The growth of Indian rich and consuming class coupled with dropping rates and other fiscal investments on home loans has been major reasons increasing appetite of the average Indian consumer. This has been further fuelled by growing working population in the age group of 25-55.
Increasing transparency, liquidity in real estate industry is changing the picture of the realty in India. The cities that are likely to zoom in the wake of new interests from sunrise sectors include the names like Chandigarh, Ludhiana, Lucknow, Jaipur, Ahmedabad, Goa, Vishakhapatnam, Coimbatore, Baroda, Guwahati, Bhubaneswar, Surat, Nagpur, Indore, Mysore, Vijaywada, Mangalore.
Driven by positive growth in the economy and large scale investments in the IT and ITes sectors, real estate in Tier III cities ostensibly flourishing. For example, with the development of Chandigarh Technology Park (CTP), Chandigarh is going to be another hub for IT companies.
Also, an approved SEZ, CTP has attracted biggies like Infosys, Wipro and IBM. DLF Group has developed DLF Infocity to provide spaces for the tech firms.
Though Chandigarh does not have much to offer in terms of residential development, the report says that the peripheral areas including Panchkula, Mohali, Zirakpur, Dera Bassi and Nada Sahib are seeing a lot of development.
As such, the city of rock garden does not have much to offer as far as residential development is concerned. The development has been shifted to the areas of Pinjore, Zirakpur, and Kharar from Mohali and Panchkula. The size of these colonies ranges from as low as 5 acres to as high as 200 acres.
Bhubaneswar is another place which is offering a conducive atmosphere to IT sector. IT majors Infosys and Satyam are planning to spread their wings here. Apart from Infocity-I, DLF is coming up with IT Park in Chandaka Industrial Estate. Genpact has also announced its plans to set up BPO SEZ in Mancheswar Industrial Estate. A bio-tech park is also on the anvil.
Great Going for Tier III cities!!!
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