INDORE: Indore market has been one of the major upcoming real estate markets in India for the last 12-18 months. With IT majors such as TCS, Infosys etc. making presence around the Super Corridor, the IT sector is becoming one of the biggest growth drivers for the real estate in the city in 2014. This is particularly for localities around the Super Corridor which are becoming a hub for real estate development.
Over the years, Indore has witnessed a high volume of migratory population, increasing the demand for residential property both for self use as well as for rent. In 2014, investors and buyers are expected to invest more in apartment projects rather than land in suburban areas. Need of the hour is faster infrastructure development from authorities, availability of affordable home loans and faster approvals.
Localities to watch out for investment
Due to the close proximity with all major IT companies and the airport, localities situated in North-west and the Northern part of Indore would be growth engines for the future. Super Corridor, Aurobindo Hospital, Indore-Ujjain 4-Lane Highway and MR 10 are some of the localities. Also, with the new proposed railway station, Interstate Bus Terminus, medical hub, sports complex coming up, localities within a 2-3 km radius will grow.
Importance of Super Corridor
The Super Corridor is majorly growing because of the infusion of IT companies in its proximity, direct traffic giving signal free connectivity with the airport, proposed major infrastructure developments like the medical hub, sports complex, proposed campuses of educational majors like Symbiosys, NMIMS in the vicinity, tree-lined alleys along with developing social and physical infrastructure make it the most sought after locality of Indore for professionals working for IT companies and looking to shift to Indore in the next 2-3 years. The prices here range between Rs 2,200-3,000 per sq ft. Residential projects primarily comprise of high-end premium apartments, ranging between Rs 25-50 lakh.
Indore has seen a substantial rise in the premium living properties. As expected, with escalation of demand in the segment, prices of properties according to industry sources have doubled in the last two years.
However, Indore is a good option for both long and short term investments. Location of the Super Corridor is its biggest USP due to direct connectivity with the airport, the new proposed railway station, Interstate Bus terminus, medical hub and sports complex. The demand for high-end residential development would be significant in the Super Corridor and the nearby areas. The residential demand in the area will increase after the commencement of the operations from TCS, Infosys and other proposed IT majors, establishing Super Corridor as an IT Hub.
Compared to other metros, Indore is still considered to be and would remain to be affordable in 2014. But the city is in need of a continued nonstop development of physical infrastructure. Investments in real estate are long term and a stable government with clear reform policy initiatives would fuel growth in the sector.