Indore: The real estate market along the Bypass Road is gradually picking up due to demand from end users, mostly those who commute to Dewas and Pithampur on daily basis.
Property consultants say people are buying plots or houses in the residential townships due to sky-rocketing prices of real estate in the city.
“There is demand for space in some of the townships such as Omaxe-1 and DLF where development work has taken place,” Indore property brokers’ association president Rajendra Bhaiyya said. Several residential townships are under development in and around Indore, and the number is rising.
So why are people going for townships that are at least 10km away from the heart of the city?
"Most townships provide an alternative and superior lifestyle, with a pollution free environment and all the facilities under one roof. People who commute to nearby towns of Dewas and Pithampur are also going for properties on the outskirts to cut down on travel time. The steep property prices in the city have also contributed to people’s preference for affordable housing," property consultant Pratik Gandhi said.
With property prices shooting up to Rs. 12,000 square feet in posh colonies of the city, demand for affordable housing is on the rise. Even in the heart of the city near Collectorate, prices of real estate are ruling at Rs. 8,000-10,000 per square feet while flats are being sold at Rs. 4,000 per square feet. In contrast, property rates in townships range from Rs. 800 per square feet to Rs. 3,000 per square feet, depending on the locality.
"Ultimately everything depends on the development. If a developer has fulfilled the promises made at the time of sale, only then the townships will be able to attract genuine buyers," Rajendra Bhaiyya said.
Fast dwindling real estate in the city is also encouraging developers to go for mega projects. Experts say Indore is bursting at the seams. Ever increasing pollution and noise levels has given rise to the township culture, and more and more people are going for affordable housing made more attractive by the green environment and all the modern amenities.
Rather than satellite towns, developers are going for the concept of suburbs that are within commuting distance, but far enough to lessen the burden on the city. The flip side is unresolved issue of roads and lack of clarity on Narmada pipeline connection.