Gurgaon, India (PressExposure) June 27, 2011 -- The growing demands for better, more affordable housing in smaller cities is now attracting multinational real estate companies more and more towards developing mid-sized residential houses near Delhi and NCR. Such developmental activity is not just taking place around Delhi NCR but many other cities around India such as Bhopal, Bhubaneswar, Coimbatore, Indore, Jaipur, Lucknow, Nagpur, Surat, Vadodara and Visakhapatnam and many more. The real estate developments in major cities are expected to engulf an area of more than 350 Mn Sq ft of residential development in coming 3 years.
According to a trusted survey conducted over the biggest real estate developers including DLF, Unitech, Parsvnath, Omaxe, Ansals and many more suggest that developers have already commenced their projects in view of a bigger project in the future. With such giant companies entering to set up their base in various cities, the real estate development in Indian cities is witnessing a huge boom. By the end of 2012, a staggering Rs 18 thousand Crore is expected to be generated via real estate developments.
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%.
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