Indore’s property market shows signs of affordability
The mounting cost of housing projects in the country has left the buyers with no choice other than changing their point of focus from the luxury class to the affordable category. As per experts, real estate properties in Indore has shaped up into a money-turning affair, since it offers a plethora of options for Commercial, Residential and Industrial properties.
With the growth and development of amenities in the city, buying affordable housing units proves as a perfect bet. Add to it the availability of numerous residential and commercial properties for rent and sell, the property market of the city has become a major hit among the investors across the country to cash in and make huge profits. With numerous employment opportunities in its kitty, affordable houses are the need of the hour in Indore on account of the rising demand from end-users and investors.
Affordable segment
Going with the affordable segment flow, Indore, like the rest of the cities in India has witnessed a flurry of housing projects, tagged under Rs 20 lakh category. Since it is a Tier-II city, property market of Indore is not that exorbitant, making it perfect for the affordable class. According to property consultants A. B. Road, Bicholi Mardana,Khandwa Road and Kanadiya Road are tagged as the cheap colonies, which ropes in end-users by offering 1BHK between Rs 6lakh-Rs 8 lakh.
Few other localities in Indore, such as Annapurna Road, Sanwer Road, Vijay Nagar, Rau Pitampura, Khajrana Road and Super Corridor offer single room BHK between Rs 10 lakh- Rs 15 lakh. For a single room house at Nipania, the buyer would feel a pocket crunch of Rs 20 lakh, while at New Palasia, such rooms are offered at Rs 35 lakh.
Increase in Price
In regard to price appreciation, Vijay Nagar, Nipania Road, Mahalaxmi Nagar and Khandwa have witnessed a price escalation last year in the Q3.While Mahalaxmi witnessed an appreciation of 2%, Vijay Nagar saw a price hike of 8%.
Rise in price have been witnessed in some parts of the city. With the growth of IT and SEZ parks, economic stands in the city has come off age. Stepping ahead with software giants such as Collabera and TCS along with Infosys, which is in talks for a Rs 100 crore development centre, demand for properties have literally aggravated in the city.
