Smaller cities to fuel real estate growth
17 Sep, 2007, 2001 hrs IST, IANS
NEW DELHI: As many as 11 tier II cities in the country are emerging as
growth centres that could transform the landscape of India, a report by
industry body FICCI and Ernst and Young said on Monday.
The FICCI-Ernst and Young Indian Real Estate Report, 2007: Growth and
New Destinations, the highlights of which were released today, reveals
that besides eight metros, cities such as Surat, Chandigarh, Nagpur,
Vadodara, Visakhapatnam and Jaipur are experiencing initial phase of
rapid economic growth.
These cities have been rated as B++ in the E&Y India City rating. Delhi
and Mumbai rank first and second respectively with A++ ratings, followed
by Bangalore, Chennai, Hyderabad, Kolkatta (with A+ rating) and Pune and
Ahmedabad (A).
The realty sector in India is growing by more than 30 per cent per annum
and this order of growth is shifting the focus of investors and
developers to relatively smaller cities and hence there is a likelihood
of such emerging cities leading the transformation of the real estate
sector, the study says.
cont'd....
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