Coimbatore, a green and serene city in Tamil Nadu, is now coming out as a major real estate market. Though it started out as a retirement home or second home destination, the city got a major boost after getting the smart city tag. It is also emerging as an important IT hub in Tamil Nadu and is seeing an influx of young IT professionals and entrepreneurs.
With an emphasis on ‘Housing for All’, the government encourages infrastructure development and improvement in living standards in Tier-II cities like Coimbatore. IT/ITeS, manufacturing and service sectors play a crucial role in its economy and to support the influx residential realty has also been augmented.
Let us talk about a few reasons that make Coimbatore an attractive destination for residential investment.
Coimbatore enjoys a perfect location at the juncture of three southern states- Kerala, Karnataka and Tamil Nadu. It gives the city an upper hand in terms of connectivity, infrastructure growth and livability factors. Road, rail and air connectivity is easily available in the city. Three major highways crisscross the city and connect it to Kochi, Bangalore and other cities.
The IT industry of Coimbatore is growing at a galloping pace and attracts extensive talent pool from Bangalore, Tamil Nadu and other south Indian cities. It has the maximum number of engineering colleges in the entire country and produces around 30,000 engineers every year. Renowned companies like TCS, Pricol and Cognizant are trying to set up base in the city to tap this talent pool. Tamil Nadu government also provides high incentives to IT sector which is another reason for its growth. Kochi-Coimbatore hi-tech corridor will be the next big thing for its commercial real estate market.
Offering sustainable and affordable residential projects, Coimbatore is fulfilling the dream of young professionals. The best part of these real estate projects is that the prices are kept in sync with the spending capacity of individuals and families. Housing rates range between 4,500 and 6,500 per sq ft. With great appreciation prospects, it is rising as an important investment destination also.
According to a recent research conducted by JLL, Coimbatore has been listed among the top 10 cities that offer budget real estate. It is recording good investment from people of Chennai, Bangalore and Kochi due to connectivity, affordable rates and value appreciation prospects. Since it is an important tourist destination, hospitality industry is also developing. Real estate developers have launched affordable residential projects, office spaces and high street retail. Avinashi Road, Race Course and R S Puram are the three most coveted destinations in Coimbatore.