City Search:MYSORE

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Is it right to invest in tier II cities?

Posted on Oct 17, 2013
When a dejected Utpal Srivastava, a white collar professional working in Delhi, could not afford his dream abode in East Delhis Mayur Vihar and invested in a 2BHK housing unit in his hometown Raipur instead, he didnt realise hed hit the jackpot. The said property, bought in 2010 “for a pittance” has appreciated almost 70 per cent in three years time and have wiped all doubts in Bose mind about his investment choice.

For those like Srivastava, for whom property values in metros is way beyond their means, are now looking at investment opportunity in tier II cities, preferably hometowns. With an increase in demand in the residential sector, consumers (both residents and non-residents) are looking at tier II cities such as Chandigarh, Lucknow, Bhopal, Indore, Jaipur, Raipur, Kochi, Coimbatore, Mysore, etc as potential residential hubs.

“Fuelled by increasing urbanisation and rising incomes, tier II cities are witnessing increase in demand for property, especially apartments in gated communities and integrated townships. Opening up of employment avenues, development in social infrastructure, connectivity and infrastructure are factors influencing purchase of property in smaller cities. Moreover, the appreciation too is high,” says Rohtas Goel, Managing Director, Omaxe Ltd. Omaxe has recently tied up with the Intercontinental Hotel Group to build a five star hotel in their integrated township Omaxe New in Chandigarh.

After the successful launch of DLF My Pad, a studio apartment project in Lucknow, DLF is developing another integrated city, Gardencity, on NH-24B, Lucknow. Spread over 250 acres Gardencity will initially offer residential plots and later residential, retail and hospitality projects.

Business opportunity and demand have attracted big players such as DLF, Parsvanath Developers, Omaxe, Amrapali Group, Supertech Ltd, Sobha Developers and others to launch massive projects in small cities.

Modern facilities and values within the affordable range – say and average of Rs 2,500-4,000 per sq ft – are encouraging buyers. Commented Sumit Bharana, Director, ERA Landmarks Ltd, “With urbanisation, the growth in real estate industry would be visible in every city. However, the tier II cities attract the most consumers. As the peripheral infrastructure including transportation, education and employment, improves in various cities, the real estate industry witnesses corresponding growth.”

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Brigade Group announces residential Project at Mysore

Posted on Sep 18, 2013
Brigade Group announced the launch of another project in Mysore-Brigade Symphony. The 7-acre apartment project in Mysore is located on KRS road, 200 meters from ring road. MR Jaishankar, chairman and managing director, Brigade (Q,N,C,F)* group said, ”We are very excited about our latest launch which would introduce a touch of modernity to the Mysor ...
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K'takagovt developing 6 housing projects

Posted on Mar 18, 2013
As many as six group housing projects for constructing 100 houses each at a total cost of Rs 157 crore are being constructed by the State Government.The four cities which will get the group housing projects are Bangalore, Mangalore, Hubli and Mysore.The houses being constructed under the group housing scheme will be given to workers of various indu ...
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