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News & Views on Indian Real Estate

Thursday, May 01, 2008

Madurai Real Estate Heating up

For the past few years, mostly since the IT boom and lot of NRI's pumping money into real estate in India, prices, especially in the major cities, have skyrocketed. Madurai is the second largest city of Tamil Nadu, in South India. Madurai is famous for Meenakshi Amman Temple. Apart from this; it is well connected by air, rail and road to all major cities. Madurai is selected for starting many IT and ITES company. Domestic flights connect the city to state capital Chennai, Bangalore and Hyderabad. International connectivity from Madurai airport, located 13 km from the city centre, is also expected to begin this year. In fact, according to a Cushman & Wakefield (C&W) report, real estate development is increasingly moving to the southern and western parts of the city, mainly around the airport, Rirupparankundram Road and By-pass road. This is due to a scarcity of land in the CBD (Chinnakadai). The city has witnessed encouraging commercial development over the last three-four years. The state government has transferred two land patches — 29 acres at Ilandhaikulam and 213 acres at Vadapalanji — to ELCOT for SEZ development. Sify, HCL, TCS, Wipro and CTS have booked their space for campus developments in the SEZ. Upcoming developments in Madurai include three IT/ ITeS/ SEZs, covering a total area of approximately 128 hectares.This apart, the Tamil Nadu Housing Board proposes to set up several office and commercial complexes in five prominent places in Chennai and Madurai to meet the demand for commercial space, according to a recent state policy note. The residential space in Madurai, like all other small towns, is largely skewed towards independent homes culture. However, the apartment culture has picked up due to an increasingly investor population that’s now driving the demand for residential apartments and villas. This has attracted many national and international developers. New supply is largely concentrated towards south/south-east Madurai.Madurai is soon gonna become one of the hot spots for investing in real estate.

Vikas Bamotra said...

Madurai is one of the important cities and it has good tourist place so that is the reason it is good for investment purpose

Williams said...

Not sure whether Madurai is the second largest city in Tamil Nadu. Think that distinction belongs to Coimbatore.

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vinesh said...

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