The focus should now shift to tier II and III cities, say CREDAI officials

In some cities like Visakhapatnam, we are already seeing the vertical growth in the shape of high-rise buildings.

Tier II and tier III cities have immense potential for growth in real estate and that is why builders should now shift their focus towards these cities, said G. Ram Reddy, national vice-president of CREDAI.

He was addressing a press conference on Tuesday, along with other officials on the upcoming New India Summit (NIS), which is slated to be held in Visakhapatnam on April 29 and 30.

He said, this summit was one among three most important annual events of CREDAI and this was the fourth edition.

Due to COVID-19 pandemic it was last held in 2019 and this time it is going to be hosted by CREDAI- Visakhapatnam chapter.

The theme of the summit is ‘Cruise: Navigate the future’, and will basically focus on real estate opportunities in tier II and tier III cities. The idea is to educate builders to scale up real estate growth in these cities on par with the metro cities, said B. Raja Srinivas, president of CREDAI-A.P.

Speaking about the advantages in these cities, Mr. Reddy said, “CREDAI has presence in about 200 tier II, III and IV cities, with about 14,000 members and in this summit we intend to create awareness on the leverage factor. In some cities like Visakhapatnam, we are already seeing the vertical growth in the shape of high-rise buildings.”

On the advantages of these cities, he said that primarily there is availability of land and the prices are much cheaper. “Moreover, with the work from home concept catching up, there is availability of funds and people are coming forward to invest in these cities. The cities have all the trappings, including good internet facilities and all we need to do is tap the potential,” he said.