The bustling southern city of Coimbatore is witnessing a remarkable surge in its real estate market, with the residential segment taking centre stage. Over the past decade, the city has evolved into a coveted destination for homebuyers, investors, and developers alike. This fast-paced growth can largely be attributed to factors such as rapid urbanization, infrastructure developments and burgeoning job opportunities. The city today caters to a broad spectrum of income groups, offering everything from affordable housing to luxury apartments.
A Consistent Upward Trajectory
In the September 2023 IRIS Index, Housing.com’s monthly index that tracks the online property search volume of high-intent homebuyers, Coimbatore occupied the 13th rank, outperforming several key cities in the south such as Chennai and Kochi, in the top 20 list on the index.
The city’s strategic location, coupled with robust infrastructure development, has played a pivotal role in attracting both local and national interest. The influx of multinational corporations and the city’s emergence as a prominent IT and industrial hub have significantly contributed to the demand for residential spaces. Furthermore, the commencement of numerous road network projects, contributing to enhanced connectivity, has significantly elevated the overall liveability of the city, making it an attractive choice for potential homebuyers. Additionally, the growth in the education sector with the establishment of several universities and educational institutions has further fuelled the demand for housing.
Which areas are people searching online to buy a home in Coimbatore?
The online search trends for prospective homebuyers in Coimbatore showed that a significant portion of the queries were concentrated on areas such as Saravanampatty, Thudiyalur and Vadavalli.
These neighbourhoods attract homebuyers for diverse reasons, ranging from proximity to IT hubs and educational institutions to scenic surroundings and well-developed residential infrastructure. While Saravanampatty’s close proximity to the city’s IT hub makes it a preferred choice for professionals working in the IT/ITeS sector, Thudiyalur has emerged as an educational hub with the presence of several schools and colleges. Notably, the weighted average residential price in Saravanampatty is around INR 4,500-4,700/sqft and that in Thudiyalur is around INR 3,700-3,900/sqft. On the other hand, Vadavalli is known for its picturesque surroundings, with scenic landscapes and a tranquil atmosphere. The property prices quoted here hover around INR 5,000-5,200/sqft.
What type of homes and budget range are buyers looking at?
Most of the online searches revolve around 2 BHK homes, with budget preferences in the INR 50 lakh and below category.
This highlights the evolving needs and priorities of potential homebuyers in Coimbatore. The preference towards owning 2 BHK homes may be attributed to a balance between space requirements and affordability, aligning with the contemporary lifestyle dynamics in the city. Besides, these searches depicting the budgetary range of INR 50 lakhs and below reflect a pragmatic approach to real estate investment, particularly in a market like Coimbatore, where affordability often plays a pivotal role in decision-making. The INR 50 lakh cap not only caters to the middle-income segment but also aligns with the increasing demand for cost-effective yet quality living spaces.
Outlook
Coimbatore's residential real estate market is experiencing a phase of dynamic growth, driven by factors such as infrastructure development, industrial expansion, and government initiatives. With a promising market outlook, the city continues to evolve as a prime destination for real estate investment and homeownership. Going forward, the real estate market is anticipated to witness increased collaboration between the government and private developers, leading to innovative projects and better urban planning. Meanwhile, developers would be wise to consider and cater to the prevalent demand for 2 BHK homes within the specified budget range, as it represents a significant market segment with its own set of priorities.
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