Coimbatore tops in affordable housing
Real estate firm Jones Lang Lasalle (JLL) has said in a report that the textile city of Coimbatore is one of the 10 cities in the country that offers low budget real estate investment opportunities. A study by the company…

Real estate firm Jones Lang Lasalle (JLL) has said in a report that the textile city of Coimbatore is one of the 10 cities in the country that offers low budget real estate investment opportunities.

A study by the company said there are many places where residential properties within the budget range of Rs. 3 to 5 million are available. They are classified either as emerging or growing submarkets supported by good infrastructure development.

Rajesh B Lund, President of Credai – Coimbatore Chapter, said: “Coimbatore has always been a good place to live in, after Chennai,” he told The Hindu. “The affordable housing segment has grown over the years. These units are priced below the Rs. 5 million category.”

Coimbatore’s property market has witnessed an upward push in demand for residential units in the core areas of the city such as R.S. Puram, Avinashi Road, and Race Course, which are considered posh areas.

Nevertheless, it has no shortage of affordable housing options. Places including off Avinashi Road, Saravanampatti, Mettupalayam Road and Trichy Road are witnessing a lot of small projects.

Coimbatore is a market where 40 per cent of real estate investments come from those living in cities such as Bangalore, Kochi, and Chennai. Apart from the demand from professionals in IT/ITeS, Coimbatore is emerging as a retirement destination, and demand for 2 BHK homes is high from senior citizens.

Demand for smaller apartments is primarily from young IT professionals, while villas and row houses see demand from NRIs, retired persons, and IT professionals.

“With the IT sector, automobiles and traditional businesses growing at a steady pace here there is more demand for affordable housing. This city is also the hub for senior citizens,” added Rajesh.

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