Top builders tap new cities as housing sales pick up
Mint Mumbai|February 16, 2024
BENGALURU Leading developers are entering new markets for residential projects, as rising urbanization and an expanding middle class fuel a housing boom.
Madhurima Nandy
Top builders tap new cities as housing sales pick up

Developers are exploring opportunities particularly in cities such as Hyderabad, Pune, Bengaluru and Gurugram that have seen high sales.

Mumbai-based Godrej Properties Ltd this week acquired 12.5 acres in Hyderabad's Rajendra Nagar locality to develop a premium residential project, marking its entry into the city. Shriram Properties Ltd, which has so far focused on South India, is entering Pune with a mid-market housing project in suburban Undri. It has signed a development management agreement with the landowner for the project.

"The residential market is buoyant, and Pune is the second-best property market today in terms of sales. It is also a city which is similar to Bengaluru, a market we know well, in terms of demand and customer profile. The sector has seen a lot of consolidation, and larger developers have a good opportunity to expand and grow in newer cities," said M. Murali, chairman and managing director, Shriram Properties.

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