The real estate scenario in Coimbatore

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Author: Saurabh Tyagi

Author writes on behalf of 99acres.com, a leading online portal thriving to solve the consumer’s requirements in real estate segment. The site offers a galore of information regarding the real estate property such as flats and houses to buy, sell or rent at different locations like Mumbai Property, Bangalore Properties etc.

Located near the popular hill destination Ooty, Coimbatore is another famous tourist attraction in the state of Tamil Nadu. The city is the second largest in Tamil Nadu and a major commercial center, fondly called as Manchester of South India. The city is a vital textile, IT, and industrial hub of Tamil Nadu and has been ranked amongst the top five cities conducive for investment in India by CII. It is the 17th biggest global outsourcing destination in the country. The city is the 15th largest urban conglomeration of India with more than 4 million inhabitants as per the latest census. All these figures point to a simple fact, Coimbatore is going to emerge as a favourable destination for Real estate investment in the near future.

An Overview

The real estate market in Coimbatore has witnessed an explosion in growth. The demand for new properties let it be residential or commercial is increasing on a wide scale in the city. The main reasons behind this growth can be understood from this fact:

Coimbatore has the largest number of engineering colleges in Tamil Nadu. This city alone produces more than 30,000 engineers every year, which is huge talent pool. To tap this resource many international and outsourcing firms have setup their base in the city. Companies like Cognizant, TATA Consultancy Services and Wipro have already set up their offices in the city, which is attracting a lot of workforce migration from the neighbouring cities as well.One of the biggest hubs for textile, Coimbatore has the highest textile activity per square kilometre in the world. The city is responsible for more than 84 percent of textile machinery produced in India. The major industrial areas are Uppilipalayam, Singanallur and Peelamedu. The city which was solely known for its industrial richness is fast heading towards a more contemporary metropolitan culture which is fuelling the real estate activity in the region.

Real Estate Segments

Like every other major city of India, Coimbatore also has a highly fragmented realty market. Major segments that contribute towards this sector are hotel, residential, commercial and office.

Residential: Coimbatore’s residential realty is divided in four micro markets akin to the four quarterly regions, North, East, West and South Coimbatore. Earlier the customer sentiment was biased towards buying or renting independent houses. However, with the advent of white collar jobs in the city, there is a paradigm shift towards apartments. This has translated into development of various integrated townships, where the builders are wooing the customers by advertising various luxuries such as swimming pools, club houses, jogger’s park and various other amenities. The different options to choose from viz. twin houses, individual houses and apartments further lure the new age customers to invest in real estate.

Retail Market

Segmented into High Street and Retail Malls, the retail market is concentrated in and around areas on the Trichy Road, R.S. Puram and Avinashi Road. Organised retail market is coming up in a big way in Coimbatore. Two new malls are already operational and many more are expected more to come up in the near future.

Hotel Market

Coimbatore real estate has many major players betting big due to its flourishing hospitality sector. Owing to the dynamic business climate, which again is a result of the rapid IT development the hotels are seeing greater than average occupancy. Figures speak that the occupancy rate of hotels has increased from 56.4% in 2001 to 70% in 2006. Therefore, new 5-star and 2-star hotels are coming up in the various parts of the city to meet to the increased demands. Taj hotels group, Le Merdian are some of the biggest names in the hospitality industry who have set their eyes on Coimbatore.

Author writes on behalf of 99acres.com, a leading online portal thriving to solve the consumer’s requirements in real estate segment. The site offers a galore of information regarding the real estate property such as flats and houses to buy, sell or rent at different locations like Mumbai Property, property in Mohali etc.

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