People call Indore as Mini Mumbai, but in actuality, nothing here is Mini…everything is BIG, the dreams, thinking, skills and daring of people. Also, it is the first city in India having both – IIT and IIM. So, you now know that Indore as a city has tremendous potential.
The real estate industry in the Indore city also has an enormous potential, that-to in 2021, due to
1. Scope In Every Sector
The investors are getting more attracted towards Indore. The investors are delving into the opportunities coming on the way of development of Indore. Indore being the commercial capital of Madhya Pradesh has a wide scope in every sector. The IT hub, education and real estates are making Indore as the centre of attraction for investors.
2. Indore Real Estate’s Upward Turn
Indore is also known as an economic capital of Madhya Pradesh and Indore Development Authority (IDA) reveals that Indore has many upcoming industrial projects that are on the road of accomplishment for Indore’s development. In fact, the real estate business in Indore is not in resting mood. The business has no effect on escalating rates because of GST, RERA or demonetization. Indore’s real estate business has increased by 20% of the revenue of Indore’s land registry.
3. Indore’s Master-Plan
- High Support of government at all levels whether it is at the local, state or national level.
- The Smart City project is taking shape swiftly and this will provide a good amount of opportunities in the next one year, in Real estate sector.
- Development of IT sectors as the two IT-Parks have been developed.
- Establishment of Industrial and Pharma sector in Pithampur, Sanwer, and Dewas.
- Special Economic Zone (SEZ) for the Cloth and Pharma industry.
- Huge Job opportunities at present and more in the future as the major corporate houses like Infosys, TCS, Reliance, Patanjali etc are all set to start their operations and some have started too…
- Infrastructure and the quality of rural and urban area roads, highways have improved a lot lately.
Ahilya Path Project or BRTS Project (Bus Rapid Transit System) in the city has given an extra edge to the real estate market of Indore.
- A 12 kilometers long Super Corridor gives the further shape to the development of the city, famous for the astounding properties, location, nature, housing projects and the whole thing that strikes in your mind. It is the most appreciative project of IDA.
- Delhi-Mumbai Industrial Corridor (DMIC) is taking shape gradually and will pass through the city Dhar, which is very close to Indore. This will further boost the property rates in Indore.
- Smooth Connectivity to other states and major cities of the country adds further benefits to this segment. Now Indore has the international connectivity too, recently started international flights from Indore, this will heighten the business here.
Property Trends In Indore
Plots, independent houses and bungalows are hot picks in 2021 that have fuelled the real estate market. Demand for plots and independent residential property are ruling the real estate market in the region and the trend is likely to continue this year as well, Says Hirav Shah.
However, the property price trends in Indore keeps on changing. These trends help an investor to strategize for buying / selling.
- Number of localities showing an upward trend are 75.
- Number of localities showing a downward trend are 57.
- The average price of properties in Indore is ₹ 58.85 lakhs.
- Total number of properties listed in Indore are more than 6000.
- The most expensive property listed in Indore is priced at ₹ 19.80 crore.
- The price of properties in Indore starts from around ₹ 1.40 lakhs.
Best Places To Invest In Real Estate In Indore
1. Nipania- The average price of properties in Nipania is ₹ 64.25 lakhs. Total number of properties listed in Nipania are 423. The most expensive property listed in Nipania is priced at ₹ 6.87 crore. Moreover, the price of properties in Nipania starts from around ₹ 1.40 lakhs. Nipania is showing an upward trend.
2. Vijay Nagar- The average property prices in Vijay nagar are upto ₹ 80.23 lakhs. Total number of properties listed in Vijay nagar are around 345. The price of properties in Vijay Nagar starts from around ₹ 9.00 lakhs. The most expensive property listed in Vijay Nagar is priced at ₹ 19.80 crore. Thus, Vijay nagar shows an upward trend.
3. Rau & Mhow- Indore is appropriately framed into the residential and commercial areas. Demand for properties in Rau and Mhow have risen sharply especially from service class customers employed in Pithampur due to the high rate of appreciation in comparison to the main city.
4.Eastern Ring Road- Eastern Ring Road is among the best locations of the city for commercial investment. Parallel to the AB Road, this road houses many international brands like Hotel Radisson, Marriott Hotel, Harley Davidson, BMW, Jaguar and Mercedes. The area is already Indore’s biggest IT hub due to the presence of IT Parks. The best thing about Ring Road is, being still not saturated. There’s a lot of scope here for commercial activities and so “you may go for it”, Advices Hirav Shah.
Indore is already an inspiration for the whole country, since the city bagged the prestigious Swachh Sarvekshan award for the fourth time in a row, last year.
All these snowballing factors will make sure a hopeful opportunity for the overall economic growth of the city.
Indore is an emerging Real estate market. Several projects are running simultaneously from residential to commercial, Malls, Hospitals, Industries, Hi-rises buildings etc. several projects from the government are also under the pipeline like Metro rail etc. all of these ensure a super promising future for the most advanced city of central India.