Industrial Corridor around Coimbatore Boosting Realty Markets
The fast developing city Coimbatore – Tirupur – Erode Industrial Corridor is expected to receive a major boost in its real estate sector that has been a result of a changing economic scenario.
Coimbatore is developing at a rapid pace with upcoming IT and Healthcare industries coming up. The industrial corridor as it is known, Coimbatore – Tirupur – Erode is thus expected to have a major upswing in the real estate market. Tirupur is located a mere 50 kms from Coimbatore.
Although Coimbatore has been a well-established business centre for years, it has been primarily known to have a textile dependent economy but the upcoming industries in different sectors are resulting in a slow but significant change of the economic scenario. Hiten Parek, the CEO of Deven Auto Parts has already bought a land in this Industrial Corridor and making most of the market that is steadily rising. He intends to expand his factory further on his newly bought land within the vicinity. Global awareness has led to small companies such as these expand their businesses and diversify their product base to reach out to a wider market base.
Job Openings: The rise of new industries will not only boost the economy but also create new job opportunities. It is predicted that an average of 18 lakh white and blue collar personnel job opportunities will open up.
Residential Projects: Analysing the future trends of the industrial sector of Coimbatore, the real estate market too has received a boost and many residential developers are planning to expand their investments into housing projects as well. The Confederation of Indian Industry (CII) South is believed to have stated that the corridor has the potential of attracting investments worth Rs.14,700 crore that will help bring about further infrastructure and development.
Reports have revealed upcoming projects for which negotiations are being made over a 10 acre land close to the corridor that will be developed into one of the largest luxury apartment complexes in the area.
Knowledge Hub: Developers in the higher education sector too are aiming at creating a knowledge hub in and around areas of the NH-47. This can be seen with several players in the education sector who have already bought land in parts of Tirupur-Coimbatore-Erode as well as Salem.
Source: The Economic Times
