The real estate market in the textile city is in a buoyant mode ahead of the impending entry by more top IT majors. Even before they could log in, Coimbatore is witnessing a good demand for well developed high-end properties. According to realtors, demand is picking up for high-end apartments, houses, and twin-houses as the buyers feel they offer them enough value for their investments. They now prefer community living with in-built advantages such as security and common resources.Starting with a price of Rs 25 lakh, there are properties quoted even up to Rs 1.5 crore, depending on the amenities and location. “The cost is never a deterrent for selling these houses as there is always value for money in these properties. These are just grabbed within a few weeks of announcement. Although now it is a miniscule market, there is an untapped potential”, according to Mr Naren Rajan, director, Tristar Developers.Some of the high-end projects from Tristar such as Triyambhava at Kalapatti with 110 dwelling units and Trilok near GRD College with 230 units “received tremendous response prompting us to work on more such projects”. “High-end property promoters have completed close to 700 units last year.
The growth of this textile city in the last two years in high-end categories of properties can be compared only to the growth that Anna Nagar in Chennai had witnessed,” said Hari Khemchand, director, Presidium Properties.Presidium’s KG Gardenia, the Rs 75 lakh-Rs 1 crore apartment project on the Race Course has already been sold off. Enthused by this, it is planning to launch similar projects.“As traditional industries are doing well, sale of high-end apartments is picking up. We expect this to continue as the demand is still high”, Vikram Mohan, director, Pricol Property Developers (PPDL), told.
PPDL is gearing itself for launching its new project with an apartment priced at Rs 1.25 crore, which is considered a new high for property in the city. The project would be launched in a month’s time and is already completely booked.Real estate sources said the workforce in textiles, jewellery, foundry, pump set units, light engineering, multinationals, bankers and those dealing with fast moving consumer goods look out for such properties.The boom in these sectors coupled with the much awaited entry of IT companies have led to the high-end property developers to betting high on this textile city.
BUILDING BOOM
• The real estate market is in a buoyant mode ahead of the entry by more top IT majors
• Demand is picking up for high-end apartments, houses, and twin-houses as the buyers feel they offer them enough value for their investments
• Starting with a price of Rs 25 lakh, there are properties quoted even up to Rs 1.5 crore
• High-end realtors completed close to 700 units last year