The real estate sector is the new wildfire of India. However, this was not the case a few years back before the implementation of RERA...
The real estate sector is the new wildfire of India. However, this was not the case a few years back before the implementation of the RERA (Real Estate Regulation and Development Act) 2016. Now, the scenario is changing rapidly and the real estate market is on an all-time high. One of the major driving forces behind this phenomenon is the ever-growing population of our country, 65 percent of the total population falls under the age of 35 years, which means more and more construction to meet the growing demand.
The major contributors towards the real estate sector are the metropolitan cities such as Mumbai, Delhi, Chennai, and Kolkata. But, in the last decade or so, the Tier 2 cities are also emerging as the playground of the real estate market. Considering the booming Indian Economy, large chunks of Tier 2 cities such as Noida, Lucknow, Kanpur, Pune, Surat, etc. have emerged as the new hub for real estate development.
Uttar Pradesh is leading the chart of real estate development when it comes to Tier 2 cities, which is inevitable from the growth rate of Noida. Lucknow, the largest city of Uttar Pradesh is also matching up to the pace of development in the country. Many big players in the real estate sector are eyeing this region because of the enormous potential that it possesses. Kanpur, the second largest city of Uttar Pradesh is also being seen as a potent real estate market.
Kanpur, also known as the Manchester of India is sprawled over a gigantic 260 sq km. Situated on the bank of Ganges, it has immense religious importance. However, not many people know but it is also India’s chief industrial center. The last decade has witnessed a massive shift change in Kanpur’s lifestyle, consuming pattern and the standard of living. These are the perfect foundation for a booming real estate sector in Kanpur.
Let’s contemplate some of the major factors behind the property development in Kanpur:
RERA – For ages, the real estate sector has played as a front for generating and stashing slash funds for politicians and land mafias. But, not anymore, after the implementation of RERA, which ensures transparency and safeguards your investment.
Connectivity – Kanpur is well connected to the capital and many leading cities of India such as Mumbai, Kolkata, Surat, etc. by road and rail. The new Yamuna Expressway has added new dimensions to it.
Industrial Hub – Kanpur is known as a city of industries, from leather to textiles, it is one of the leading cities to produce finished goods. This act as a major factor contributing to the growth of the real estate sector in Kanpur.
Educational Institutes – Kanpur is home to some of the most prestigious colleges and universities such as IIT, UIET and Agricultural College with many more in the pipeline. This growing immigration needs accommodation, which adds to the property development in Kanpur.
Retail Sector – The Government Textile Institute and the National Sugar Industry act as a pioneer in the development of the retail sector. With new malls, commercial and residential spaces being built at a rapid pace adding to Kanpur’s real estate market.
To sum it up, Kanpur’s real estate market is growing by leaps and bounds, which is expected to grow furthermore in the future. Adding to that, Uttar Pradesh is now being run by a single majority party which facilitates the ease of doing business without any roadblock. It wouldn’t be surprising if Kanpur starts matching the growth rate of Noida and Lucknow when it comes to the real estate sector.
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