Real estate boom in Coimbatore:
In Coimbatore Whether it is plush apartments or medium budget houses or commercial/office complexes, the city has not witnessed such a frenetic construction activity in the past as it is seeing now.
The current real estate boom in Coimbatore, where land prices have shot up by 50-100 per cent in the past one year, looks sustainable in the near term since it is fueled more by genuine demand rather than by speculation. Coimbatore is shedding its conservative image and taking competition head on in its effort to come on top in the globalised environment.
Coimbatore Engineering and Coimbatore textiles:
Always billed as one of the most livable cities in the country, Coimbatore is finding that its core strength in the manufacturing sector, particularly in engineering and textiles, has given a new impetus to the real estate industry.
Coimbatore Climate and Culture:
In short, the city was attracting people from across the country and NRIs from abroad because of its climate, the people’s culture, the educational and health care facilities available etc.
Coimbatore IT, healthcare and Coimbatore education:
Coimbatore has also emerged as a global outsourcing hub for the manufacturing sector. But what has made the realty industry really hot is the fact that there is an air of expectancy about the rush of IT majors to Coimbatore. Billed as emerging IT hotspot, the city is bracing up for rising demand. Apart from engineering industry and IT, there was enormous potential in healthcare and education and there was substantial demand from the user services in these sectors.
Demand for luxury apartments and individual houses in Coimbatore:
There has been a significant increase in the demand for luxury apartments and individual houses in the Rs 35-50 lakh plus range and recently investors lapped up the opportunity to buy apartments at a staggering price of up to Rs 1.50 crore and more. Buyers have become more discerning and facilities that were earlier perceived to be luxuries like swimming pool, community hall, gym and R.O. plants have become necessities now.
There was a noticeable interest from NRIs hailing from nearby cities like Pollachi and Udhagamandalam (Ooty) in buying properties in Coimbatore.