The Smart city initiative of the Government
of India has had a significant impact on the Indian real estate market,
especially in the first 20 cities that are going to be developed initially.
This list includes Coimbatore. There are several factors that make a city
‘smart,’ such as adequate water supply, housing for every economic category of
the society, uninterrupted electricity supply, IT connectivity, digitization,
health and education, sustainable environment, sanitation, waste management,
efficient urban mobility, availability of public transport, safety and security
of women, children and elderly, and particularly good governance.
Coimbatore is among those few cities that
qualify to an extent on the parameters of a smart city and this is also a
reason for the rapid development of real estate sector in and around the city.
The commercial activities in the city have diversified beyond the traditional
textile industry to incorporate general engineering, automobile parts,
manufacturing, and IT. The real estate sector here was driven by small
commercial developments, local businesses, high street retail, and individual
houses. But after the emergence of the IT and other modern sectors, real estate
is being driven by organized retail development. It has also raised the overall
cost of property in the region but it is still not as high as other metros like
Mumbai and Delhi.
Such developments have also given a boost to
the villa market in the city. Many major builders are targeting the upper class
by offering them theme-based, fully-furnished luxury
villas. These villas usually have all the amenities and luxuries that one
can ask for in a modern home. A large number of these villas are also located
in gated communities, improving security and services considerably.
Locations such as Avinashi road, Trichy road,
Saravanampatty, Race Course, Gonapathy, and Vadavalli are the prime areas of the
city that are witnessing rapid development in terms of the capital appreciation
in the recent years. The same applies to the villa market as major developments
in the IT and commercial sector has given the builders a chance to build luxury
villas for the high-end home seekers and investors. Most individuals who prefer
such villas are CEOs or senior executives of major corporates but the clientele
is expanding to include young entrepreneurs and new families. Infrastructure
development projects like Gandhipuram Flyover, Ring road, Eastern Bypass,
Western Bypass, Airport Expansion, and Bus Rapid Transition System can be
considered as major stimulating factors for both the development of the city
and the real estate sector.
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