Smaller cities are in huge demand by the big national real estate players, reports Economic Times . The newspaper reports that cities like tier two cities Bhopal, Bhubaneswar, Coimbatore, Indore, Jaipur, Lucknow, Nagpur, Surat, Vadodara and Visakhapatnam are expected to add a total of 354 million sq ft into residential development over the next three years.
Sourcing a research report by Crisil Research, the newspaper said large builders like DLF , Unitech , Parsvnath , Omaxe , Ansals and Emaar MGF have begun to change tracks to enter these cities.
Eyeing on the future, the cities are believed to bank huge potential for growth. In the year 2011-12 alone, they are expected to generate sales of Rs 18,000 crore.
The price stability and growth prospects are reported to be the luring factors for the biggies in the realty to come in these cities. As homes in metros have seen a huge jump of 25-30% over the last two years, the newspaper report suggests that these second favourite cities have seen a moderate price increase of 10-12%.
