Times of India - Real Estate Interview
Indore market has been one of the major upcoming real estate markets in India for the last 12-18 months. With IT majors such as TCS, Infosys etc. making presence around the Super Corridor, the IT sector is becoming one of the biggest growth drivers for the real estate in the city in 2014. This is particularly for localities buy viagra canada around the Super Corridor which are becoming a hub for real estate…
Super Corridor holds immense potential on account of their existing infrastructure and proposed commercial development says Nileesh Jain, director, DCNPL Pvt Ltd in conversation with Rishab Jain, Magicbricks.com Bureau. Here are the excerpts of the conversation:
What is Super Corridor in Indore? What all are coming along this corridor?
Super Corridor is Indore Development Authority's project. It is a 12 km stretch starting from airport to Vijay square in central Indore. The area is proposed to evolve as a commercial hub with the large scale of IT, SEZ, educational, medical projects along the corridor.
What all developments are proposed along the Super Corridor?
Indore Development Authority (IDA) has planned both commercial as well as residential developments, along both sides of the corridor. Land abutting to the Super Corridor has reserved for development by IDA.
What all commercial developments are expected to come along the corridor? And what is the status of commercial development in the region?
TCS and Infosys has acquired huge land parcels in the region, sizes over 100 acres. The region is also expected to see many other small IT companies to set-up their base in the near future. The corridor is also planned for retail as well as corporate office development in near future. Education giants like Symbiosis and Narsi Monji Institute of Management Studies has also got clearances to start their operations.
What types of residential projects are coming up along the corridor?
Developers are offering mix of residential properties, such as multi-storey apartments, plots, row houses and villas. Multi-storey are maximum in supply with over 50 per cent of total supply in the region. Developers are mainly offering 2 and 3BHK units. There is a very limited supply for 1BHK units. Residential plots are second most in supply, followed by row houses and villa.
What is the prevailing price and size of property in the market and by when these projects expected to start giving possession?
Multi-storey apartments are selling between Rs 2300 to Rs 2500 per sq ft. Developers are mainly offering two types of apartments, furnished and un-furnished. Furnished apartments command premium of Rs 200 per sq ft in the market with offering modular kitchen and wardrobe in the bedrooms. Residential plots are available for sale in the price ranges between Rs 2000-2700 per sq ft.
The average super built-up size of 2BHK apartment ranges between 1000 – 1200 sq ft. The 3BHK size ranges between 1500 – 1600 sq ft. On the other hand, residential plots are mainly available in two sizes 30×50 and 60×40.
About 15 to 20 projects of 20-25 acre and large number of small sizes projects are coming along the corridor. All projects are at different stage of construction and are expected to start giving possession in next 1-2 years.
Who is buying property along this corridor?
Basis on consumer preference trends, demand for multi-storey apartment is mainly coming from migrant population. However, plots are generally preferred by city residents for investments or for future use.
Have you seen any price change in 2013?
In 2013, property prices as well as buyer inquiries has gone up after TCS bhumi poojan in the month of August 2013. Prices have gone up by 10-15 per cent in the last six months.
What are five main USP's of the Super Corridor?
Presence of two major IT and education giants such as TCS, Infosys, Symbiosis, NMIMS and proposed commercial developments; proximity to Indore airport and proposed ISBT; Existing and proposed social infrastructure development, such as existing Aurbindo multi-specialty hospital, proposed medical hub and huge sports stadium of international standards; eight-lanes signal-free corridor; and connectivity to Ujjain, the pilgrimage destination.