Nowadays, Tier-II and III cities are viewed as excellent investment option as the property prices in metros are soaring. Within Tier-II and III cities, 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 seven factors that propel home buyers to invest in Tier-II and III cities.
- Cost effective alternative to metros: Tier-II and III cities are a better alternative as house rent, transportation, education, and many necessities are more cost effective compared to the expensive metros.
- Second homes: Many buyers are buying homes in these cities as second homes, which can be later used as a weekend getaway or as an investment.
- 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 more peaceful and hassle-free environment.
- Appreciation in land rates: Land available in these cities is affordable now and expected to rise in the near future with rapid urbanisation.
- Better connectivity: Most Tier-II and Tier-III cities are better connected today making them much more accessible. Cities like Amritsar have an international airport thus, assuring a steady flow of tourists and pilgrims.
- 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, these cities offer stress-free life.
- NRI investing: Integrated township construction with a bungalow spread across acres of land is the most popular choice of investors in these cities.