Content Analyst at Investors Clinic
The dynamics of home buying in India have transformed a lot and thus the demand and budget of property investors has also shifted the gear. This change in the equation is based on the developing and proposed infrastructural facilities in the adjoining areas of major cities. In fact, out of many, one primary infrastructural development is the airport and this blog post lets you know as to how this has changed the scenario of Indian real estate in tier II and III cities.
The areas such as the National Capital Region, Mumbai Metropolitan Region, outskirts of Bengaluru, Hyderabad, Chennai, and Kolkata are the key areas that have a maximum number of commercial and office spaces. Thus, the footfall here is huge, which asks for smart commutation facilities up to far off places. Thus, various expressways are developed as they offer smooth and short travel upto international airports.
The airports have become the need of the hour and this has changed the market scenario of smaller cities into smart cities. The availability of large plots, ample land parcels, lesser construction cost, spacious layouts and medium cost of living has garnered the interest of realtors and investors in these areas. All this results in MNC companies approach to offer better job opportunities and thus the migrants professionals prefer to reside in these far-off places. Thus, today several tier II and III cities are having airports from where the young minds can fly to any and every corner of India.
The Government plans to build approximately 100 airports across the country in various smaller cities such as Shirdi in Maharashtra, Hisar in Haryana and Durgapur in West Bengal. This development of airport facilities is going to fast-pace the lifestyle, business and job opportunities in tier II and III cities.
The Narendra Modi-led Union Government started the UDAAN Yojna [Ude Desh ka Aam Naagrik] with the vision to make air travel affordable for all. In the first phase the Government is going to construct airports at Amravati, Gondia, Nashik, Jalgaon, Nanded, Solapur, Kolhapur, Ratnagiri, and Sindhudurg out of which Shirdi and Nanded are owned by the State Government.
However, Ratnagiri a coastguard airport and is believed to be ready for UDAN flights only in 2019.
Now, the residents of tier II and III cities do not gaze the appearance of people residing in metro cities but dream to be one amongst them. While understanding this zest to experience good quality life the developers are ready to offer the same to the smaller cities.
The airport facilities have reflected so positively to tier II and III cities that various entertainment zones, commercial spaces, fine-dine restaurants, and shopping arcades are coming up in multiple smaller cities.
Apart from this, the developers are also coming up with the various green homes, penthouses, luxurious villas, and other spacious living projects in these cities due to the smooth connectivity via airports.
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