by 2025, as tier 2 and 3 cities emerge as pivotal growth hubs for the sector, according to a report on Tuesday. "Tier 2 and 3 cities are emerging as pivotal growth hubs, with smaller urban centres like Jaipur, Indore, and Kochi driving more than 40 per cent of new housing developments by 2025," said Ritesh Mehta, senior director and head (north and west), residential services and developer initiative, JLL India.
According to him, the urban homeownership rate is set to increase to 72 per cent by 2025, up from 65 per cent in 2020, supported by affordable financing options and a younger demographic entering the housing market.
Millennials and Gen Z buyers are expected to comprise 60 per cent of new homebuyers by 2030.
