Coimbatore has made it to the top ten tier II cities, with regards to promising real estate hot spots in the country, according to a report by a Gurgaon-based real estate data analytics firm.
The report, which takes into account seven parameters including number of projects launched every year and size of the real estate market, gives residents a reason to smile, as the realty sector in the cotton city is yet to emerge from its sluggish phase.
The report titled Top 10 Cities in Indian Real Estate Market has placed Coimbatore at tenth position ahead of some of the bigger Indian cities.
Kochi tops the list, followed by Nashik and Vishakapatnam. Coimbatore is the only city from Tamil Nadu that has found a place in the list of 19 cities surveyed across the country by PropEquity, a real estate data analytics and consulting firm.
According to the report, there was an average launch of 40 new projects every year from 2013 to 2015.
The number of projects granted possession annually since 2013 was 50 (includes projects launched before 2013) and the average residential units launched annually since 2013 was 4,000.
However, some realtors are skeptical of such growth. They say that only if the growth is gradual, it would be stable.