Raising the bar—the Coimbatore Real Estate

One of the most preferred tourist destinations near Chennai, of late, Coimbatore has emerged as the new real estate hub of Tamil Nadu. The following article is a perusal at the Coimbatore real estate.

The 13th largest urban agglomeration in India, Coimbatore is the second largest city in Tamil Nadu after Chennai. It is one of the fastest growing Tier II cities of India. What makes it an inevitable city of significance are the various aspects such as urbanization, education, economy, commerce, industries and others. Also known for its historical legacy clubbed with industries like textile and engineering, Coimbatore has witnessed tremendous economic growth in the past one and a half decade that has had a huge impact on the city’s real estate.

Since the city has a flourishing textile industry it is often referred to as the Manchester of South India. Apart from these, the other industries that the city boasts of are engineering firms and automobile manufacturing. India’s two-third of electric motors requirements are fulfilled from the yields of the Coimbatore-Tiruppur-Erode, the industrial corridor of Tamil Nadu. Erode, the textile nucleus, accounts for nearly 75% of the textile exports of India.

During the late nineteenth century, the British exploited the potentials of the black cotton soil of the area that gradually led to the founding of the textile industry. Gradually, the city recorded an increase in the large number of migrant workers. The slowly flourishing textile industry led to the demand in engineering expertise that was eventually followed by a paradigm shift towards a metropolitan culture. This shift was responsible for an increased demand in the real estate souk of the Manchester of South India. Currently, the realty market of Coimbatore is at its zenith and enjoying the position. According to statistical reports, the market is here to stay like that for some time now.

The Coimbatore real estate market can be divided into commercial, retail and residential. The plummeting of the land, materials and labour costs has pushed property prices in the city by 25%-30%. After the humongous development in the commercial and retail sectors, the city also witnessed a housing property bubble. From flat to bungalows, villas as well as penthouses, residential real estate in Coimbatore is going through a boom phase. However, the residential real estate still has to undergo much progress in order to cater to the increasing demand.  Property builders are coming up with several projects in the residential segment so as to meet the demands and keep up the interests of buyers and end-users. Coimbatore is truly emerging as the real estate destination in Tamil Nadu after Chennai. Buyers and end-users are investing on flats in Coimbatore. Some of the prominent areas of the city include Race Course, RS Puram, Saibaba Colony and Tiruchi Road are the best residential localities to invest in a residential property.

With initiatives being promoted both by the private and the government players, the already shining skyline of Coimbatore is all set to touch a further high. Moreover, the promising social infrastructure like educational institutes, medical centres and better standards of living all have together worked towards in transforming the ‘Poor Man’s Ooty’  into a favourable real estate destination.

It is not only the property prices, but also rental rates in the city’s real estate market have noticed a shot in the arm considerably. The biggest benefit is Coimbatore’s proximity to Chennai. This has played a vital role in shaping the development of the city’s real estate souk. 

A self-made city with flourishing industries like textile, automobile and engineering, the real estate boom of Coimbatore is here to stay which makes the city worth investing for real estate properties.

Author Bio - Sampurna Majumder loves to follow the latest real estate trends. Whether it is Flats in Delhi, Rental apartment or real estate Delhi, he has keen eye on all the latest developments of realty sector. An expert author, he is a regular contributor to the columns of leading real estate portal 99 acres.com