Over the past few years, Indian businesses and the retail industry has grown to be one of the most fast-paced and dynamic industries. It accounts for more than 10% of the country’s GDP.
But did you know Tier 2 and 3 cities are the ones driving the next phase of growth for India’s retail sector? A major reason for this is the steady growth of e-commerce and the expansion of suburbs and housing hubs. Let’s look at the top cities with consistently improving retail markets.
The second-largest city in Uttar Pradesh, Kanpur is one of the foremost industrial centers of India. Well-known for its textile and leather business, the retail industry in the past few years is booming. With skilled manpower, close proximity to markets, and urbanization, it’s one of the best places to set up your industry. With affordable home loan interest rates, it’s the perfect city for employees to stay.
Other than the delicious cuisine and stunning temples, Madurai is also known for its industries. And one of the leading industries besides food is cotton textiles and ready-made clothing. The cotton is of fine quality and extremely durable and is even used for exporting. With the rise in popularity of handlooms, the city also sees plenty of foreign investments. It’s definitely a city worth looking into if you want a home loan.
Vijayawada is dominated by the agro-based industries which are seeing unprecedented growth. The industrial infrastructure is excellent, and many factories and plants are scattered around the city. With upcoming real estate projects as well, housing finance companies are offering customers attractive home loan interest rates.
Faridabad contributes to a large percent of Haryana’s revenue share and is one of the leading industrial centers in the state. It’s home to numerous large-scale industries as well as startups but primarily deals with auto parts. If you want to move to where there is a lot of industrial action, then getting a home loan here might be your best choice.
The development of industries has pushed Rajkot into becoming an urban settlement. It has several small-scale manufacturing units. Some of the most flourishing industries are textile printing, agro-based, silk, plastic, and rubber, etc.
One of Kerala’s main commercial cities, Kozhikode’s economy is business-centered. In recent years, this major trade hub witnessed a boom in the building industry. This attracted investments from NRIs which has boosted the development of the city’s retail industry. You can apply easily for a home loan in this city. Just check your EMI online using a home loan EMI calculator, and take advantage of the attractive interest rates on offer.
It’s not just the metro cities, but even tier 2 and tier 3 cities are slowing gaining momentum and contributing to the economy. With attractive home loan interest rates on offer, you can escape the hustle and bustle of the city yet move close to rapid industrialization.