These days Tier 2 and 3 cities are viewed as excellent investment option as the property prices in metros are soaring. Within Tier 2 and 3, most Metro city dwellers feel it is a good option to buy a property in nearby vicinity to the city rather than in a completely new city and with high property prices. Here are 7 factors that propel home buyers to invest in Tier 2 and 3 cities.
1. Cost effective alternative to metros: Tier 2 and 3 cities are a better alternative as house rent, transportation, education, and many necessities are more cost effective compared to the expensive metros.
2. Second homes: Many buyers are buying homes in tier 2 and tier 3 cities as second homes to support their parents. Old generation often find it hard to catch up with the pace of metros. They often feel insecure and secluded. Tier 2 and 3 provide a comparatively hassle free life.
3. Retirement planning: With increasing awareness about personal finance and planning, people have started thinking of planning early for their retirement. Many prefer to spend their retirement in a place they grew up in their native place.
4. Appreciation in land rates: Land available in these cities is affordable now and expected to rise in the near future with rapid urbanization.
5. Better Connectivity: Most Tier II and Tier III cities are better connected today making them much more accessible. City like Amritsar has an international airport thus assuring a steady flow of tourists and pilgrims.
6. Better Standard of Living: With all the world class facilities now available in well developed townships and distances within the city much smaller than metros, Tier 2 and Tier 3 cities offer stress free life.
7. NRI Investing: Integrated township construction with a bungalow spread across acres of land is the most popular choice of investors in these cities. It is also a way for them to connect with their roots.