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A global realty consulting firm predicts in
the next five years, five Tier III cities are all set to emerge as major IT
off-shoring / outsourcing hubs, largely due to greater cost advantages, and
despite higher comfort levels offered by Tier I and II cities. Peter Barge,
Asia-Pacific CEO of Jone Lang LaSalle confirms: "India is one of the
lucrative emerging real estate markets and offers huge scope in IT/ITeS
segments along with the retail sector, maximum growth opportunities in emerging
cities lie in commercial property management". Labour and capital cost
advantages, state governments taking measures to foster a favourable business
environment, improvements in basic infrastructure facilities are some of the
factors providing attractive investment possibilities in Tier II and III cities
Continuing cost pressures in Tier I Mumbai,
Bangalore, Delhi and Tier II Hyderabad, Chennai, Pune has generated a growth in
infrastructure and commercial real estate in Tier III Chandigarh, Kolkata,
Nagpur, Ahmedabad. Of these, Chandigarh and Ahmedabad offer best cost
advantages whilst Kolkata has the largest availability of Grade-A office space
developed by Tier I city developers, DLF and Unitech, who have set up
operations in the east. With multi-nationals expanding and setting up
back-processing units in smaller cities, the BPO boom has begun to reach Tier
II and III cities. And, a 300-million middle class providing impetus to the
country's economy, developers are busy identifying prime real estate to turn
into quality housing, develop retail, leisure and hospitality othese,
Chandigarh and
Ahmedabad offer best cost advantages whilst
Kolkata has the largest availability of Grade-A office space developed by Tier
I city developers, DLF and Unitech, who have set up operations in the east.
With multi-nationals expanding and setting up back-processing units in smaller
cities, the BPO boom has begun to reach Tier II and III cities. And, a
300-million middle class providing impetus to the country's economy, developers
are busy identifying prime real estate to turn into quality housing, develop
retail, leisure and hospitality options for Tier II and II city dwellers.
Hot IT destinations in the making, Tier III
Chandigarh, Visakhapatnam, Coimbatore, Kochi and Jaipur have begun to attract
big names in the IT sector. Already, Infosys, a billionaire club company has
acquired 5-million sq. ft. of real estate in Chandigarh, Le Corbusier's magnum
opus for building an IT campus. GE has zeroed in on Jaipur's closeness to
Gurgaon, Mumbai's Krishna Group of Industries has snapped up Nagpur's historic
Empress Mills for Rs. 300-crore for developing into an IT Park, luxury housing,
5-star hotel and shopping mall. IT majors, Cognizant, Dell, IBM, Satyam and
Mphasis have big plans for Chandigarh, Coimbatore, Vizag, and Mangalore.
Already, TCS and Wipro have bought land in Kochi, Vizag and Thiruvananthapuram.
Honeywell is expanding operations to Madurai; Satyam is in the midst of setting
up a 50-acre campus in Vizag and a 7-acres tech centre in Thotlakonda on its
outskirts. Mphasis has invested Rs. 70-crore in a BPO unit in Mangalore.
Small wonder, Trammel Crow Meghraj, a joint
venture between Meghraj Properties UK and Trammel Crow US has launched a real
estate development fund that focuses on Tier II and III cities of India.
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