TIER 2 OR 3 CITIES

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.

Must evolve to eased, 3-tier GST rate format: CII Prez Sanjiv Puri

India needs to transition towards a three-tier rate structure in goods and services tax over time, according to Confederation of Indian Industry president Sanjiv Puri. Puri suggests creating a GST Council-like structure for pushing reforms, some of which are in states' domain. India's economy is doing well in a stressed global environment due to policy instruments deployed by the government over the past years.

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.

Midcap IT companies in India poach talent from industry majors

Midcap IT companies in India are attracting more employees from larger rivals in the past two years. This trend is seen in the technology services sector amidst macroeconomic challenges and a focus on hiring deployable talent.

Types of NPS accounts: 4 differences between NPS Tier 1 and Tier 2 accounts

The NPS, a government pension scheme, offers Tier I and Tier II accounts with different functions. Tier I is for retirement planning with withdrawal restrictions, while Tier II is a flexible savings account.

Gas sector may come under GST purview in Modi 3.0, GAIL, MGL to be top beneficiaries: Citi

Citi Research suggests yet-to-form NDA government could bring gas sector under GST tax. Top bets in energy sector are GAIL (India) and Mahanagar Gas Limited (MGL).

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.

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.

LAUNCHING ELIXIR RESERVE 2: Luxury So Rare, You’ll Wonder Whether It’s Mumbai

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.

Will try to grow better than last year without taking any price hikes: Shankha Banerjee, Dr Lal Pathlabs

We have been consistently saying that our EBITDA margin level would be around what we even see in our delivery in quarter four in the range of 26-27% kind of EBITDA margins, I think that is something which we continue to state is something which we are working towards.

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.

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.

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.