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Indore – one of the fastest growing Tier-II cities

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Indore is the commercial hub and largest town of the state of Madhya Pradesh. The real estate in Indore is booming with the new commercial and residential projects in the city. According to Pratap Kumar from S K Associates, “Indore is steadily growing and there has been a significant rise of 30 per cent in the number of transactions during the past six months.”

He further added that the city has witnessed an escalation of more than 50 percent in the capital values of apartment during the past couple of years. Opening up of the job sector, expansion of education sector and growth in industrial sector are the major attributes contributing in the realty growth.

Indore is well connected with Maharashtra border and therefore major industries such as Hindustan Motors, Bajaj, Bridgestone, Larsen & Turbo etc have established their campuses here, says Archit Vohra from Realty Constructions. The growth in the industrial sector has directly impacted residential sector and the capital values of apartments in both new and resale segment have witnessed an escalation of 10-15 percent during the Jan-Mar 2012 period, added Vohra.

Renowned developers are coming with commercial and residential projects in the city. DLF, Parsvnath, Omaxe, Indiabulls, Ansals and Unitech have already launched their residential projects in the city. These new projects are witnessing good number of transactions and most of them are already sold out and is available with premium as told by Sushil Kumar, city based realtor from Market Plus.

Most of the projects are coming at Indore Bypass Road and Agra-Mumbai expressway because of ease of connectivity and accessibility. New projects coming in the city are gaining popularity among end users, investors and NRI’s and thus fuelling the city’s realty sector.

MG road, Airport Nagar, Vishnu Puri, Rani Bagh, Indra Puri, Mahalakshmi Nagar, Bicholi Mardana and Shivam Puri are some of the well-known residential localities of Indore. The capital value of apartment in these areas is around Rs 1600-3000 per sq ft.

The improving infrastructure is further adding the value to the city’s growing real estate sector. With the initiatives taken by government and private entities to improve the basic infrastructure facilities, and other civic amenities, Indore is set to witness rapid growth in near future.