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adProperty News

Demand continues to drive growth in coimbatore
Source : The Hindu Property Plus Published On : 2008-09-20 City : Chennai

In a city known for its performance in the textiles and engineering sectors, expectation of the Information Technology sector taking off in a big way led to a spurt in activity in the real estate sector about four years ago. Houses, shopping malls and infrastructure were all planned on a large scale to meet the expected demand.

     Developers and investors started streaming from other cities and countries too to start projects here. Apartments are springing up, and the city is growing vertically and horizontally. Constructions worth Rs. 2,000 crore to Rs. 2,500 crore are happening in the city annually in both public and private projects. “It will grow further,” says G. Srinivasan, chairman of the Coimbatore Centre of the Builders’ Association of India. Other property developers too feel buoyant about the market and they say the demand will continue. “Though we relied heavily on IT taking off in a big way here, it is yet to happen. However, the other sectors, especially, engineering, is giving impetus to the growth,” says Omkar V. Sankar, secretary of the Coimbatore Property Developers’ Association. A number of buyers from the nearby towns of Erode and Tirupur are also keen on purchasing property here. With a general slowdown in the economy, there may be some who are postponing their property purchase. But, the city continues to have its demand for more houses and commercial space, they say.

     Roughly, works start for about 150 projects annually now. And, the developers have a “cautious optimism”. The approval process takes a long time in Coimbatore and that is a matter of concern. Nearly 40 per cent of the population in Coimbatore is either employees or labour force. The city certainly needs more houses and commercial space. But the focus should also be on low-budget housing to cater to this segment, adds Mr. Srinivasan.




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