Tier II and Tier III cities are expected to see a major spike in the real estate market with concept housing. Cities like Indore, Kanpur, Kochi, Mathura, Meerut, Lucknow and many others are witnessing a boom, when it comes to glam homes with elite addresses.
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Delhi-based Supertech is coming up with a sports-themed residential complex in Meerut. Krishna Infracon is building a specialised Krishna Nakshatra Home in Haridwar. The project will have spiritual and astrological parks based on the concept of 27 Nakshatras.
Mohali, near Chandigarh, will soon experience a touch of Venice with ‘Venetian Spaces’ at Sector 112 by Manohar Singh and Co priced at Rs 18,000 sq yd – Rs 20,000 sq yd, this premium residential complex will offer Roman architecture to replicate the palatial feeling that defines the Venetian villas.
Terra Castle by Renaissance Realty in Bhiwadi is a specialised society lavish in open spaces and lapped in green surroundings. The landscape gardens and the grand entrance with water bodies will make anyone feel like living life in grandeur. Properties here are priced at from Rs 1,540 sq ft to Rs 2,605 sq ft.
Smaller cities have its benefits — peaceful ambience, higher greener quotient and a hassle- free lifestyle. Also, with improved connectivity to the outskirts, people are willing to travel the distance for homes that suit their lifestyle.
There is a potential market for special themed real estate projects in Tier II and Tier III cities.
“Meerut in future will see the presence of many sports academies and stadiums, making our project well suited to meet the demands of the people,” says R K Arora, chairman, Supertech on his upcoming Sports City, which will have a fully-equipped sports complex spread across 12 acres giving easy access to sports training for its residents.
What about the response from the market? Arora seemed positive about the response from the customers. “Booking for apartments has already started. The price per is an increase of 5 to 10 per cent compared to a non-theme house.”
Krishna Nakshatra Home in Haridwar is another innovative concept aimed to “bring great wealth, absolute health and success in accordance with your planets and stars”! The name Nakshatra is apt for the complex. Though some parts of the project are still under construction, bookings have already started. The property is on NH58, close to Haldwani. The complex contains 1, 2, and 3 BHKs and the price ranges between Rs 2,100-Rs 2,400/ sq ft.
Most theme projects in smaller cities have been designed and delivered as per the local needs. Hi-Tech City in Mathura by Suncity Projects is another innovative project. “Apart from the residential section, the city will offer hi-tech services with state-of-the-art standards for multi-function activities like commercial & institutional and tourism related activities,” says L L Goel, chairman, Suncity Projects.
It seems the idea of investing in a Tier II or III cities that are well connected to metro cities and yet offer a peaceful and greener ambience is working well with the real estate investors.