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Indore: Hottest Real Estate Destination
Indore is the largest city in Madhya Pradesh that derived its name from Indreshwar temple. It is also known as The City of Holkars being built by Rani Ahilyabai Holkar, a famous Indian queen. Indore is home to more than 1600 large, medium and scale industries being the hub of commercial activities.
Indore is a commercial capital of Madhya Pradesh and is now seeing a lot of industrial boom. After the saturation of metro cities in India, the focus of all IT, ITes and other industries has shifted to tier-II cities. Indore is among the next preferred IT off shoring locations as it proffers these industries with the following:
(a) Easy availability of labor,
(b) Lower costs of land and real estate,
(c) Suitable business environment,
(d) Favorable physical and social infrastructure and
(e) High returns even on low investments.
What more can industries ask for, when they have the complete right to exercise operations in upcoming tier-II cities of India. From cheap labor to abundant land to good investment returns to higher profitability, all the elements of business are freely available to these industries. These attractions have naturally made Indore one of the most lucrative investment options.
It has been observed in a recent study of the trends of city development that IT development is directly connected to both economical and real estate growth of a region. Be it a metro city or upcoming tier-I and tier-II cities, Indian real estate activity has followed similar paths. As soon as IT and other industries enter a city, boom in real estate becomes a stimulus for overall development of its economy. And the boost in real estate in Indore is no different and in fact, follows the league thoroughly.
Indore is the powerhouse of Madhya Pradesh where State government has won heavy investments from major automobile, pharmaceutical and textile corporations. Further infrastructural developments were made in line with the strategy of bringing in major IT companies. The city is now an emerging IT hub that is soon to see more improvements in infrastructure and housing facilities. From its nascent stages itself, IT and ITes sector have been encouraging real estate growth in the city. Some of the noteworthy developments in Indore are:
The government has declared a budget of Rs. 5,000 crores to build Asia s largest auto testing track for ground breaking research and development. This directly implies more employment opportunities, thus, more housing needs.
It has also earmarked 2,000 acres of land for construction of an IT SEZ near the proposed international airport. The airport itself will be a catalyst for future real estate development in and around Indore.
Indore, being on the radar of various IT companies has an upcoming Crystal IT Park on 24 acres of land.
The demand for residential spaces, apartments for sale has been rising with increasing immigrant population and an almost doubling of city s population. The research data shows that there is a need for over lakh residential units in the city. Indore is witnessing the inflow of investment from leading real-estate developers like Omaxe, Unitech, Raheja, Ansal, Parsvnath, etc. leading to a hike in property rates. Also, a large population of entrepreneurs in Indore with high purchasing power has further proved instrumental in bolstering the prices. In fact, even financial analysts believe that Indore is a profitable destination for investors who want rapid capital appreciation and high rental income.
Prospective growth of the IT sector has ultimately fuelled the growth of residential properties in the city. It has an underlying potential to become India s fastest growing cosmopolitan city and probably even a world class commercial city .
Deepika Bansal writes on behalf of
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