Answer added in topic Mobile Location Applications.
At this point of time best way to target specific locations in a city would be to use BluFi a Bluetooth based advertising network in all malls, CCD's, Barista, spencers, shoppers stop and other prominent locations
See question on Quora
Is geolocation targeting possible through Indian mobile ad networks?
Backlink: http://www.quora.com/Is-geolocation-targeting-possible-through-Indian-mobile-ad-networks#ans673339
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