Coimbatore Real Estate Segment on the Steady Growth Track
There is no looking back for the realty segment of Coimbatore, which has now emerged as a hot real estate destination. Coimbatore has witnessed growing demands for both residential and commercial properties in recent years. The property values have started to climb the real estate charts and have seen some appreciating trends in past 2-3 years. According to the market analysts, the capital values of residential units have seen an average increase of 10-15% in the city, while the rental values have been up by more than 30% in the above-defined period.
The housing segment has witnessed some new trend. Earlier, it was a row-housing segment, but now the time and preferences of the buyers have changed and the inclination of the clients is more towards apartment culture.
There is an increased demand for 2 BHK and 3 BHK apartments, and a number of new projects are launched. With the entry of more internationally acclaimed builders and corporate players, the demands for luxurious flats and studio apartments have also catching up. The buyers have a number of options to choose from these flats. The most preferred ones have been affordable and premium projects. The interested buyers can look out for a 1 BHK flat, which is usually available at around Rs. 15-20 lakh in affordable category, and a premium 4 BHK flat priced at more than Rs. 1 crore. On an average, the property rates of the newly launched flats vary from Rs. 2,000-5,000 per sq. ft., based on the location, specifications and other features.
New Growth Corridors
In addition, the market has displayed an improved absorption rate, as well as increased rental and capital values across different micro markets, in the new locations like Saibaba Colony, Rathinasabapathy Puram, Bharathi Colony, Kovaipudur, among others. A number of upcoming projects like Orbit 11, Ananda Apartment, Central Park and Right House Mansarovar have been the hot favorite of the buyers.
Right House Mansarovar Vadavalli Coimbatore is among the handful of gated community projects in Coimbatore, which offers affordable 2 and 3 BHK flats and is facilitated with world class specifications at prices within budget. The project has attracted a number of buyers and the first phase of the project has catered the demands of more than 150 families. The project includes 2 blocks, each consisting of G + 3 floors and every block has 2 wings with 8 flats on each floor.
The real estate segment of Coimbatore has progressed very steadily and the demands are mostly for smaller apartments owing to the increased number of professionals. The market has witnessed around a 20-30% hike in the number of transactions in the newly launched residential segment. The real estate experts expect that the newly launched projects will be boosting the realty values in the city.
Catching trends of studio apartments
Studio apartments are the latest pick among the tenants and buyers in Coimbatore, and the buyer population mainly belongs either to professional groups who are living alone or have nuclear families. Availability of space at less unit value is among the main reasons why the concept of studio apartments started catching up very fast in Coimbatore. Here are some of the reasons why it is best suited for young professionals.
- Ideal location for the young professionals, offering a number of places to explore
- Good social infrastructure and other facilities
- A significant professional population
- Not overcrowded
- Offers safety to the residents, particularly women
- A cosmopolitan outlook
- Affordable cost of living
Coimbatore is on the growth track and with the upgraded infrastructural facilities and boost of the corporate segment have led to an exponential growth of the residential and commercial real estate segment.
Author Bio: Rashmi Karan is a writer and illustrator. Her areas of interest are the area and city specific real estate scenario of the Indian cities. Her articles about the real estate offer exhaustive information on the related topics.