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Sunday, July 1, 2007

Developers’ new mantra: Tier II &Tier III cities

The real estate sector in India has undoubtedly garnered unprecedented momentum in recent times. Besides attracting vast interest from foreign players, the industry is also witnessing a number of changing trends within the country. One such major trend is of developers shifting focus towards Tier II & III cities.

Tier I cities do have their advantages, but continuing cost pressures, scarcity of space & saturation in certain areas like Delhi, Mumbai, and Bangalore has generated a commercial and residential real estate opportunity in Tier II & III cities like Kundli, Sonepat, Panipat, Agra, Mohali, Chandigarh, Moradabad, Meerut, Indore, Hyderabad, Chennai, Pune, Kolkata, Nagpur and Ahmedabad. Most of these cities are state capitals, educational hubs or satellite cities with population size of more than a million. These cities currently provide cost advantages of 20%-40% over Tier I cities. ..........Developers’ new mantra: Tier II &Tier III cities

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