Smaller Cities attracting leading Real Estate Developers
According to a research report by Crisil Research, large builders like DLF, Unitech, Parsvnath, Omaxe, Ansals and Emaar MGF have already diversified into smaller cities of the country. The cities like Bhopal, Bhubaneswar, Coimbatore, Indore, Jaipur, Lucknow, Nagpur, Surat, Vadodara and Visakhapatnam are expected to add 354 million sq ft of residential development in the next three years.
Growing demand for homes in smaller cities is attracting top builders in India. These cities today show huge potential for growth, with 2011-12 itself expected to generate sales of Rs 18,000 crore. These cities are attracting the big developers because of their considerable price stability and growth prospects.
While prices of homes in large metros have seen a huge jump of 25-30% over the last two years, these tier-II cities have seen a moderate price increase of 10-12%. The demand for homes in smaller cities attracting big national real estate players with their considerable price stability and growth prospects.
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