TIER 2 CITIES
Video commerce offerings gain traction, Indians spent over 2 mn hours video shopping: Flipkart
Flipkart announced on Thursday that its video commerce platform has seen significant adoption, with Indian customers spending over 2 million hours on it from June 2023 to May 2024. The increase in usage highlights the growing trend of video commerce in India, driven by tech-savvy and digitally inclined consumers.
Low unsold housing stock makes room to absorb slower pre-sales growth
The tier I residential real estate inventory in India's top eight cities remains manageable, with a quarter-to-sales ratio of 11, lower than the six-year high of 13. Pune and Bengaluru have favorable unsold stock levels, while Mumbai and Chennai face high inventory build-up. Despite strong pre-sales and housing launches in FY24, the absorption rate remains comfortable. Pre-sales for tier-1 players grew 71% on-year in March. Collections increased by 29%, although leverage remains high. The gross debt to collections ratio slightly rose to 2.4x in FY24.
Property prices jump by 10-15% in tier 2 cities: Report
Property prices in tier 2 cities have risen by 10-15% due to economic growth, infrastructure development, and reverse migration. Premium locations in Goa, Chandigarh, and Kochi are now comparable to major markets in Delhi and Mumbai. Tier 2 cities offer higher rental yields, attracting homebuyers towards high-rise apartments with luxury amenities.
Focus and execution will increase on affordable housing: Prashant Thakur
Now, the definition of affordable needs to be increased. There were certain incentive that have been rolled back. So, these are the demands which were unmet and I strongly believe that with this government coming back in power the focus will be there and we will see an overall spurt in affordable housing which was lagging significantly.
Hiring in tier-2 cities showing consistent growth: foundit
Tier-2 cities in India have seen consistent growth in hiring compared to metropolitan areas, with cities like Kochi, Coimbatore, and Jaipur emerging as key hiring locations. The overall hiring index shifted to 295 in May 2024, with an 11% increase in hiring compared to the previous year. Tier-2 cities are becoming increasingly attractive hubs for businesses seeking expansion opportunities and tapping into diverse talent pools for sustainable growth.
As work-from-home trend declines, flexible office spaces work for employees and companies
Providing convenience and flexibility for employees on one hand, cost-effectiveness, and asset-light models for employers on the other, coworking/managed spaces are booming. Demand for such spaces is soaring in large metros and Tier-2 cities alike as companies tighten return-to-office rules.
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Legacy issues behind us, PNB on right path to outperform its competition: MD Atul Kumar Goel
PNB, led by Atul Kumar Goel, achieved a 229% profit growth to Rs 8,245 crore in FY24. Initiatives like reducing NPAs, improving ROA, and expanding branches contribute to the bank's success.
Mall developers see opportunity in tier 2 cities
Brands include H&M, Marks & Spencer, GAP and Tasva set up shop in cities like Indore, Mangalore, Patna, Ranchi, Mysore, and Coimbatore, according to data from real estate consultancy CBRE.
Improved hiring sentiment, more job postings in 2024: Report
Job postings on apna.co increased by 31% year-on-year in the first four months of 2024, driven mainly by the e-commerce, BFSI, and hospitality sectors. E-commerce saw a 21% increase, BFSI 17%, and hospitality 13%, with a notable demand for professionals in sales, business development, brand marketing, and customer support. Major companies like Bajaj Finserv, Lenskart, HDFC Insurance, and Aditya Birla led this growth.
Myntra gained market share, scaling beauty and home decor: CEO Nandita Sinha
Over the past year-and-a-half, online fashion retailer Myntra has gained market share even as rivals like Reliance Ajio and Nykaa Fashion have snapped at its heels, chief executive Nandita Sinha told ET in an interview–without naming the competition.
Max Healthcare to widen reach via acquisitions, says Abhay Soi
Max Healthcare, a leading Indian hospital chain, is assessing acquisition opportunities in tier-2 and tier-3 cities, primarily funded through internal accruals and debt. The company's chairman and managing director, Abhay Soi, believes there is great opportunity in these areas. Max Healthcare currently has a presence in Mohali, Bathinda, Dehradun, Lucknow, and Nagpur. The company is comfortable raising debt funding of up to 2.5 times the earnings before interest, tax, depreciation, and amortisation (EBITDA) if there are compelling acquisition opportunities.
Small cities home to big dream jobs: Hiring scene in tier 2, 3 cities gets busy
Job opportunities are growing across sectors in tier 2 and 3 cities, and professionals are eager to join, recruiters and firms said. Escalating living costs and infrastructural challenges in metros are prompting executives to move to smaller cities. Companies, on their part, are drawn by cheaper land costs, lower salaries and easy talent availability, besides rising disposable incomes in these cities.
Hospital chain Artemis Medicare raises Rs 330 crore from IFC
Artemis Medicare Services has raised Rs 330 crore from IFC to increase bed capacity and introduce advanced specialty services. The company plans to set up cardiac care centers, expand in tier 2 and 3 cities, and in the Delhi NCR region through brownfield and greenfield opportunities. Artemis operates 713 beds in the Delhi NCR region and runs seven centres under the Artemis Cardiac Care brand in a joint venture with Philips.
E-tailing sector in India projected to grow at 18% by 2028-29: Report
The e-tail sector in India, expected to reach nearly USD 60 billion by the financial year 2023-24, is projected to grow at a CAGR of 18 per cent by 2028-29, according to a report by Knight Frank India. The report highlights the rapid growth of the Indian retail industry, accounting for 10 per cent of the country's GDP and 8 per cent of the workforce, with significant developments in shopping centers and retail destinations, particularly in Tier 2 cities. Despite disruptions during the pandemic, the retail industry is rebounding strongly.
Xurbian India, bridging the gaps
According to projections for rural and urban productivity, by 2030, urban India will account for 70% of GDP. India targets to become a developed nation with a $26 tn economy by 2047. Rural productivity must grow from 50% of urban productivity today to at least 75%. Also, quality of life across urban and rural India must also transform.
Retailers to continue hiring in 2024, focus on tier 2, 3 cities : Report
In 2024, retail jobs surge with the operationalization of brands expanding from 2023, driving demand by 15-20%. E-commerce, despite startup leadership, faces hiring challenges. Logistics saw a dip. Retailers target fresh grads (52%) and experienced pros (38%). Tech adoption, sustainability, and skill development are key industry trends amid exponential e-commerce growth.
Ghost shopping centers’ space in top 8 Indian cities surge 59% to 13.3 million sq ft
The number of such centers have risen to 64 by the end of 2023 from over 57 the previous year. Consequently, Knight Frank India estimates a loss of value amounting to Rs 6,700 crore in 2023.
Only 3% women entrepreneurs in tier 2-3 cities have access to external funding: study
Merely 3% of women entrepreneurs in India's tier II and III cities had access to bank loans or equity investments. The study highlighted the need to close the gender gap in employment and the lack of data on women entrepreneurs.
Developers snap up 58% more land in FY24 amid rising residential demand
In 2023-24, developers and entities finalised 101 land deals totaling 2,989 acres in India, driven by high residential demand. Major deals occurred in top cities, with tier 2 and 3 cities also showing growth potential. Notable increases were seen in residential, plotted development, and township projects, reflecting a buoyant market.
Sops, tier-2 cities top focus in tech’s Karnataka GCC Policy wishlist
Karnataka's GCC policy targets industry growth through infrastructure investment, employment incentives, single window approvals, fast issue resolution, industry-specific curriculum, flat rate markup, transportation solutions, digital engineering services, and the Karnataka Digital Economy Mission.
Imarticus Learning looks to expand into US, Middle East, Singapore
With this move, Imarticus Learning aims to tap into new talent pools, as well as bridge the global demand for specialised education and training, especially in emerging technologies, finance, analytics, and management. It is already present in the UAE.
Flex office space operators leases 1.6 million sq ft in tier 2 cities
Flexible office space operators are leasing space in tier 2 cities like Ahmedabad, Indore, Lucknow, and Bhubaneswar. According to CBRE, flex office space operators took 1.6 million sq ft in 2023 in 10 tier 2 cities. The report highlights the potential of markets such as Chandigarh, Jaipur, Coimbatore, Thiruvananthapuram, and Vishakhapatnam.
TVS ILP targets 3 million sq ft portfolio in Southern India by 2025
TVS Industrial and Logistics Parks (TVS ILP) plans to expand its portfolio to 3 million sq ft by 2025, with a focus on southern India. Currently holding 10 million sq ft, the company aims for $100 million in annual revenues over the next five years. Recent acquisitions in Andhra Pradesh, Tamil Nadu, and Madhya Pradesh align with TVS ILP's strategy to build and expand industrial and logistics parks in key Tier 1 and Tier 2 cities across South, East, and Central India.
One crore job applications received from women in tier-II, III cities in 2023: Report
The number of women joining the active workforce in tier-II and III cities grew by 13% in 2023, with 1 crore applications. In 2022, there were 2.7 crore applications, 87 lakh of which were from women seeking financial independence. The total applications for tier-II and III cities in 2023 were 3.2 crore, with 1 crore from women. Over 100 job applications per minute from women in these cities signify a turning point in workforce dynamics.
Housing demand set to touch 93 million by 2036
Housing demand in India is projected to grow more than threefold and reach 93 million units by 2036, driven by robust demand and supply in tier-II and -III cities. This growth is fueled by the rapidly growing Indian population and economy, improved purchasing power of home buyers, and the inclination to buy bigger houses. The government's plans for smart cities and increasing commercial activity in emerging regions will further drive real estate growth in these markets. The real estate sector is expected to play a significant role in India's journey towards becoming the third-largest economy in the world by 2030.
Housing demand in India to reach 93 million by 2036: CREDAI
The surge is primarily owing to the increase in demand in housing basis growth in key parameters including population in both urban and rural areas, healthy macro-economic indicators and favorable demographics, with several Tier II, III cities projected to spearhead both demand and supply.
Investing in residential or commercial properties? Read this Twitter thread on real estate first
A recent tweet by an influencer promotes real estate investment in India. The tweet has gone viral, garnering over 1 million views, and the ensuing reactions provide valuable insights and perspectives.
Air India Express fares are extremely competitive; we remain focused on tier 2, 3 cities: CEO
Aloke Singh says: “We are looking at a network expansion for sure. We will be strengthening our position in the domestic India market. We will remain focused on the tier two, tier three cities of the country, these are the destinations, these are the cities and towns we see as the new growth engines of the economy.”
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