Coimbatore, also termed as the “Manchester of South India” enjoys the status of being the second largest city in Tamil Nadu, and is also known as Kovai. Coimbatore has been a part of the Kingdom of Mysore and has a glorious past being ruled by various dynasties. The city is named after a chieftain called Koyan.
There is no looking back for the realty segment of Coimbatore, which has now emerged as a hot real estate destination. Real estate Coimbatore has witnessed growing demands for both residential and commercial properties in recent years. Values for property in Coimbatore have started to climb the real estate charts and have seen some appreciating trends in past 2-3 years. According to the market analysts, the capital values of residential units have seen an average increase of 10-15% in the city, while the rental values have been up by more than 30%. Read More
Bangalore is a major economic and cultural hub and the fastest growing major metropolis in India. The principal reason for the growth of Bangalore’s real estate is advanced and well-built infrastructure. With the advent of several IT companies, a huge number of working professionals are moving in the city and in nearby areas. Apparently there is a massive increase in the demand of high-end and mid-income group residential projects, so owing a property in Bangalore is quite easy as builders are providing numerous property options. Areas which are becoming hot spot for residential investments are mentioned below:
Population: 25,84,255 (As of 2016)
Administration: Coimbatore Municipal Corporation
Area: 642.12 km
Literacy Rate - 82.43%
Ethnic composition: Tamil, Kannadiga, Telugu, Malayali, Gujarati, and others.
Real estate Coimbatore is witnessing new trends. Traditionally, the residential segment in Coimbatore mainly comprises of row houses, but the trend is undergoing change and one many find a number of apartments being constructed in the posh localities of the city. 2BHK and 3BHK flats have gained popularity over independent houses because of the security and facilities they offer. A number of new residential units are being constructed. The trend of studio apartments and serviced apartments is also catching up among youngsters.
Real estate Coimbatore has progressed very steadily and the demands are mostly for smaller apartments owing to the increased number of professionals. Coimbatore property market has witnessed around a 20-30% hike in the number of transactions in the newly launched residential segment. Real estate experts expect that the newly launched property in Coimbatore will be boosting the realty values in the city.
Talking about the rental market, new localities are being developed and there has also been increase in the rental value of the newly developed properties in these areas. Average price range of these newly constructed apartments and flats lie in the range of Rs. 2,000-4,000 per sq. ft., which is again dependent on the location and accessibility.
Real estate in Coimbatore has displayed an improved absorption rate, as well as increased rental and capital values across different micro markets. Some of the locations having sought the buyers’ attention are:
Luxury housing segment has also witnessed remarkable growth. Some of the prime locations of the city where the maximum residential rental growth is seen are:
Posh areas of the city, like Avinashi Road, Race Course, and R.S. Puram have witnessed an upward push in demand for residential properties in Coimbatore. However, there is no shortage of affordable property options as well. Localities such as off Avinashi Road, Trichy Road, Mettupalayam Road, and Saravanampatti, are on the radar of the developers here.
Coimbatore is the second-largest industrial city in Tamil Nadu, and the economy here takes pride to have emerged as “self-made”. With no patronage of any public sector undertaking, the city has grown into an economic powerhouse. Starting from engineering to textiles, from jewelry to education, and from hospitality to IT services, the city has showcased an impeccable entrepreneurial spirit.
Coimbatore hosts two special economic zones (SEZ), namely the TIDEL Park Coimbatore and Coimbatore Hi-Tech Infrastructure (CHIL) SEZ. Besides, a minimum of 5 more SEZs are planned. The city is hailed as the biggest textile activity conglomeration in the world, with specializations in spinning, weaving, knitwear and power looms. Exports constitute the most of businesses here, and mainly include home furnishings, knitwear and woven apparel.
Coimbatore ranks 17th when it comes to global outsourcing. Software industry is flourishing here and has been the major employment generator here. Renowned companies like TCS, IBM, Dell, TATA Motors, L&T, PSG, PRICOL, Maruti Udyog, Lakshmi Machine Works, Cognizant Technology Solutions, Craftsman Automation Pvt. Ltd., Coimbatore Gem & Jewellery Industries Private Limited, are some of the main drivers of the city’s economy.
Coimbatore has been an active commercial center of India, mostly known for its textile and manufacturing industries. It is well connected to other parts of cities through airways, roadways and railways. Since the city has been identified as a smart city in 2016, about Rs. 10,000 crore is speculated to be allotted for the infrastructural development of the city in the coming years, so will boost real estate in Coimbatore.
Coimbatore is the city with a well-developed transport infrastructure, with extensive road networks. Also the city is well-connected to the rest of the country via road, rail and airways. Although traffic congestion is a major problem in the city and the authorities are working on it to improve it and have come up with a comprehensive transport development plan to ease the traffic blues.
The Indian Chamber of Commerce and Industry, Coimbatore (ICCIC) is looking forward to the formation of an industrial estate for Micro, Small and Medium Enterprises (MSMEs) in the city, and offering them with financial assistance on easy terms. Also the state government has identified areas of developments, which are roads, Coimbatore Urban Development Authority, Coimbatore Area Rapid Transport, water, electricity, water bodies, logistic hub, sports and tourism, industrial infrastructure, and airport.