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Real Estate Market in Indore

 Indore is known as the commercial capital of Madhya Pradesh and one of the fastest developing Tier-III cities in the nation. A great business centre, the real estate market in Indore is largely the commercial hotspot than residential hideout. The business deals are all around the places like Bhopal, Jabalpur and Gwalior. Indore’s real estate market is ultimately on the rise like many other cities in India. There is good opportunity of investments in the real estate market in Indore and the value of properties are high as well though the prices may be affordable in various locations.

 

As more and moreThe Presence of manufacturing units of India’s leading companies like Hindustan Motors, Eicher Motors, Bajaj, Force-Mann, Metalman Group, Nicholas Piramal, Bridgestone, and Larsen are gaining grounds in Indore, the commercial real estate sector in Indore is eventually booming.

 

The software companies like CSC, Impetus Infotech, InfoBeans have also set up their offices in Indore. The electronics complex in the city houses offices of some of the top telecom and electronics companies of the country and the real estate scene in the area is likely to improve further once the undergoing projects of Special Economic Zone (SEZ) is successfully completed. There will no looking back on the commercial front for revenue and investments by foreign firms for infrastructures.

 

Indore has also emerged up as an education hub of with the Indian Institute of Management (IIM) a leader in the field of professional studies. The educational network further enhanced the housing market in Indore as students availed rental accommodations. There were also rooms available on lease for 1-2 years.

 

According to the Census report, there has been a 47 per cent increase in population since 2000 in Indore. The estimated demand for homes is around 1, 00,000 dwelling units per years. But, the land prices have soared more in the post-recession period. On average the cost of land in Indore is estimated to be Rs 30 lakhs- Rs 1 crore for an acre in prospective locations. Therefore, the property built on this land is likely to cost high as well.

 

Prices of homes in Indore

 

The real estate market in Indore largely concentrates on the ups and downs in the capital market of Indore. The residents of Indore are ready to pay for both affordable homes and luxury apartments. Thus, there is a mixed property dealings all over the city. The table below shows the property prices in Indore.

Locations Rental rates (per squ. ft) Ownership rates
Vijay Nagar Rs 1,000- Rs 10, 000 Rs 10 lakhs onwards
Rau Rs 600-Rs 1200 Rs 9 lakhs onwards
Bypass AB Road Rs 3,000- 10,000 Rs 12,000 onwards
Gulmohur Colony Rs 3,500- Rs 6000 Rs 14 lakhs onwards
Green Park Colony Rs 800- Rs 3,000 Rs 10 lakhs onwards

 

In the retail commercial sector, Indore already has a number of national and international brands. Treasure Island with 0.6 million square feet located on MG Road, was the first organised retail in the city. The existing retail space in Indore is around 0.86 million square feet and by the end of 2010; about 1 million square feet of space would be open to the retail outlets.