Decoding the Real Estate Development with Director, Rajdarbar Group 

Rajdarbar Realty, a prominent player in north India’s real estate market, with a presence in tier 1 and tier 2 & 3 cities, is at the forefront of shaping the realty landscape in non-Metro cities. In an exclusive discussion with ‘Realty & More’, Radheecka Rakesh Garg, the Director of Rajdarbar Realty spoke a range of issues, 

including the city’s allure to investors, the growing demand for premium properties in tier 1 cities, and the potential of tier 2 & 3 cities. 

Q. What are the key factors contributing to the promising prospects of commercial realty in tier 2 and tier 3 cities?

A. The commercial realty prospects in tier 2 and tier 3 cities are promising and witnessing a significant transformation. The development of commercial infrastructure in these cities is driven by various factors. Infrastructure progress, including improved connectivity through new roads, rail networks, and metro systems, plays a crucial role. The rise in prices of commercial spaces in metro cities has led to the expansion of commercial development in tier 2 and tier 3 cities. The trend towards entrepreneurship and the demand for affordable spaces have also contributed to the growth.

Additionally, the influx of big retailers and companies seeking growth opportunities in smaller towns has further boosted commercial real estate in these cities. Digitization, e-commerce, and work-from-home trends have also increased the demand for affordable and small commercial spaces. Overall, tier 2 and tier 3 cities offer substantial commercial real estate development opportunities and have become attractive destinations for businesses and investors.

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Q. As a real estate developer with a significant presence in both tier 1 and tier 2 & 3, how do you assess their distinct growth potential?

A. As a real estate developer with a significant presence in tier 1 and tier 2 & 3 cities, each tier has distinct growth potential. Tier 1 cities have well-established markets, higher property prices, and developed infrastructure, making them attractive for diverse businesses. In the last few years, tier 1 cities have witnessed a robust increase in demand for large houses and premium properties. Tier 2 & 3 cities, on the other hand, offer untapped growth opportunities. With improving infrastructure, increasing demand, affordable pricing, an increase in business and the entry of major retailers, these cities show great potential for long-term growth and investment. These cities have vast untapped potential in residential and commercial segments, offering immense opportunities in affordable and premium projects.

Gurugram is attracting high-value investors and millennials in the residential real estate market. With emerging localities like Palam Vihar, Golf Course Road, Sohna Road, and Dwarka Expressway gaining prominence, how is Gurugram continuing to lead in NCR?

Gurugram continues to lead in the residential real estate market within the National Capital Region (NCR) by attracting high-value investors and millennials. Gurugram’s appeal lies in its dynamic and futuristic environment, supported by various factors. Firstly, the city is home to several Fortune 500 companies and a global IT hub, offering abundant employment opportunities. This presence of major corporations attracts high-value investors who seek to capitalize on the city’s economic growth and stability.

The city has witnessed significant infrastructure enhancements, including wide roads, modern transportation networks, and reliable utilities, contributing to a comfortable and convenient lifestyle. Furthermore, new localities such as Palam Vihar, Golf Course Road, Sohna Road, and Dwarka Expressway have expanded the range of housing and commercial options in Gurugram. These areas offer a mix of luxurious apartments, gated communities, and integrated townships, catering to potential buyers’ diverse needs and preferences.

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Q. How is the affordable housing segment positioned amidst the unmet demand and existing challenges?

A. The affordable housing segment holds immense potential due to significant unmet demand. There is a substantial portion of the population seeking affordable housing options, presenting an opportunity for real estate developers. Despite the challenges, including rising prices and limited availability of affordable land in city centres, the demand for affordable housing remains strong. The post-pandemic era has highlighted the importance of housing security, further emphasizing the need for affordable housing solutions. With proactive measures from the government and innovative approaches from developers, it is possible to address the challenges and meet the growing demand for affordable housing, ensuring housing accessibility for all.

Q. How has Rajdarbar Realty gained its reputation in real estate?

A. We have gained our reputation in real estate by delivering massive projects and constructing millions of square feet of developed areas. Our successful ventures in cities such as New Delhi, Gurgaon, Palam Vihar, Hisar, Sirsa, Agra, Karnal, Mathura, Mumbai, Bangalore, and Jaipur have solidified our position in the industry. With a focus on quality, luxury, and customer satisfaction, we have earned the respect and trust of stakeholders and customers alike.

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