Property prices in townships on the outskirts of Indore have begun skyrocketing due to the increasing pace of development, influx of more and more people into the city and demand for affordable housing.
On an average, real estate prices on the outskirts have moved up by 10-15% in the last three months, said experts.
"There is a demand for space in some of the townships where development work has taken place. People are looking for affordable housing, but would not like to relocate unless the area is developed," Indore Property Brokers' Association president Rajendra Bhaiyya said.
Several residential townships are being developed and many others are coming up.
"Most townships provide an alternative lifestyle, with a pollution-free environment and several facilities under one roof. People who commute to nearby towns are also moving to the outskirts to cut down on their travel time," property consultant Pratik Gandhi said.
Property prices are shooting up to Rs 12,000 per square feet in posh colonies of the city and even in the heart of the city near the collectorate, the prices of real estate are inching towards `10,000 per square feet.
Apartments are priced at Rs 4,000-5,000 per square feet. In contrast, the property rates in townships range from Rs 800 per square feet to Rs 3,000 per square feet, depending on the locality.
"The prices on the outskirts have gone up by about 10-15% in the last three months due to the rising demand," Gandhi said.
Fast dwindling real estate in the city is also encouraging developers to go for mega projects.
According to experts, Indore is bursting at the seams and the ever-increasing pollution and noise levels have given rise to the township culture.
Instead of satellite towns, developers are opting for suburbs that are within commuting distance, but far enough from the hustle and bustle of the city.
The disadvantages of the township culture are limited shopping options and lack of clarity on the Narmada pipeline connection, which means residents have to depend on groundwater for the time being.