Super Corridor in Indore promotes the real estate market
The real estate market of Indore has been on a joyride for the last 12-18 months, thanks to the much hyped ‘Super Corridor’. The corridor is registering growth in various areas, adding a new phase in the real estate landscape of the city Indore. Furthermore, the localities around Super Corridor have transformed into a hub for real estate development.
Indore Development Authority’s (IDA) new project-Super Corridor, undertaken along a 12 km stretch from the airport to the Vijay Square, is already in news. Areas near the corridor offer plots varying between 600 sq ft- 5000 sq ft. The location of the corridor has emerged as the biggest USP of the city, since connecting to airport or the new proposed railway station, sports complex, Interstate Bus terminus (ISBT) and medical hub has turned hassle-free.
Importance of the corridor
Rise of rates of property in Indore can be attributed to the growth of the Super Corridor. Huge influx of IT firms in its nearby regions of this Corridor, proposed major infrastructural developments such as sports complex, medical hub, educational campuses and easy connectivity with the airport, add to the number of reasons for the growth of the areas adjacent to it. As such, demand for high-end units near the corridor have hit an all time high.
Tree-lined alleys and growing physical and social infrastructure in the locality have already created a lot of buzz and has emerged as one of the most sought after residential areas of Indore for working professionals. For those planning to shift to Indore in 2-3 years, the locality has something for all in its platter. The price per sq in the area for the residential apartments run between Rs 2200-Rs 3000 per sq ft
How real estate will boom?
The corridor is likely to benefit the industrial and educational sector and the real estate sector is expected to get a share in the pie. According to the property consultants, real estate developers and builders have figured out a number of residential avenues such as plots, multi-storey apartments, row houses, plots and villas in the regions adjacent Super Corridor. As per the presumed boost of the industry, around 15-18 projects are likely to crop up on the 20-25 acre land together with small projects mushroomed near the corridor.
Going by the market reports, areas near the corridor has witnessed a sizeable increase in the average price range. Apartments that stood at Rs 1800 per sq ft, pushed up to Rs 1900 per sq ft in a tenure of six months. Property prices near the corridor have shot up by 10-15 percent in the last six months, along with buyer inquiries. Experts are of the notion that with more than 80000 new job opportunities in the city, the rental market in the localities along the corridor is expected to gain momentum.
