With real estate developers now turning their attention towards Tier II and Tier III cities, Bhubaneswar is emerging as one of the most lucrative destinations in Eastern India. Real estate sector is now expanding to these cities creating new avenues for development and Bhubaneswar is undoubtedly one of the fastest growing Tier II cities in the country.
There are a number of reasons why the housing demand has gone up in Tier II and Tier III cities. The rapid growth in Tier I cities has led to unplanned development which in turn has made these cities congested with residential and commercial properties. This congestion in realty structures has forced the respective governments and many investment companies to seek out for alternative smaller cities leading to a demand for Tier II and III cities.
For realtors, these cities are an attractive option for construction as the return on investment is way higher in these cities compared to metros and construction time is less. Returns here are stable and much better than metros over the long-term. Labour is cheap comparatively. Also there are no speculative elements in tier ll and tier III cities unlike metro cities which make the markets safer. The yield rate in Tier ll and Tier III cities is much higher.
Besides an increasing number of home buyers also consider Tier II and Tier III cities as excellent investment options for obvious reasons. Land available in these cities is affordable now and expected to rise in the near future with rapid urbanization. The cost of living in these cities is not just much less in comparison to the expensive metros. And, it is even better as against the metros. With all the world class facilities now available in Tier II and Tier III cities, they offer a stress free life. Also some builders are thinking to invest more in Bhubaneswar properties as the price is increasing day by day.
Bhubaneswar today has not just emerged as an IT hub but also an education hotspot in the entire eastern India. While it signals growth and development, it also means that an increasing number of people from outside have moved to the city in recent times leading to greater housing demand. Be it in the retail sector or medical field, the city has everything to offer for a comfortable life. As a result, even big players in the real estate market are planning their projects in the city. The way things stand now, the city will continue to attract both developers and buyers in the near future as well.