Big cities operate retail realty market
According to the property consultant, Jones Lang LaSalle (JLL), the tier -III cities have evolved as the attractive destination for retail real estate primarily due to development of infrastructure and increasing purchasing power of consumers in these markets. Cities like Ahmedabad, Chandigarh, Surat, Amritsar, Vadodara, Nagpur, Coimbatore, Lucknow, Jaipur, Ludhiana, Kanpur and Raipur are emerged as the highly developed real estate market.
The report also says that the shifting of people towards the tier -III cities, excellent infrastructure, increasing per capita income and propensity to consume are key features for the growth of real estate market in the tier -III cities.
As per JLL, the cities like Ahmedabad, Chandigarh and Surat have already emerged as high growth real estate markets. While cities like Kanpur and Raipur are in a process of reaching real estate market at the heights.
Mr. Shubhranshu Pani, JLL’s managing director – retail services, says that the leading cities like Mumbai, Delhi and Bangalore have real estate market at the highest level. The reasons like retail maturity; rising income, consumption and infrastructure scenario makes tier III cities high potential market for retailer and developers in the coming years.
The report also concluded that cities like Mumbai and Delhi have witnessed a rush of big-box, fast-fashion and high-end retailers.
Other leading cities like Bangalore, Pune and Chennai have seen reasonably good absorption of retail spaces on the back of high consumerism supported by strengthening IT-ITeS sector and the strong auto, manufacturing and biotech sectors.
The report also says that the improvement in the infrastructure, city expansion and the right supply of retail malls have been the main reasons for the growth and development of real estate market in the past some years.
Source: The NDTV Profit
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