The real estate market in Indore is showing signs of revival after three years of stagnation.
Experts attribute the trend to the recent spurt in development, influx of people from smaller towns and rural areas into the city and an increase in demand for affordable housing.
“There is an increase in demand from end users, and outlook is looking promising,” Sandeep Shrivastava, secretary, Confederation of Real Estate Developers Association of India (CREDAI)-Indore chapter said. “Fast-paced development coupled with affordable prices have given people the option to move to the outskirts of the city.”
Property prices in plush colonies of the city are way up at Rs 12,000 per square feet while apartments are priced at Rs 4,000-5,000 per square feet. In contrast, the property rates on the city outskirts range from Rs 800 per square feet to Rs 3,000 per square feet, depending on the locality.
“There is demand in some of the residential 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 Broker Association president Rajendra Bhaiyya 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 new township culture.
“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.
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.
There are, however, some disadvantages of moving to the outskirts. Limited shopping options and the lack of clarity on the Narmada pipeline connection are some obvious ones.