Indore, a tier-II city is the
commercial capital of Madhya Pradesh. It was in the news that Tier II and III
cities of India are fast picking up the pace and are in tough competition with
the metros too. There are cities like Ahmedabad, Jaipur, Gurgaon and many
others that have come up to the standards of the metros and even surpassed in
many metrics too. Indore is one of the Tier II cities which is now coming into
prominence because it is buzzing with a lot of action and attracting real
estate investors to this city. Recently, it has taken the position of 8th place
in the real estate market survey, conducted by Global
NCR. The key indicators of this survey have been pricing, sales,
absorption, supplies, inventories, market demand, etc.
Global NCR, an online real estate
platform conducted an all India survey of about 65,000 projects across 42
cities and came up with the conclusion that Indore stood at the 8th place in
all the tier II cities. The survey was conducted based on ten different
parameters and concluded that tier II cities were placed better compared to the
tier I cities in terms of the downturn in the market.
The total market size of all the
nineteen tier II cities in terms of annual sales is Rs. 326 billion which shows
the huge potential that lies in these markets. Indore too with many
infrastructural developments underway is the market to invest and watch for, in
the near future.
Indore is emerging into a new IT
hub with companies such as Infosys and TCS already setting up their offices in
Indore Super Corridor generating a total of 5000 jobs in the coming years.
Indore is also witnessing rapid growth due to many new infrastructure
developments and industrial policies. Due to this reason Indore's property
price is expected to grow anywhere between 5-20%.
This place is also expected to
surpass sales this year compared to other cities which is experiencing
stagnation in terms of sales and prices. This is due to the government's
initiative to develop the city faster and also because of the higher purchasing
power of the consumers in the city.
Indore is a sure bet for many
real estate investors this year and other cities to vouch for would be Kochi,
Nashik, Vishakapatnam, Vadodara, Trivandrum, Jaipur, Mangalore and Goa
13 comments
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