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Rental Property in Indore

A growing city in Madhya Pradesh, the real estate developments in Indore has been triggered with the progress in economy of Indore. One of the largest commercial hubs in Madhya Pradesh, the rental property in Indore is the brain child of the businessmen since the early 1990’s. The region prior to 1990’s was an under-developed place that slowly flourished because of the financial activities that introduced trade and commerce. This in return developed the housing market that soon had landlords looking for rich tenants. This also became a permanent source of income for the landlords who owned big houses in Indore and wanted to provide the rental facilities in Indore. The residents and the people visiting the state began to grab the cheap housing facilities that came to their way in the form of rental homes in Indore.
 

Rental market in Indore

 
Though the IT-sector in Indore started emerging much later than many other cities in India, it managed to draw several companies to the state. A number of software companies like CSC, Impetus Infotech, InfoBeans have also set up their offices in Indore that has tremendously enhanced city's image as a preferred business destination. This has resulted in the IT-boom, employment, and demand for shelter, and accommodation. There was a supply deficit even of rental property in Indore for in commercial and residential respect. The popular housing builders and contractors than came forward to construct the new housing projects in Indore. These projects created more provision for rental accommodations in Lucknow in the form of 2 BHK, 3 BHK, and 4 BHK apartments and all on monthly or quarterly loan basis. 
 
The development of mall culture has enhanced the way the city’s commercial sector worked. Several businessmen and companies have offered to opt for the commercial rental property in Indore. The demand for office space often gets limited due to less supply of ownership buildings. Therefore renting the commercial space seems to be more viable an option. As far as the rates of commercial rental property in Indore are concerned, it varies with location. Like, the rental office spaces in Indore in and around MG Road, Jawahar Marg, Siyaganj, and Hamilton Road are the most popular ones though they are priced high. 
 
The market for residential rental property in Indore has experienced much turbulence during the recession period when there were more existing vacant homes in Indore than never before. Soon recession ended and the prices rose drastically. An escalation of about 50 per cent in property rates led to a hike in rental rates in Indore as well. Earlier the flats that were priced at Rs 4,500 stood around Rs 6,500 in 5-6 years period. 
 
Popular rental zones in Indore
 
Goyal Vihar, Indore
Tilak Nagar
Vijay Nagar
Dewas Bypass
 
The rental market in Indore is especially strong in terms of sale and availability of 1 BHK and 2 BHK apartments. This is because in modern times, most families tend to be nuclear in nature. They opt for smaller space that would give them a comfortable living within budget.