Real estate investment is one investment with very high returns in India. The property prices are only increasing in every state. Due to the very high prices, people are eschewing from buying flat in the cities. Most people move to the suburbs; this has become a viable option for them since housing is cheaper there and due to economic development there is very good connectivity to nearby cities. Many people who want to live in the heart of the city stay in rented apartments. But if you have the money, then investing in cities is a very good option as it can be very lucrative.
Coimbatore is one such developing city, where investment can be profitable. According to a recent report Coimbatore is one of the best emerging cities right now. You can either purchase a commercial or residential property for renting out. In residential section, you can give out a flat like 1bhk, 2bhk or a house for rent in Coimbatore. Let’s look at some reason why the real estate industry is booming in Coimbatore and why investing here is a good option.
Textiles– Coimbatore has a large number of textile mills. From many years the textile industry has brought in labor forces consistently year after year. Most of the textile industry big wigs have companies here. The famous Lakshmi Mills is one of the oldest mills here. The textile produced here is mainly exported outside India, to foreign countries.
Automobile Industry- Raw materials for automobile giants like Tata Motors and Maruti Udyog are manufactures here. Tractors and other commercial vehicle parts are also manufactured here.
Other Industries- It’s not just the textiles, but Coimbatore is home to many other industries as well. Many other industries like Information technology (IT), poultry, engineering, and hosiery are based here. As we all know that industries attract a workforce and it is directly proportional to the increase in demand for houses and rented apartments.
IT / BPO- After Chennai, Coimbatore is the next big Information Technology City in the state of Tamil Nadu. Apart from IT companies many Business Process Outsourcing (BPO) units are set up here. This has led to the establishment of many IT and Business Parks in the city. Tidel Park is the largest IT Park in the state of Tamil Nadu. Most of these companies have highly paid employees who look for spacious and luxurious apartments. These are the target section of buyers and renters in the area.
Gold and Diamond Manufacturing – This city is a major Gold Manufacturing Center and well as a hub for diamond cutting. There are over forty thousand gold smiths and about three thousand jewelry manufacturers in Coimbatore.
Health Care- There are many hospitals and other health care facilities in Coimbatore, resulting in many people from other cities and states coming here for treatment. Surprisingly a large number of retirement homes are opening up here.
Retail- Coimbatore always had a retail industry from Gold and Textiles and these industries continue to perform stronger attracting shoppers from not just the state but also neighboring states. The new addition of malls that house various Indian and International brands, have made the residents further happy.
Greenery and Climate– Coimbatore has a lot of forests and have some commercially important trees like rosewood, sandalwood, bamboo and teak. Due to the forests and greenery the climate here is pleasant. It has cool winters and plenty of rainfall.
Prices- With the increasing development, land prices are also expected to go up soon. So this is the ideal time to invest here and reap maximum benefits.