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This in turn has boosted real estate development. As most of the available land is government owned, the real estate market is well-regulated. "Real estate activity by private players has only become prevalent in the last two decades,” says Saurabh Mehrotra, National Director, Advisory Services, Knight Frank.

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The next five to six months could be difficult for emerging markets in general, given shrinking global liquidity, says Udayan Mukherjee, consulting editor.

Puri said it takes 15 to 18 months for a smart city project to get underway, as it takes that much time to appoint a project management consultant (PMC.

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