Coimbatore, also known as the Manchester of South India, is the second-largest metropolitan city in the southern state of Tamil Nadu. In recent years, the city has experienced significant growth in physical and social infrastructure. It was selected under the Smart City Mission with a focus on driving economic growth and improving livability. Notably, Coimbatore was ranked seventh on the Ease of Living Index (2022). If we look at the transport infrastructure, the city is well-connected by road, rail, and air, with the Coimbatore International Airport serving as the main international gateway to the city.
Over the years, the city has emerged as a hub for textile mills, healthcare, and manufacturing. It also has a rapidly growing IT sector, with several national and multinational companies such as Cognizant, Wipro, and Tata Consultancy Services expanding their operations in the city. Coimbatore is currently ranked seventeenth among the global outsourcing cities. Also, the city has been taking strides in healthcare and emerged as one of the key international medical tourism centres in the country. The economic and social development has also trickled down in the real estate market in Coimbatore. The city is an emerging property market amongst the Tier-2 cities.
Bearing testament to this, the city ranked highest on Housing.com’s IRIS index amongst its southern counterparts. To put things in perspective, the IRIS index gauges the upcoming residential demand in key cities of India by tracking online homebuyer activity. A deeper look at the insights indicates that Coimbatore homebuyers are searching for residential formats such as independent homes, apartments, and plots. Micro markets such as Saravanampatti, Vadavalli, and Peelamedu have witnessed heightened online homebuyer search activity in recent years.
The city has also garnered NRIs’ (Non-Resident Indians) interest in investing in the city across different real estate asset classes. In addition to this, Coimbatore has emerged as a preferred city for senior living and second homes. Overall trends signal upward momentum to continue in the coming months for property markets in this emerging Tier-2 city, as also indicated by our IRIS index, which peaked at 253 points in March 2023.
Renuka Kulkarni, a seasoned real estate professional, brings over five years of diverse experience in research, consulting, and architectural design within the urban sector. Her expertise spans public and private projects, showcasing proficiency in real estate research, trend interpretation, and policy analysis. With qualifications in architecture and a master’s degree in Data Science (Business Intelligence & Data Analytics) from IIIT Bengaluru, along with an M. Tech in Urban Development and Management from TERI School of Advanced Studies, New Delhi, Renuka seamlessly blends data analytics with market insights, offering a holistic understanding of the industry in her research pieces.
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