Due to the rapid development work happening in Indore city and better transport connectivity, only Indore city has been included from Central India. Many works like improving the basic facilities, strengthening the real estate sector, developing industrial areas and promoting tourism are being done very fast in this city. This is why with time, the demand for property in Indore has increased significantly and this increase is continuing. Presently, all the options of residential and commercial property like plot, flat, row house, villa, office space, commercial space etc. are available in Indore city.

Socially and culturally rich Indore has now come into the category of metropolitan cities with modernity. Another good thing for Indore is that according to the recently released report of real estate consultancy firm Colliers, Indore’s name is included in the list of new hot spot cities of the country. Only Indore’s name from Central India has been included in this list. According to this report, the new hot spots of real estate in the country are going to be small cities of tier two and tier three. The report says that there is a possibility of tremendous growth in the real estate sector in 17 cities like Jaipur, Indore, Amritsar. The real estate sector will grow in these cities due to religious tourism, infrastructure development along with many other reasons. Now, as the scope for expansion in the tier one and metro cities of the country reduces and there is saturation in the real estate sector, small cities will develop.

Safe investment, assured returns

Indore’s favorable and clean environment and the boom in business activities have given a significant boost to the property market of this city. Presently many development works are being done under Smart City in Indore city and metro train is also preparing to start here soon. In such a situation, experts believe that investing in property in this city is a guarantee of good returns in the future. There has been a sharp increase in the property market value of Indore since 2021. Due to this, the prices of residential houses have increased by 30 to 40 percent. Property prices have increased in almost all areas of Indore. Considering the rapid development work going on in the city, there is every possibility of this rate increasing further.

Increasing business activities

Commercial activities are starting in Indore, and its impact is also on the property market. Four new industrial parks and 2 new IT parks are going to come up in Indore region in the next two years. In such a situation, buying property in this city can be a golden opportunity for business investors. For this reason, growth has also been recorded in the commercial property sector in Indore. There are various options available for business individuals, such as business buildings, shops, and office space. The traders of our rapidly expanding city want to expand their business in every direction. For this reason, the areas which till now were considered away from the city limits, have now come within the city limits and businessmen are looking for commercial properties there too.

The reason for growth is the knock of big companies

According to the report, it is estimated that the real estate sector of the country will be worth Rs 83.44 lakh crore by 2030, which will increase to Rs 417.2 lakh crore by 2050. According to Vimal Nadar, senior director of Colliers, big companies are setting up satellite offices in small cities and adopting hybrid work models.

There is a possibility of growth of real estate business in these 17 cities.

Central: Indore

East: Patna and Puri

West: Dwarka, Nagpur, Shirdi and Surat

North: Amritsar, Jaipur, Ayodhya, Kanpur, Lucknow and Varanasi South: Coimbatore, Kochi, Tirupati and Visakhapatnam.

Combination of modernity and cultural heritage

Socially and culturally rich Indore has now come into the category of metropolitan cities with modernity. The city’s progress has attracted the country’s biggest companies. A large number of people are choosing Indore for housing and investment. This city has been number one in cleanliness for seven consecutive years. Health facilities and reputed educational institutions like IIT and IIM are also present here. Indore is also far ahead in connectivity with the country. With all kinds of modern facilities, this city is also growing rapidly in real estate.

Rapidly growing infrastructure of Indore city

Under the Smart City Project, modern roads, bridges and flyovers are being constructed at a rapid pace in the city. Heritage sites like Rajbada, Lalbagh Palace, Boliya Chhatri, Chhatribagh have also been revived. Along with this, the work of metro train is also going on at a very fast pace. Very soon metro will be seen running on the city streets. The increasing desire to invest and settle in Indore has given impetus to the development of infrastructure.

Real estate boom

Indore’s real estate market is the largest market in Madhya Pradesh. 20 to 25 percent of the state’s purchases and sales take place in Indore. Hundreds of properties are sold every day. Experts believe that in the next five years the size of real estate of Indore will reach above Rs 50 thousand crore.

Increasing demand for residential and commercial property

There is tremendous demand for residential and commercial properties in the real estate sector of Indore. The government gives tax concessions to those buying cheap houses, due to which affordable housing is increasing. The luxury residential projects for the premium class feature A-class quality construction and ultra luxury floor plans.

Spread of property around the city

Due to the expansion of real estate, many big companies have secured their location in Indore. The dream of owning a house at an affordable price compared to other big cities can be fulfilled here. Along with the Super Corridor and Bypass, demand for property is also increasing in areas like Rau-Pithampur Road, Airport Road, Gandhi Nagar, Bijalpur, Cat Area, Saver Road, Khandwa and Nemawar Road. New townships and buildings are being constructed at a rapid pace, yet the demand is not decreasing.

Source- Dainik Bhaskar

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