Real Estate in Coimbatore

Coimbatore is the second largest city of the state of Tamil Nadu next to Chennai, the capital city. It is a major textile and engineering hub of South India that gave it the name ‘Manchester of South India'. It has been one of the most preferred tourist destinations of the country for decades with places like Ooty, Coonnor and Valparai.

The Coimbatore real estate has been growing ever since mammoth industries shifted operations to the city. The lack of availability of land and sky rocketing property prices made the companies shift their focus to South India. The primary reason for Coimbatore being chosen as the commercial destination is the fact that it is now emerging as a city following international standard lifestyle. As observed in real estate trends followed across the country, as soon as an industrial wave flourishes a city- be it a tier-II or III- its real estate sector begins to develop exponentially.

The growing number of industries in Coimbatore resulted in an increase in population as the number of migrants entering the city went up. With increasing population came the need for accommodation of professionals working in the industries. After the humungous development of commercial property, housing sector in Coimbatore began to multiply manifold. From flats to apartments to villas to independent houses, residential property has developed considerably. But, it has still not been able to meet the ever growing demand for housing even though there is a lot of scope and potential in the city. Property builders are coming up with various affordable projects in the residential segment so as to suit the interests of people.

Along with property developers, the government of Coimbatore has also taken steps to slash down the property rates in the city. Earlier, people preferred buying property in Bangalore, Chennai, Kochi and Hyderabad but with boom in Coimbatore property market, the real estate scenario has changed. The recently launched residential and commercial projects in the city promise to take it to new and towering heights. All these factors together make this ‘Poor Man's Ooty' a lucrative profitable investment destination. Property in South India has not been explored much and this is why, Coimbatore has become a favorite with those looking for investments in Southern part of the country.

Not only property rates have risen up, even the rental values in the city have increased considerably. But, prices of property in coimbatore are still much lower as compared to other parts of the country. Property costs in metros like Delhi, Mumbai, Bangalore and Chennai have sky rocketed and become unaffordable for the middle class. So, the focus has shifted to smaller cities near the metros like Delhi's NCR, Navi Mumbai near Mumbai and Coimbatore in proximity to Chennai. This location advantage works in huge favor for these cities as they become the most preferred when nearby major cities get saturated. This preference raises the demand for property, encouraging realty developers to tap the market and create affordable structures.

Property in Coimbatore would have been in a much better position had it been promoted well. After Chennai, it is the next ideal destination for residential and commercial property but has been witnessing sluggish growth due to time consuming approval process in past. It is a self-made city that can be transformed into a hi-tech city if right factors trigger off on the right time. High standards of education facilities, blossoming of numerous industries and large number of career opportunities are some of the reasons fro migration in Coimbatore.

The boom in properties in coimbatore is here to stay and will surely yield high returns in future.