Property Rates Rise in Vijay Nagar

Q: I read somewhere in the beginning of the year, that Vijay Nagar in Indore saw a real estate growth of 10% in the last quarter of 2013. What are the factors responsible for this land value increase?

Arjun Singh Ranawat, Indore

17th July 2014

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Yes even property wise, Vijay Nagar has so many options. Multistorey apartments, luxury apartments, residential complexes, independent houses, gated communities and plots. Most of the home buyers are attracted to resale projects now because no new residential project is coming up. So this will again, I think increase the prices in the locality. The price per square feet has gone up from Rs 2762 per sq ft to Rs 3034 per sq ft in the past six months alone. People are more interested in buying bungalows and low rise structures over here. Definitely a good locality for you to live in. Especially if you have a great, well paying job! :P

Naveen Jaitley, Indore

18th July 2014

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Most of the people here at Vijay nagar are those having broader budgets like the upper middle class. They usually move here to work and have a good life. This locality if the first urban dwelling of Indore and because of that, it is well maintained and well developed. Lot of CEO and managers are interested in the area. The road connectivity is also very good especially after the road widening project. Now areas with a lot of offices such as Pithampur, Laxmibai Nagar and Shivaji Nagar are easily accessible and it is a hassle free drive. Property rates are bound to go up if this is the case and I think it has increased even further.

Prateek Mishra, Indore

18th July 2014

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It is localities like Vijay Nagar that gives Indore the real estate push that it requires. Indore actually faces lot of water problems and power cuts. But in Vijay Nagar, it is very nice because they have unrestrained supply of water and well planned projects that don't get in the way of electricity lines. Also the area is very green and peaceful to walk in. There are big parks with playgrounds and very good infrastructure like nice roads, footpaths. So that is why demand increased and so price also increased.

Vaibhavi Jain, Indore

17th July 2014

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Yes that's right. Property value increased very much in Vijay Nagar and it is because lots of peoples are now moving there and settling there. They are close to their work offices, schools and IT companies . Especially many immigrants from all over India. That is why rates went up so much, because of the high demand. End users are especially very interested because they like that the locality has all the things including supermarkets, malls, good schools. Others are attracted to the new infrastructural projects and good civic facilities. That is why many property buyers also have interest. Yes the locality is doing very well. Very good opportunity to invest here.

Aditya Jogi, Indore

17th July 2014

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