Property Boom in Coimbatore
After a prolonged spell of stagnation, commercial realty space in the city is all set to take off. This stems from the general expectation that the city might become the next IT destination in the state after Chennai. Commercial realtors have already bought land and are waiting for the entry of big IT firms. A number of proposed developments are expected along Avinashi Road, the prime growth corridor of Coimbatore.
According to sources in the property development business, by the end of 2009, approximately five million sq ft of new space (comprising office and IT/ITeS) will enter the Coimbatore market. Apart from the IT SEZ planned by the Electronics Corporation of Tamil Nadu (Elcot), private enterprises are also gearing up to set up IT facilities.
Singapore-based Jurong group has announced a 35-acre project on Perur Road for an IT-cum-residential project. The city-based Salzer group is also planning to develop one lakh sq ft IT park in association with a US-based consulting service provider.
KG group, a well-known name in healthcare and IT industry, has acquired around 160 acres near its existing campus at Saravanampatty for developing as an ITeS SEZ. Besides IT, retail seems to lead the commercial realty race here. “On the retail front, the city is witnessing the onset of mall format development. Around five malls with a built-up area of two million sq ft each are scheduled to be operational in the next three years,” said Mathew Joseph, regional manager of HDFC Bank.
Zee’s Essel group has acquired land on Avinashi Road for developing its retail format called Forum along with a multiplex and Food & Entertainment Centre (FEC). Brookefields Developers is planning a three lakh sq ft mall on the erstwhile Brooke Bond factory situated close to the railway junction. It is expected to be operational by the end of this year, sources said.
Surat-based Daga Brothers will undertake another mall coming up on the Avinashi Road and E-City Ventures has plans to develop a multiplex on a 3-5 acre plot along the Coimbatore-Tirupur Link Road, Mr Joseph added. This apart, several international consulting firms are also scouting for appropriate location in the city to set up their retail establishments, sources said.
