MUMBAI: Tier-III cities are emerging as attractive destinations for retail real estate primarily due to development of infrastructure and increasing purchasing power of consumers in these markets, according to property consultant Jones Lang LaSalle (JLL).
Cities like Ahmedabad, Chandigarh, Surat, Amritsar, Vadodara, Nagpur, Coimbatore, Lucknow, Jaipur, Ludhiana, Kanpur and Raipur are emerging as high potential markets for retail development.
“High immigration, excellent infrastructure, increasing per capita income and propensity to consume are key drivers for high market potential in the Tier III cities. Besides, growing office market is another important factor for retail development in such markets,” the report said. Read more