Government Infrastructure and Initiatives – Big Push for Coimbatore Real Estate
Coimbatore, the textile queen of India, has witnessed rapid development in the real estate market recently due to its metamorphosis into an IT hub. Being one of the fastest growing tier-II cities in India, the real estate market in the city has received a much-needed push. With rapid infrastructure and industrial development, the city has become a lucrative destination for investors.
Demand for Affordable Housing
The emergence of Coimbatore as IT city has accelerated demand for affordable housing in and around upmarket residential localities - such as Saravanampatti, Kalapatti. With the bustling growth of the IT industry in Saravanampatti, this neighbourhood has become a coveted residential locality in the city. In addition, affordable areas such as Mettupalayam Road and Trichy Road have also witnessed a rise in residential projects. Government initiatives like the three proposed monorail routes are set to improve connectivity within the city.
With the recent launch of the Tidel Park, Coimbatore is ranked 17 among the global IT outsourcing cities. The transformation of Coimbatore isn’t only limited to the IT sector. The city has also witnessed expansion into general engineering, automobile parts manufacturing, and poultry, just to name, with some of the best known global brands operating here. Industries include:
- Major auto & auto ancillaries
- Wet grinders manufacturing
- Textile machinery manufacturing
- Proposed Eastern and Western bypass
- Two existing SEZs along with five more in the pipeline
- Three proposed monorail routes
Another major Government initiative set to improve the infrastructure of the city is the proposed Western bypass, from Kangeyampalayam to Mettupalayam. The bypass will ease connectivity between the major principal roads within the city from Palakkad and the Eastern bypass. The upcoming residential areas of Saravanampatty and Kurumbapalayam are likely to benefit from the proposed Ring Road, starting from Avinashi Road till Mettupalayam Road.
Coimbatore is one of the most favoured affordable housing destinations thanks to rapid development and Government initiatives, boosting the construction of many residential projects with an estimated investment of Rs. 500 crores. Srivari Properties has established itself as the premier construction group of Coimbatore with major completed and upcoming residential properties in Bharathi Colony, Mettupalayam Road, Avinashi Road areas of the city.