First sale apartments more in demand in Coimbatore
Coimbatore as a realty market is expected to undergo tremendous development in the near future due to the infrastructure development that the city is expected to witness. The proposed industrial corridor between Coimbatore and Erode, connecting Tirupur is a major infrastructure project that is expected to enhance the residential realty scenario in the city. The prospect of Coimbatore being shortlisted for development as a ‘Smart City’ has generated considerable interest in realty circles. There are many areas across the city which have already witnessed the development of many prestigious residential projects, particularly apartments. Many of these are along the route of the proposed industrial corridor, while many others are in strategically important areas having major infrastructure facilities or are proposed to come up with important infrastructure projects in future.
Coimbatore is more of a traditional city with the development bug just about making its presence felt. Hence, apartments or villas projects are lesser in number compared to individual houses. As per CommonFloor listing data, apartments make up only about 8 per cent of the available residential property for sale in the city. However, considering that the residential realty market in Coimbatore is expected to undergo an upheaval in the near future, the prospect of many apartment projects coming up in the city is bright. The availability of large parcels of developable land will also act in favour of the future prospects of apartments being developed in the city. Among the available apartments for sale as per CommonFloor data, First sale apartments constitute about 58 per cent.
Areas with maximum demand
Among the First sale apartments available for sale as per CommonFloor data, some of the areas have more availability of such apartments compared to other areas. They include areas like Saravanampatty, Vadavalli, Thudiyallur and Ramanathapuram, among others. Among these, Saravanampatty and Vadavalli are located along the proposed industrial corridor.
2 BHKs more in demand
Among the listed First-sale apartments in Coimbatore, 2 BHK units comprise about 66 per cent, followed by 3 BHK units (26 per cent) and 1 BHK units (7 per cent). Other configurations have a minuscule representation. Average prices for 1 BHK first-sale apartments measuring on an average between 400 and 800 sq. ft. ranges between Rs 4,000-4,300 per sq. ft. Their effective cost ranges between Rs 15-30 lakh, with about 72 per cent being in this price range. For 2 BHK first-sale apartments measuring on an average between 800 and 1300 sq.ft., average prices range between Rs 2,700-3,300 per sq. ft. The effective prices of such units range between Rs 30-70 lakh, with about 86 per cent being in this price range. For 3 BHK first-sale apartments measuring between 1300-2000 sq. ft., average prices range between Rs 4,500-4,800 per sq. ft. The effective prices of such units range between Rs 40-90 lakh, with about 71 per cent being in this price range.
‘Builder’ listings higher
Among the different sources of listings, ‘Builders’ accounted for about 45 per cent of the total First-sale apartments listed for Coimbatore. This is closely followed by ‘Owners’ who accounted for about 44 per cent and ‘Dealers’ about 11 per cent of the listings.
