The economic growth in the top Tier 1 cities in India is beginning to saturate, and a number of Tier 2 and Tier 3 cities have come into the picture of being the future growth engines of our country. One of the key reasons for this is the increasing disposable income of individuals, which has created great opportunities for organizations looking out for new places to grow and expand.
While metro cities like Bangalore, Chennai, Mumbai, Delhi, Kolkata, Pune and Hyderabad accounted for a maximum share of the growth and development, there were other smaller cities showing signs of an economic thrust. However, the bigger metros have started to saturate and many companies catering to service and manufacturing sectors are looking for alternate cities for their growth.
What is driving these companies?
Some of the major reasons for companies to be attracted by these smaller cities is the availability of talent at a much lower cost, reasonable prices in the real estate sector, conducive business environments and so much more.
This rapid industrial growth has led to more and more disposable incomes and improved lifestyles. Tier 2 and Tier 3 cities are being targeted by various skill-based manufacturing industries and the IT/ITeS sectors, which have led to a further growth of these cities, paving the way for expansive urbanization.
Also, smaller cities have good connectivity, infrastructure, availability of natural resources and lots of other self-sustainable aspects.
Swarna Griha’s contribution to the change
Because of this rapid industrial growth, the need for housing is also increasing at an equally fast rate. By taking into account the large inflow of people in places like Tumkur and Kolar, Swarna Griha has developed homes with all modern amenities at affordable rates under the PMAY scheme.
Swarna Griha conducted a survey with their existing customers and found that most of their customers were experiencing an improved overall health and a better lifestyle. The survey also showed that on an average, there was a 20 to 30 % fall in the cost of living. These residents also witnessed a better pace of life, with much lowered stress levels.
Also as part of contributing to the micro economy change, Swarna Griha targets the economically weaker sections of society and new age urbanites by providing them affordable luxury homes.