Indore – An Upcoming Property Market

Published: 05th January 2009
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A notable Tier-II city, Indore is slowly catching the attention of well-known real estate developers. One can see major residential and township developments being made on the Agra-Mumbai Bypass road which connects Indore to Mumbai on one side and Agra on the other. For the first time, the Real Estate projects are delivering dream destinations to the people of Indore, who were otherwise deprived of any luxurious and promising development.

The city was traditionally a hub of automobile, alloy steel and textile industries. When you pass through the Pitampur industrial hub, you can spot major companies like Hindustan Motors, Eicher Motors, Bajaj, Nicholas Piramal, Bridgestone, Larsen & Toubro among others. It is also a hub for soybean cultivation and processing.

Indore is the place to be for Central India and other smaller towns of Madhya Pradesh, as people living there migrate to the city mainly for education and work. More employment opportunities have been created with the Madhya Pradesh government earmarking 2,000 acres of land for an IT SEZ project near the proposed international airport. The airport itself will prove to be a catalyst for future real estate development in neighbouring locations.

One of the most significant developments in the city is the Crystal IT Park on 24 acres of land at Khandwa Road. The growth in the IT sector has fuelled the growth of residential real estate in the city.

As per the Knight Frank Report on Emerging Growth Centres, renowned developers like K Raheja and Unitech have already been allotted land in the proposed IT SEZ.

The commercial hub of Madhya Pradesh, Indore, has a large population of entrepreneurs with high purchasing power. The city boasts of a large number of strongly well-established local brands along with national and international retailers. Markets which were traditionally organised are slowly giving way to new organised retail markets with the arrival of new malls and shopping centres.

The growth in IT and retail has definitely propelled the demand for houses. As a result, recent years have seen a growth in demand for apartments. This is also because of rising aspirations of the populace and also due to an immense increase in population in a decade. According to a recent estimate, there is a demand for at least 1,00,000 units a year in Indore Real Estate to accommodate the constantly floating population.

A few of the promising projects are:

1. Entertainment World Developers Private Limited (EWDPL) is developing two projects with Eredene Capital of Mauritius. EWDPL is coming up with a Rs 350 crore (Rs 3.5 billion) Market City on 19.5 acres of land near the intersection of Indore bypass and major route 10 (MR 10), which will include a 1 million sq ft mall, a five-star hotel, 4.4 lakh sq ft of office space and a total of 8 lakh sq ft of residential development over 7 towers.

2. Omaxe City is, one of the upcoming projects in the city, spread over 89 acres, will be located at Mayakhari on NH-3, Agra-Bombay bypass and will house duplex villas, ground + 2 independent floors along with a swimming pool, sauna, steam, jacuzzi, shopping complex, food court and a banquet hall. Earlier also the company has launched a township in Indore.

3. Sahara India Infrastructure and Housing has planned a project, Sahara City Homes on the bypass at Bicholi Mardana on 89 acres of land.

Major players like DLF, Rahejas, Ansal, Parsvnath have already bought a major portion of land in the city. According to a source, each of these developers has over 100 acres in and around the city.

Retail situation in the city:

Indore already has a number of national and international brands. Besides that, Mumbai-based K Raheja developers are coming up with a hypermarket on 11 acres of land around the bypass. Knight Frank says that the retail industry has great prospects in the city.

It's in news that a number of national-level multiplex operators have announced their foray in the city.

Total number of existing retail space in Indore accounts to about 0.86 million sq ft. Knight Frank has estimated that around 1 million sq ft of new retail space might enter the market in the next few months. And about 4-5 malls are in the pipeline and it is expected that by next year approximately, 3 million sq ft of retail space will be operational Indore.

Sukhpreet Kaur writes on behalf of ,which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry. It is a forum where buyers, sellers and brokers can exchange information, quickly, effectively and inexpensively. At 99 acres, you can advertise a property, search for a property, browse through Indore Real Estate and Properties.

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