The commercial real estate sector has been booming in the last few years, driven by the high demand from corporates, especially IT and ITeS companies.
However, with property prices skyrocketing in tier-I and tier-II cities, these companies are now looking at tier-III cities to set up their businesses, reports Rediff.com.
"Wipro and Infosys set the trend by setting up facilities in
Broadly,
Consider these numbers: the lease rates in Mumbai, in places such as Bandra-Kurla complex is around Rs 250 per sq ft whereas in the suburbs of Andheri, it is between Rs 55 and Rs 110. Compared to this, the lease rates in
A recent report by Jones Lang Lasalle Meghraj (JLLM Asia Pacific Property Digest - Q1 2007) confirms this. A large number of IT and ITeS companies such as Dell, Infosys, TCS. Wipro and Persistent Systems are moving into these cities in a big way. Said a Dell spokesperson, "Dell has gone to cities such as
Besides the lower property prices, these cities also provide skilled labour.
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