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Tier II and III Cities Get Developer’s Attention
Vipul Real Estate, one of the reputed real estate companies in India has now started concentrating on the ‘Temple City’ of Bhubaneswar. “The realty buzz has now moved to tier II and III cities with growing aspirations, income levels and availability of vast and cheap land. Undoubtedly, Bhubaneswar could not have remained untouched,” a Vipul spokesperson said maintaining that the city offers tremendous growth avenues and is perched to become the growth hub of the region and a preferred destination for real estate developers.
While the city was already known for very organized development, the modern styled housings have caught the fancy of the residents here. Gated community, a unique concept offered by prominent developers, has only contributed to the organized development in the city. These developers are offering modern day amenities as the city now features proudly in the expansion plans of many a realty developers who are ushering in an era of modern lifestyle living, he added.
The concept of high rise condominiums is also on rise in the city which has so far only seen horizontal growth. The first magnificent offering ~ a 14 floor project, Vipul Gardens will be launched very soon in the city. This apart, according to sources, a prominent north Indian developer has taken 54 acres of land from the state government owned Idco near Infocity at Chandrasekharpur. It is planning to build IT Park, shopping, hotels, retail and residential apartments.
The demand and supply increasing by leaps and bounds has created opportunities for private developers to eye their investment for this part of the country. Cheap labour and prime land at a very competitive price and the developed infrastructure support the expansion of real estate.
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