Coimbatore, also known as the ‘Textile City,’ is one of the few places in India that offer low budget real estate opportunities. In all the major metropolitan cities in India, it is becoming harder to become a homeowner because of rising real estate prices. That is why developing cities like Coimbatore are registering a remarkable growth in the real estate market. Another major reason for the rampant growth in the real estate sector in such cities is the development of submarkets that is supported by the developing infrastructure.
Here, the affordable housing sector has grown a lot, and prime properties are easily available in the sub-50 lakh category. The range of the affordable residential properties ranges from 30 lacs to 50 lacs here and it is becoming the place for home buyers to head to after Chennai.
Some reasons for investment in Coimbatore real estate are mentioned here.
Affordable Housing: Affordable housing is the dream of the common man, and Coimbatore real estate has just taken steps towards fulfilling it. Builders and investors are trying to attract the middle-class and upper-middle class of the society by offering them houses and luxury villas at affordable rates and they have been quite successful in doing that.
Developing Infrastructure: The developing infrastructure of Coimbatore is also attracting new investors and developers to the city. Also, because of business giants setting up their offices in the city, infrastructure is developing rapidly too. This is supporting markets and submarkets of various industries. A major reason behind this rise is the ‘Smart City’ initiative of the government that has encouraged investors to invest fearlessly.
Location: Coimbatore is advantageously sandwiched between tourist hotspots like Ooty, Kodiakanal, and Coorg. This geographical advantage has put the city on the rapid road to development. It has also opened up good business prospects and business giants are willing to invest in the city.
Growing IT sector: Coimbatore comes in second after Chennai in the state for software development and production. Major developers like Wipro, Ford, Aditi Technologies, TCS, and Dell have already set up in the city. It is also the largest non-metro city for e-commerce in South India because of growing online shopping, e-ticketing, and e-billing that is widely accepted here. Development of such sectors creates jobs and more jobs results in more people who are willing to come to the city and find residential apartments or houses.