Coimbatore, the textile and engineering city of India is the second-largest city of Tamil Nadu next to Chennai. It is one of the principal cities of the state that is immensely popular for both historical legacy and industrial heritage. Coimbatore has seen tremendous economic growth in past few years that has sky-rocketed its real estate sector as well.
‘Manchester of South India’, Coimbatore is known for its extensive textile industry, mills and factories, automobile parts manufacturing and engineering firms. These industries supply a voluminous two-third of India’s requirement of electric motors and pumps. Education and manufacturing industry have been the vital elements for growth of this city which is to continue even in the coming years. Since, there are a large number of reputed colleges and educational institutions, the demand for real estate in Coimbatore is always on a higher side. The need for residential spaces like apartments, flats or even hostels has been growing, thus, weaving opportunities for real estate developers and investors. It has been observed among trends followed by investors that they buy big buildings and convert them into a hostel that fetches them high returns readily.
Coimbatore, being a textile and industrial hub already has started attracting attention from various global companies and MNCs. Gandhipuram, Town Hall and Avinashi Road are some of the favourite commercial property preference for these companies. It has some of the best properties available in economical prices as the government is now shouldering the responsibility of promoting it as an upcoming Coimbatore property destination. The Government of Tamil Nadu has slashed down the property rates to encourage investors from other cities like Bangalore, Chennai, Hyderabad, etc. to consider pumping in money in Coimbatore also.
Also, it has superb connectivity in form of a modern airport, well-developed network of broad gauge railway, six arterial roads, and three highways. The service industry i.e. IT and ITes is developing at a staggering pace with coming in of corporate giants like Tata Consultancy Services (TCS), Cognizant, BT Infoserve, Ephronsys, Robert Bosch, Nous Infosystems, CG-Vak Software, Quattro, Pricol, Spheris and Sharp etc. Software Technology Parks, IT Special Economic Zones (SEZ) and IT parks by Presidium Constructions, Bannari Amman Group, Salzer Group, Span Ventures and KG Group are also to be developed in the city soon.
Coimbatore is also called the ‘Poor Man's Ooty’ in regard to its pleasant and salubrious climate throughout the year. The great climatic conditions of the city have also become a source of attraction for many. Another sobriquet associated with Coimbatore is of the ‘Motor Sports Capital of India’ as motor sports play a very important role in the identity of this city. It is considered as a ‘Backyard of Indian Sports’ being the motor racing hub of the country.
The boom in Coimbatore real estate has led to its emergence as a city offering high-standard lifestyle.
The demand for property in Coimbatore has been witnessing a considerable rise leading to escalation in real estate investments. Both the residential and commercial properties of the city are selling like hotcakes which imply an increase in sales and revenue as well as in employment opportunities. This ‘city of entrepreneurs’ is, in fact, the highest revenue-earning district of the state of Tamil Nadu.
The property prices are definitely going to shoot up much further and reap positive benefits in the future. Coimbatore is surely a safe bet as a real estate investment destination with bright prospects and high potential shown. It has become a new cynosure that is set to generate limitless opportunities by opening high profit generating avenues in form of real estate.