subject: Luxury Living In Indore Real Estate Projects Are People Ready For It? [print this page] Accounting for almost 10 % GDP for India, the construction business sector is the second largest contributor after agriculture. The hike in demand for absorption of real estate in 2011 is let down by 2012 economic downturn. The result is that the supply is still high and demand has slowed down. Especially the tier 1 cities are facing stagnation challenges. Compared to this scene, the tier 2 cities still have chances and so construction companies are all set up to bring new ideas and finding out ways to provide tier 1 city concepts in tier 2 cities. High rise apartments and luxury houses are to name a few.
But are the concepts really working or can work in tier 2 cities? The question is to ponder.
No doubt that extrinsic and intrinsic quality of tier 2 cities as Vadodara, Coimbatore, Bhubaneswar, and Indore is proving good factors of real estate. Big shot companies" are coming forward to find the market and work force here. Factors responsible to draw companies to these cities were:
Conducive business environment.
The availability of talent pool at a lower cost.
Reasonable real estate prices.
State and local governments support for increase in growth of the service sector activities. By building better mass rapid transport systems, Upgrading airports, metro rail, governments are paying quite an attention towards improving the urban infrastructure.
Higher disposable income and changing lifestyles led by the fast industrial growth.
This has brought greater opportunities to multiple and diversified businesses and they have already started to evaluate these opportunities.
Industrial sector in tier 2 and 3 cities are further witnessing the growth in urbanization with already evident successful performance of skill-based manufacturing industries such as textiles, pharmaceuticals, automotive, sectors such as biotechnology, consumer and capital goods, IT and engineering .
This also evidences that there is a significant increase in aspirations of people residing , rise in High Net-Worth Clients, changing lifestyle with which the luxury housing and high rise building concepts are attractive and both domestic real-estate developers plus the foreign investors understands this nerve of public.
Be it high rise apartments in Indore or Vadodara the inception of the concept goes on the same lines. Builders are providing on reasonable rates these structures and so people are not hesitating to have best for a little price.
Whether it is Indore real estate projects for luxury housing or that of any other tier 2 cities, the only thing matters here is that people need to be aware of the concept so that they dont look back later and say it was a wrong kind of investment. This awareness will also benefit builders to even bring international housing concepts.
