Beyond Mumbai and Pune - Invest in Maharashtra's Tier II Cities
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There are several compelling reasons to invest in Maharashtra's tier II cities:
Affordable Housing - The demand for affordable housing in Mumbai and Pune is far outstripping the supply, making it challenging for developers to build affordable housing in these cities. By contrast, tier II cities like Nashik offer land parcels for development and are well-connected to employment hubs like Navi Mumbai and Thane.
Growing Business Hubs -Maharashtra's tier II cities are emerging as business hubs, with increasing interest from IT, ITES, and BPO sectors. The availability of congenial factors for setting up corporate infrastructure in cities like Nagpur and Nashik is drawing small investors and investment companies to these cities, creating demand for cost-effective office spaces and ultimately contributing to the growth of the residential real estate market.
Saturation in tier I cities - With high population density, cost of living, lack of green space, and traffic hassles in Mumbai and Pune, investors with limited budgets, NRIs, and retired end-customers are showing more interest in smaller cities with lower density.
Developing Industries - The Delhi-Mumbai Industrial Corridor project is expected to create lakhs of jobs in Maharashtra, particularly in the areas around the upcoming nodes, which will ultimately lead to an increase in demand for housing and commercial spaces.
Upcoming Infrastructure - The central government's initiatives, including metro rail and road widening projects, will also benefit the real estate prospects in Maharashtra's tier II cities, particularly those identified under the Smart Cities Mission such as Pimpri-Chinchwad, Nashik, Amravati, Solapur, Nagpur, and Aurangabad.
Three Tier-2 Cities in Maharashtra you can invest in –
Nashik - Nashik is one of the largest cities in Maharashtra, offering growing investment opportunities in residential and commercial properties due to the expanding industrial and IT hubs, including tech parks and SEZs. The city's real estate market is attracting investors looking for more economical and higher-yielding investment opportunities compared to the high costs and demand in Mumbai and Pune.
As the third most industrialized city in Maharashtra after Mumbai and Pune, Nashik is experiencing significant infrastructure development, including hospitals, shopping malls, hotels, and educational institutions. The city's residential market has grown significantly in the last decade, making it an ideal location for investment in newly launched properties.
Nashik has several developed landmarks –
- A successful 6-lane road between the two cities is the Mumbai-Nashik Expressway
- The longest flyover in India connecting significant points within the city
- The city is also home to prominent companies such as VIP, Bosch, Samsonite, M&M, and others
Nagpur -Nagpur, the third largest city in Maharashtra, is rapidly becoming a popular investment destination due to its excellent transportation network, including an international airport and metro rail services, and high quality of life with ample employment opportunities, healthcare and transport options.
In recent years, there has been a surge in demand for both residential and commercial properties in Nagpur, with the realty sector providing the highest number of employment opportunities in India. While residential demand remains the main driver of the industry, other asset classes such as commercial offices, industrial and warehousing sheds, retail and hospitality are also contributing to the sector's growth.
Additionally, government initiatives like the Smart Cities Mission are playing a crucial role in making cities more sustainable and livable, encouraging buyers, occupiers, and investors to pay more attention to overall well-being.
Kolhapur - Kolhapur is a significant contributor to the commercial output of Maharashtra due to its multiple large-scale industries. With manufacturing, trade, and transportation being the largest contributors to its economy. This strong commercial presence provides endless opportunities for the commercial real estate sector in the city.
The iron and casting industry is a major sector in Kolhapur, and it also has a rich textile industry known for its unique artistic designs and production, with popular clothing brands like Raymond operating in the city. Additionally, Kolhapur is a hub for gold and silver jewelry production, with artistic pieces from the city having popular demand in India and around the world. Due to lots of carrier opportunities people also stared looking for Residential Properties.
People began looking for residential properties as a result of the abundance of job opportunities. Therefore, investing in Kolhapur's real estate market, particularly commercial properties, is a profitable idea due to its thriving business sector and opportunities.
Article authored by: Team Propfynd
Date: 28th February, 2023