The quiet temple town of Trichy is
going through a metamorphosis of sorts, thanks to large-scale infrastructure
development in the region.
Neighbouring areas around Chennai
like Coimbatore, Trichy and Madurai are gradually gaining momentum in the real
estate space. Factors driving growth here are peaceful and pollution free
environment coupled with affordable residential values that these Tier II
cities offer. In recent times, Trichy has gained popularity as a realty
destination for middle income buyers who want to invest in a quiet place.
Market sources have revealed that
employees of Bharath Heavy Electricals Ltd (BHEL) and people working at reputed
educational institutes like National Institute of Technology (NIT),
Bharathidasan Institute of Management (BIM) and Sastra University, Indian
Institute of Management (IIM), National Law School (NLS) are increasingly investing in Trichy's residential
space.
Noor Mohamed, Proprietor, Bharat
Construction, says that although the demand in this market has been good for
the last one year, the current market situation is rather dormant. "The
main incentives for buyers here are the low budget 2 BHK flats available in the
range of 25 to 35 lakh. As for the rental market, demand has been maximum for
3BHK apartments with rental values between 15,000 and 20,000 per month,"
Mohamed adds.
When speaking about the portfolio
of buyers, Mohamed says that BHEL employees, bank officials and local
businessmen are investing here, apart from Chennai-based businessmen with a
long-term investment viewpoint.
Mohd Rila of Crescent Residency
says that investors and home buyers are eyeing Trichy, primarily because of
the quality of townships and gated communities in the region.
Rila adds that market values of
land have also seen a rise in the recent past, because of the fact that a lot
of developers have been launching projects here. Residential plots are the most
active category in Trichy. MagicBricks.com statistics show that over 50% of the
listings here are in the plots category. Of the rest, builder floors and
multi-storey apartments have been witnessing maximum supply. According to
MagicBricks.com, of the total listings on the real estate portal, 56%
properties are residential plots, 19% are builder floors, 12% are multi-storey
apartments, 8% are residential houses and 5% are villas.
Usha Kumar, Managing Director
(MD), Visranthi Builders says that residential values in Trichy have been
rising for the past few months as more investment is being made from locals as
well as Chennai residents. "In the last six months, capital values have
increased by 20% in Trichy," Kumar adds.
The maximum demand has been in the
30 to 35 lakh budget in localities like Thillai Nagar, Annamalai Nagar and
Vayalur Road, Kumar says. The high demand here is because of the booming
education and industries sectors in the area. "The growth of industries
like BHEL, GK Industrial Park, etc, is propelling developers to set up projects
and buyers to invest in these projects. Trichy could also evolve as an IT
destination if MNCs in Chennai set up branches in and around this area,"
Kumar adds.
RP Builders & Property
Developers Ltd, Sebco Property Developers, JK Promoters, Rohini Housing,
Vignesh Flat Promoter, Manghalam Estates, Ganesh Builders are the established
players in Trichy. Other groups entering this market are Pelican Group and RP
Builders & Property Developers Ltd.
Road infrastructure too is
witnessing a breakthrough as Reliance Infrastructure has completed two key road
projects in Trichy. One is the Trichy - Karur Road, covering a length of 80 km.
The project has been operational since October 2011 and the estimated cost of
the project is 7.3 billion. Secondly, Trichy - Dindigul Road covers a length of
88 km and has been operational since September 2011.
Trichy is also a famous tourist
destination with places such as Jambukeswara temple, Srirangam, Rockfort
temple, among others. Apart from having a strong education and industrial base,
Trichy also has many healthcare companies like Vasan Health Care, Kaveri
Medical Hospital (KMC), Cethar Vessels, and Visranthi Mental Healthcare, among
others.
Source : timesofindia.com
Source : timesofindia.com
