In 2024, the Coimbatore real estate is witnessing a massive transformation. The city, essentially known for its industrial power, is today experiencing a huge surge in demand for homes, especially in the premium and mid-range markets. Even though the cost of real estate in Coimbatore is increasing, it is still relatively steady compared to other major cities, which draws buyers and investors. People in Coimbatore are inclined towards homes that are better-equipped and more sustainable.
Due to numerous significant initiatives and investments, both domestically and internationally, the residential real estate market in Coimbatore is currently flourishing, Let’s Find Out Why.
Coimbatore real estate is undergoing significant transformations, such as the expansion of the airport, and road projects were started in various zones under the Urban Roads Development Scheme 2024–25. Avinashi Road is the most significant out of the six main highways in the city, which are Trichy Road, Sathyamangalam Road, Mettupalayam Road, Palakkad Road, and Pollachi Road.
Three National Highways traverse the city, these developments are bringing significant capital into the real estate market in addition to enhancing the city’s infrastructure. The Coimbatore Bypass will have eight lanes instead of just four. In addition to improving transportation within the city, this renovation is anticipated to increase the value of real estate along the bypass and attract investors.
The real estate in the Coimbatore market is experiencing a positive trend due to the flourishing economy and businesses. Investors are increasingly shifting their focus from the congested metropolises to places like Coimbatore. Coimbatore City is home to more than 30,000 different industries ranging from jewelry and textiles to tech startups and poultry farms. Many believe it is a wonderful time to invest in real estate in this area because of all the positive factors augmenting the growth.
There’s a reason why people are choosing localities like Saravanampatti, R.S. Puram, Kovaipudur, Avinashi Road, and more. These neighborhoods are ideal for raising a family or just spending some quiet time because they provide a tranquil respite from the bustle of the metropolis. The demand for opulent, contemporary living areas with modern conveniences and roomy residences that support a healthy lifestyle is rising in Coimbatore.
Insights on Coimbatore Real Estate from Mr. D. Abhishek – Vice President CREDAI COIMBATORE
Mr. Abhishek, emphasizes the city’s growing prominence in the IT and engineering sectors. Several important factors that contribute to this development that he highlights:
- Shifting Work Culture: Many companies do not prefer working from home as a long-term solution.
- Knowledge-Economy Boom: Coimbatore is experiencing a significant increase in IT and engineering companies establishing themselves, which is leading to a knowledge-based economy. Real Estate Growth: This influx of companies is driving up rental prices for office spaces and residences.
- Established MNCs: Infosys and Tata, among others, have established branches, which has attracted more investment.
- Global Presence: German and Japanese multinational IT and engineering companies are also setting up operations in Coimbatore.
- Collaboration Ecosystem: Partnerships like Robert Bosch’s 10,000-capacity facility showcase the city’s focus on engineering and knowledge collaboration.
- Reverse Migration: More and more people with roots in Coimbatore and the nearby cities are opting to come back, attracted by the city’s growth.
Further, Mr. Abhishek talks about the Evolving Rental Market & Residential Preferences
- Co-Working Spaces: Flexible workspace options are on the rise, with companies like co-working spaces offering personalized office solutions for clients.
- Increased Demand: The number of rental spaces is increasing rapidly, particularly with IT companies.
- Building Regulations: Developers constructing new office buildings adhering to specific corporate office norms have developed a huge interest among major corporates to establish office space in Coimbatore.
Residential Preferences
- Villas: Villas are a popular choice, especially for those seeking spacious living and potentially lower costs compared to major cities. Prices range from 1.5 to 10 crore depending on location and amenities.
- Apartments: Apartments remain a viable option for those seeking specific localities.
- Suburban Growth: There is a growing preference for living in outlying areas with good access to schools, colleges, and the city center. This trend has led to the development of educational institutions in these areas.
- Company Relocation: Local Tamil Nadu and Tirupur-based companies are relocating their headquarters to Coimbatore, further solidifying its position as a business hub
Overall, Mr. Abhishek paints a positive picture of Coimbatore’s transformation, driven by a booming IT and engineering sector. The city’s evolving real estate market and residential preferences reflect this growth.