One of the fastest developing tier II cities of India, Coimbatore is fast becoming an important real estate hub. Its property market is fast emerging as a key sector influencing Coimbatore’s growth. The city’s real estate market is in great demand due to the increasing number of companies and educational institutes. The given article discusses about Coimbatore as a city to live in and the residential options it offers.
Coimbatore as a City
Coimbatore is a popular tourist destination due to its proximity to the hill stations Ooty, Valparai and Coonoor. Also called Kovai, it is Tamil Nadu’s biggest metropolitan city next to Chennai. Coimbatore is situated around 500 kilometers southwest of Chennai. The urban agglomeration is spread over an area of nearly7,469 square kilometers. According to the census of 2001, the city has a population of more than 4.22 million citizens. The city, known for its history and industrial heritage, is now home to about than 25,000 small, medium and large industries, primarily textile and engineering industries. With the exponential industrial growth, the real estate sector is also witnessing higher demand. The area has shown enormous growth in the real estate industry in the past few years along with other high economic development. There are many regional players when it comes to real estate development. Some of the well-known real estate development firms are – Presidium Constructions, Salzer Group, Bannari Amman Group, KG Group and Span Ventures. Let us explore a few of the upcoming real estate projects in Coimbatore.
Coimbatore – Worth for investment
Commonly referred to as the ‘Manchester of South India,’ Coimbatore is bustling with industrial activities pertaining to automobiles, textile, and engineering. This industrial growth has led to the healthy development of infrastructure in the city, which has in turn been functional in promoting the area’s real estate. There is a large chunk of younger population coming to settle in the neighborhoods of the city. The areas offer affordable housing through apartments, studio flats, and individual houses. The rising population and lower cost of resources, such as land and labor, have invited real estate developers to build houses and residential apartments in Coimbatore.
Localities in this city are offering reasonable residential options, in comparison to other South Indian cities like Chennai, Hyderabad, Bangalore, and Mumbai. This gives the younger generation, who has come to the city to work or study, a chance to explore homes. Considering the fast appreciation in real estate, the properties in Coimbatore are also worth investment as a business proposition. The city is known to offer high standards of living to the dwellers.
Coimbatore’s real estate is booming at a high speed and one can observe this by the fast turnover of properties. Both commercial as well as residential real estate have found takers. However, it is the residential projects that are grabbing the attention of the investors and end users.