Prozone Capital Shopping Centres has built shopping malls in tier-II cities and now it is looking at bringing about a shift in the way real estate is sold in these markets with its affordable luxury housing projects.
Media reports say that InterContinental Hotels Group (IHG) has a target to set up 150 hotels in India in the next 10-years. The firm will concentrate on Tier-II cities in the country to set up its units. Most of them would be in the mid-scale business hotels category, the company said.
One of India´s largest and most respected conglomerates in the development and construction of residential and commercial buildings, villas, condominiums, business parks and hotels, Arun Muchhala Group has been a pioneer in extending the boundaries of Mumbai.
Things are heating up in certain segments of the HVAC market. ´We´re seeing 18-20 per cent growth in the residential and commercial segments of the HVAC market, albeit not so much in the industrial sector,´ says A Ravi, President-Ishrae Thane Chapter, Head Marketing (Projects Business), Domestic Projects Group, Voltas Ltd.
As urbanisation strengthens its foothold in India, the housing shortage problem becomes more prominent. The rural poor flocking to Tier-I cities and Tier-II cities turning home to many MNCs have propelled the floating population in India. Rental housing, and not house purchase, is the only solution to this problem.
While metro cities are struggling with issues like lack of space, over-population and housing development nearing saturation, it is the Tier-II cities that have emerged as the next focused investment destinations for real estate buyers in India.
The Indian Railways is planning to partner with Malaysia to redevelop 20 stations in Tier-II cities across India. Aimed at attracting nearly Rs 1 lakh crore investment, the station redevelopment project envisages infrastructure revamp at platforms and circulating areas.