Coimbatore, in Tamil Nadu’s southern state, is conveniently located between tourist destinations like Ooty, Kodaikanal, and Coorg. The metropolis is rapidly advancing into high-speed growth. In India, the attention has already switched to tier-II cities due to high demand, and many investments are flooding into these areas due to the strong business opportunities they provide. The demand for real estate in Coimbatore is already increasing.
Coimbatore’s vast industrial industry makes it one of the country’s fastest-growing economies, earning it the nickname “Manchester of South India.” Cotton from the area feeds a thriving textile sector, adding to the economy’s diversification. Coimbatore also has a plethora of other appealing economic characteristics.
It is a well-known industrial center that produces specific items unique to the region, such as car parts, motors, and pumps. The city’s exports include anything from chicken to jewelry to software. Coimbatore, in reality, offers a great deal to the developing IT sector, with a large trained labor pool and special economic zones (SEZs) that have attracted top IT businesses and technology service providers. Medical tourism from all around the country contributes significantly to the city’s economy.
Why Coimbatore is becoming a hotspot?
Coimbatore is one of the top ten sites in India for low-budget real estate investment, according to a recent study on Emerging Hotspots in India. Shortly, the following characteristics are expected to attract new investments into the city’s real estate market:
Increase in aprons at Coimbatore’s international airport: Coimbatore’s airport is continually developing and increasing. The airport’s latest expansion plans involve the building of seven aprons and a 627-acre runway with a length of 12,000 feet. For the airport construction project, the government has set out INR 1,132 crores.
The defense industrial park is being expanded.
The development of the defense industrial park is another element that might attract over Rs. 3,500 crores in investment in the Coimbatore By-pass. The government has given them around Rs. 225 crores to take over the federal government’s defense industrial corridor and allow new defense manufacturing facilities and clusters.
Changes at the Vellalore Integrated Bus Station
A budget of Rs. 168 crores have been allocated to the Vellalore Integrated Bus Station to accommodate more buses and minimize traffic congestion. The 60-acre bus terminal will be able to accommodate over 104 vehicles and 1,200 two-wheelers. The concept involves the building of retiring rooms and amenities for the convenience of bus drivers and conductors.
A visitor center, a first-aid station, a police station, a business complex, a restaurant, and billboards will all be located on the land.
By-pass lanes are being widened
The installation of eight lanes to the Coimbatore By-pass and the construction of a terminal at the Vellalore Integrated Bus Stand has reduced traffic congestion and enhanced connectivity to the area.
By automobile, Singanuallur is only a 10-minute drive away, while the airport and railway station are just 20-25 minutes distant. Ukkadam, Peelamedu, Avinishi Road, Gandhipuram, and RS Puram are just a few of the neighborhoods that surround the Coimbatore By-pass
One of the top 20 Smart Cities of India
Coimbatore, a Business & Industrial Centre, has earned the distinction of being one of the top 20 cities selected by the Ministry of Urban Development, Government of India, as part of the Smart Cities Mission project. The city’s smart city proposal focuses on five nodes: best-in-class civic services that aim to strengthen all utilities, seamless mobility that focuses on NMT, parking, and intelligent transport systems through CCTV surveillance, a sustainable environment through LED street lighting and increased green cover, E-governance, and efficient infrastructure for industries.
Central Coimbatore, which is bordered by an eight-lake network, has been chosen as the Smart City initiative’s development region and will see rapid growth in the future years. German specialists have recently shown an interest in assisting the State Government with the Smart City project in Coimbatore.
Emerging IT / ITeS destination
Coimbatore is second in the state in terms of software creation, after only Chennai. Wipro, FORD, Aditi Technologies, Robert Bosch GmbH, IBM, Tata Consultancy Services, Tata Elxsi, Dell, CSS Corp, and KGISL have already begun their expansion within the city. Coimbatore, in reality, is Cognizant’s second-largest center, with almost 5000 people. Coimbatore is also well-known as a center for business process outsourcing (BPO). It is also the largest non-metro city in South India for e-commerce, thanks to the city’s rising use of online purchasing, e-ticketing, and e-billing.
The availability of skilled labor is a major aspect that contributes to Coimbatore’s popularity as a business destination. The low attrition rate (>10%) and lack of competition contribute to the favorable business climate. There are also seven universities, 54 engineering colleges, two medical colleges, 35 polytechnics, and more than 700 other educational institutions in the city. For great education, this draws a large population from both inside and beyond the state.
Coimbatore’s real estate industry has developed into a vibrant one. This tier-II city has a unique economy, high-quality education, a large labor pool, and well-defined sustainable development goals, making it an attractive site in South India with high investment expectations in the future. The city’s real estate market will thrive in the future as a result of the rise of optimistic attitudes and the city’s business-friendly culture. Assetmonk is a WealthTech Platform offering real estate investing opportunities in top Indian cities. We carefully list properties after professional due diligence. Our offerings offer you an IRR of 14-21%. Visit us to know more about our offerings.
