In 2011-12, the Super Corridor area in Indore was touted as one of the best investment destinations, especially after IT majors TCS and Infosys announced development centres there and property developers rushed to launch a slew of projects.
Four years down the line, however, most developers are struggling, as a slowdown in the market and slow pace of development has taken its toll, resulting in investors losing their money.
“Out of about 20 projects launched at super corridor, investors made money in three to four projects, while the funds have got stuck in the remaining projects. Some projects just remained on paper,” Indore Property Brokers Association president, Rajendra Bhaiyya told HT.
Even as property consultants are upbeat about the long-term prospects of the super corridor, they have also cautioned against hasty investments as infrastructure development might take a few years.
In 2013, the prices of plots in the townships had shot up to Rs 1,500 per square feet. However, the prices have crashed by 20% to 30% since then, due to the subdued market.
The super corridor runs along eight kms from the Airport Road to MR 10, with a proposed width of 600 metres (excluding a 75 m wide road).
The 2021 master plan permits 18 activities on the corridor including corporate offices, malls and multiplexes. Mega projects including a sports complex, medical hub and a convention center are also proposed at the corridor.
With work on TCS and Infosys campuses underway and the property market showing signs of revival, the developers are upbeat about the prospects in the region again.
The Indore chapter of Confederation of Real Estate Developers Association of India (CREDAI) is also optimistic and expects prices to increase substantially in the next five years.