Thanks to its massive manufacturing hub, the Manchester of South India, Coimbatore is set out to make a record as the world's fastest-growing economy. Over 25,000 small, medium, and big industries, ranging from textile and jewellery mills to poultry and software, are located in the city. With this increased commercial activity, the Smart City programme, and industrial demand in Coimbatore it's becoming an important nexus for well-established and sustainable residential and commercial real estate. Even the suburbs surrounding the highways are seeing massive growth! However, the hustle and bustle of development in Coimbatore's Bypass do not impair the city's quality of life, as it remains one of India's least polluted cities.
Coimbatore is deservedly one of India's 20 smart cities, because of its best-in-class municipal facilities, coherent mobility, intelligent transportation system, and steady development in the city's green cover. According to a recent JLL research, Coimbatore is one of the top ten places offering low-budget real estate investment opportunities. In the foreseeable future, the city is likely to attract great investments in its real estate business! Now let's look at four factors triggering real estate growth in Coimbatore:
Coimbatore was chosen in the first round of the Smart Cities Challenge out of the 20 cities that competed. The predicted outcome has the ability to follow in the footsteps of OMR's growth or outperform it. Which has set the tone to reflect India's progress.
A Smart City would have sufficient water supplies, stable power, hygiene, productive urban mobility and transportation systems, reasonably priced housing, resilient IT connectivity and digitalization, solid governance, an ecologically sound environment, citizen safety and security, and education and healthcare as core infrastructure elements. These all add up to the charm of owning a Property in Coimbatore! Which boosts the real estate demand.
According to modern living standards, the airport has always been regarded as one of the most valuable public assets and an important indicator of urban development. This is true for cultures all across the world; areas near airports frequently have top-tier development. This high-level development would involve improvements to public transportation, the establishment of civic amenities, and sophisticated infrastructure development.
The presence of renowned software companies such as Cognizant, Wipro, Tata Consultancy Services, Robert Bosch Engineering and Business Solutions, and other massive IT parks such as ELCOT and TIDEL has already elevated Coimbatore to the status of a rising global metropolis. This vast construction has piqued the interest of numerous foreign investors, corporations, and even the government.
To capitalise on this development, the Central Government has announced intentions to expand the international airport in Coimbatore in a Rs. 2000 crore project. The new airport has been mandated to extend up to 627.89 acres, of which 90% has already been purchased, ensuring that the runway is stretched and more airlines and destinations may be connected to Coimbatore.
In addition to providing accessibility, transportation infrastructure helps to convert or improve land use. As a result, there is a relationship between the evolution of land value and the availability of roads. In the short term, price increases might be driven by infrastructure expansion and connectivity. Another price hike happens when highway-side facilities/amenities become active.
The Coimbatore By-pass has begun to expand, becoming an eight-lane road from four lanes. All ready to become the near future of Coimbatore real estate, with a significant potential for real estate investors. The Coimbatore By-pass is only ten minutes from Singanallur and the railway station, and twenty minutes from the airport and other regions such as Ukkadam, Peelamedu and Avinashi Road.
The state government of Tamil Nadu is ready to support the union government's defence industrial corridor by building a 500-acre defence industrial park that might cost up to Rs. 225 crores. One of the two proposed defensive industrial corridors will run through Tamil Nadu, with five nodes at Chennai, Tiruchirappalli, Coimbatore, Salem, and Hosur. This corridor is projected to result in the establishment of new defence manufacturing facilities and clusters, as well as testing and certification facilities and export facilitation centres. While the exact concept is still being worked out, we are confident that it will bring success to Coimbatore. Following large-ticket investments in defence and aerospace, a swarm of auxiliary companies will emerge, bolstering the regional ecosystem.
This will help to address the growing demand for industrial lands, offices, commercial spaces, and warehouses in the neighbourhood. Residential demand will grow in lockstep with economic activity, especially in manufacturing clusters. To meet changing demand, prominent developers will shift their focus to these areas and begin new launches and township projects.
The value of land in Coimbatore has skyrocketed! Because of the city's thriving real estate market, there will be an ongoing demand for residential property around the city. With the construction of infrastructure and connectivity throughout the city, demand will increase even further, notably around the Coimbatore By-pass, owing to affordable prices and a variety of possibilities.
Coimbatore is calling - it has grown into a thriving and developing real estate market. This tier-II city has a distinct economy, high-quality education, a huge labour pool, and well-defined sustainable development goals, making it a desirable South Indian site with high future investment expectations. Because of the growth of hopeful attitudes and the city's business-friendly culture, the city's real estate market will boom in the future.