Peelamedu - Review
Peelamedu, which has a mix of commercial and residential space, is a much sought after destination in Coimbatore. It is one of the most populated areas and is close to the airport. One of the prominent landmarks on this road is the corporate office cum production unit of the century-old Lakshmi Mills.Bustling with activity, the area is home to some of the finest educational institutions such as the PSG Group of Educational Institutions, GRD College and the Hindustan Group of Institutions besides hospitals like PSG Hospitals, Kovai Medical Centre & Hospital (KMCH) and Aravind Eye Hospitals.Apartments in this area are always in demand and sold out within a few
days of launch
Commercial Almost all leading textile mills and banks have their presence in Peelamedu. Lease rentals range between Rs 25 and Rs 45 per sq ft per month, according to data available with the Builders’ Association of India, Coimbatore chapter. Residential Apart from a couple of IT projects proposed on Avinashi Road in Peelamedu, a number of residential projects is expected to come up in the surrounding areas. Property developers like Jain Housing, Coromandel (part of the Murugappa Group) and PS Srijan Projects are developing large residential projects in this area. Apartments in this area are always in demand and sold out within a few days of launch due to its proximity to schools, colleges and hospitals.
While lease rentals for apartments range between Rs 12-Rs 18 per sq ft, the capital value for new apartment projects range between Rs 5,000-Rs 5,500 per sq ft. Retail The area is an emerging retail area. Zee’s Essel Group has firmed up plans for setting up a multiplex and food & entertainment centre (FEC). Chennai’s PS Srijan Projects is also developing a 9 lakh sq ft of mall in Peelamedu. Rentals range between Rs 40-Rs 55 per sq ft per month. Some popular retail outlets on this road are Nilgris, Barista, Coffee Day, Crocodile and Sri Krishna Sweets.Peelamedu already has a three star luxury hotel The Residency and the Jenney Club owned by LA Group, promoters of the theme park Black Thunder. Kolkata-based Kenilworth Hotels has acquired five acres in Peelamedu.
