2024-04-14 03:48:37
New Delhi: Not only Delhi NCR (Delhi NCR Property), rapid changes are being seen in the real estate sector in almost every city of the country. Tier 2 and Tier 3 cities are expanding their reach significantly as emerging markets and are catching up with big cities. The research project clearly shows that there will be an increase in real estate activities in these cities and factors like economic growth, strong macro-economic indicators and favorable demography are going to play an important role in this. Recently, CREDAI in collaboration with Liasse Foras released a report on this subject. According to CREDAI report, the estimated housing demand will reach 93 million units by the year 2036. Due to this increased demand, developers will have to acquire about 3,294 acres of land across the country with concentration in the northern and western areas.
Main emphasis on residential development
According to the report, these emerging markets represent entire growth sectors and are characterized by a dynamic real estate landscape and ever-evolving public expectations. The main focus is on residential development, with 91.6 per cent of the acquired land earmarked for low-rise and plot formats. This land offers ample opportunities for both self-business and investment.
10 smart cities in UP
A total of 10 smart cities will be built in the state under the Uttar Pradesh Smart City Mission. All these cities are going to witness the operation of projects worth more than Rs 10,000 crore in the coming months. Among these, Moradabad stands out because of its identity as ‘Brass City’ near Delhi. Moradabad is all set to ride the wave of the government’s smart city initiative.
Why is Moradabad famous?
Moradabad city of UP is famous in the country and the world for its brass handicrafts. Moradabad has adopted technology to enhance its urban services and has earned the nickname ‘Brass City’. The city’s transformation into a smart urban center has opened up new opportunities in the real estate sector and is attracting investors and homebuyers alike. Smart facilities like excellent waste management, advanced lighting system and digital administration have increased the appeal of people towards Moradabad.
Developers are keeping pace
Developers are trying to adapt and keep pace with these smart initiatives. For this, they are incorporating energy-efficient design, rain water harvesting system and green space in their projects. The development of commercial and industrial zones is further boosting Moradabad’s real estate market and offers a diverse portfolio of investment opportunities. At such a time, Lohia Global’s entry into the real estate sector marks an important development. It is planning to launch its first residential project in Moradabad soon. The project is spread over 10 acres and will include upscale luxury villas. This group has huge plots in many cities for real estate development.
Registration increased by 60 percent in UP
Smart City Mission has strengthened the infrastructure as well as increased security. The smart city project has also increased the real estate value of the selected cities, making them better off compared to big cities. According to recent data of UPRERA, there has been a 60 percent increase in registration in non-NCR cities of Uttar Pradesh. These include smart cities like Lucknow, Varanasi, Agra and Moradabad. These cities show the growing attractiveness of Tier 2 and 3 cities with better infrastructure, good lifestyle and amenities.