Why this is the best time to invest in Indore
Indore has been the commercial capital of Central India and is today the largest as well as the most populated city of Madhya Pradesh. The commercial importance of Indore is highlighted by the fact that the Delhi – Mumbai national highway passes through Indore.
Indore being the most populated city of Madhya Pradesh has a population of 3.2 million as per the 2011 census. Indore is the 9th largest city in India and 76th largest city in the world. The city is distributed over a land area of just 530 square kilometres, Indore is the most densely populated major city in central India. The population of Indore has increased from 2,465,827 in 2001 at a rate of 32.88%. 75% of this population lives in Urban Indore, with more than 30% increase in population within these last 10 years, the demand for residential property in Indore has increased drastically. National Housing Bank releases quarterly residential property index called RESIDEX for major cities in India, this index for Indore has grown from 100 in 2007 to 187 till June 2014 quarter. RESIDEX for Real Estate in Indore has increased from a figure of 180 in Sep 2013 to 187 in Jun 2014. This reflects a positive sentiment with an increase of almost 2%, as compared to other cities where the index has gone down substantially in the last 2 to 3 years. Indore was one of the first class B cities to have seen the construction of multi-storey housing societies as early as 2001 and has ever since grown over the years. Due to the foremost investing in Residential Property in Indore holds a lot of merits.
Developers realised the potential of Real Estate in Indore very early and therefore Indore has seen a greater influx of Projects as compared to other class B cities. Real Estate Projects in Indore are from affordable segment to high-end niche properties. The major areas where Real Estate development is taking place in Indore are MR 11(Major Road) road, MR 10(Major Road) Road Super Corridor, AB Bypass Road, Ring Road, Kanadiya Road and Khandwa Road. The areas around MR 11, AB Bypass Road, Ring Road and MR 11 have the bulk of the projects and are the most sought after, due to the excellent connectivity towards the highway as well to the city limits. Indore, being one of the main educational hubs of the country, is the only city in India to have both IIT & IIM together.
Information Technology Giants like Tata Consultancy Services (TCS) and Infosys have initiated the processes to set up their campuses at Indore, Madhya Pradesh. Both of these companies are working at a very fast pace to complete the construction work and we hope their campuses will be ready by December 2016. They are investing about Rs 600 crore each.
The government has also allotted 100 acres each, with a condition that they will provide fifty per cent jobs to local people at the rate of 100 jobs per acre. Thus each campus would recruit 10,000 people.
The government allocated land at Indore’s prestigious investment destination Super Corridor area at the rate of Rs 20 lakh per acre. The companies are developing these campuses as special economic zones.
Residential Real Estate in Indore has been always on the upswing, & with the coming of more IT companies like Infosys, Infobeans ,Systango, Impetus, Clear trail, Intellicus & Hitachi should create the needed ripple to give the real estate industry in Indore a big boost.