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Wake of Indian property boom spreads to smaller cities.
Byline: Somporn Thapanachai
Feb. 1--The rapid growth of the Indian real estate market has shifted from large cities such as Mumbai, Delhi and Bangalore to smaller urban areas containing an average of seven million people each.
"Significantly the ongoing upsurge has gradually percolated from the big metros to even the Tier II cities (of seven million) and it is across sectors -- IT parks, residential and retail," according to a quarterly report prepared late last year by the international consulting firm CB Richard Ellis.
A Merrill Lynch report projected that the value of India's real-estate sector would reach US$45-50 billion by 2010 from the ...
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Source: HighBeam Research, Wake of Indian property boom spreads to smaller cities.