The realty market has been forced to do a reality check after being hit by inflation and economic slowdown. Metro properties have suffered badly but even small cities havent stayed immune to the headwinds.
One mini-metro that has managed to hold its own in these turbulent times is Ahmedabad in Gujarat, which is still seeing investments from non-resident Gujaratis (NRGs).
One of the top five tier-III towns in the country, Ahmedabad has NRGs buying property in bulk, said Pankaj Renjhen, managing director (Mumbai) of real estate consultants Jones Lang LaSalle Meghraj. Cash is not a problem for these buyers and they want to buy properties in their homeland. NRI investors are bailing out Ahmedabad. In most tier-II markets, prices have gone down sharply, he added.
More : dnaindia.com
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