[Tmdl.edu.vn] The report says these cities will be growth vectors in India in the coming years, driven by their progress in the real estate landscape, work environment, quality of life, and sustainability.
India’s tier-II cities will continue to drive growth as the country strives to become a $5-trillion economy, says a report by property brokerage firm CBRE India.
Growing economic prospects, improved connectivity, expanding real estate are some of the leading factors leading to the growing significance of these cities, says the report titled Tier-II cities: Coming of Age.
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The report analysis growing economic prospects of 10 cities, including Chandigarh, Jaipur, Ahmedabad, Kochi, Thiruvananthapuram, Lucknow, Indore, Bhubaneshwar, Vishakhapatnam, and Coimbatore.
The widening economic base and access to a skilled talent pool are prime influencing factors for occupiers to consider expanding in Tier-II cities, the report adds.
These cities have an edge over India’s prime real estate markets as they offer a mix of non-SEZ and SEZ establishments with average monthly rentals as low as Rs 30-40 per square foot to about Rs 60-80 sqft.
“Most tier-II cities have established high-street locations with a few having emerging ones as well. Well surrounded by residential catchments, these shopping destinations cater to a wide audience providing a diverse mix of brands across athleisure, fashion & apparel, F&B, department stores, hypermarkets, fine dining restaurants, car showrooms and electronics,” says the report, adding that the widening economic base and access to a skilled talent pool are prime influencing factors for occupiers to consider these cities.
Occupiers are further encouraged by the quality infrastructure as well as affordable land cost and operations in these locations. While some are leasing space to set up their operations, others also opt for the flexible space route.
The report also shows that Kochi and Coimbatore are much more affordable than others. On health-wellbeing and education quality, parameters also, most cities either emerged as front runners or performers, the report adds.
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