New launches beyond metros to spur Gurgaon, Noida realty market

Post Corona, with the top listed developers firming up their plans to launch new projects in tier 2 and tier 3 cities, it is an advantage to Gurgaon, Noida, Greater Noida and Ghaziabad realty .

What has prompted branded listed real estate companies to plan their new launches in tier 2 and tier 3 cities, is the changed behaviour of home buyers. They are now preferring smaller towns to metro cities. According to Anarock Property consultants, top seven listed real estate companies are preparing to launch around 92.5 msf of residential space within the next 1-2 years. Out of  this at least 70-75% of this supply may well be launched in FY 22. These real estate companies, mostly from the South, are buoyed  by their good sales performance in FY 21, to come up with a strong pipeline of new projects targeting tier 2 and tier 3 cities. These 7 companies cumulatively sold 30.45 msf space in FY 21, an increase of 7% over FY 20.

Says Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global and Chairman, Assocham National Council on Real Estate and Housing, ” The massive infrastructure growth in tier 2-3 cities, leading to excellent connectivity, have made these small cities much more attractive for investment. Post Corona, remote working from smaller towns where home prices are much lower and cost of living is less, has further made them more attractive. Big listed players are planning their new launches in tier 2 cities like Gurgaon and Noida which may well provide impetus to real estate here.

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