Real estate in Madhya Pradesh is growing proportionately with economic development.
The development process in the state ensures the participation of all sectors as a number of construction companies and builders work on projects that aim at providing housing solutions across all sections. Home seekers from both low and high social classes can find suitable homes at easily affordable prices. One of the benchmarks in the real estate development of the state is the upcoming Crystal IT Park in Indore. This IT park, spread over 24 acre, will not only help in the swift growth of the IT sector in the city but will also boost the property market in the state.
Upcoming residential developments
“The demand for residential properties in the state is growing at a reasonable pace. The demand is more concentrated towards properties of bigger companies rather than smaller players. Affordable housing is fast emerging as the latest mantra with more and more players announcing their projects in this segment,” says Ankur Jain, Sales Executive, Kalindi Builders and Developers.
Some of these upcoming projects in the state include:
Sumer Saffron Homes: This project by the Sumer Group is a residential complex in Indore. It comprises 11 towers having G+14 and G+15 floors of 550 apartments of 2-4 BHK with amenities like club house, gym, jogging track, etc. It is likely to be completed by September 2012.
Opel Orris: This project by RSR Housing & Construction at Gram Salliya comprises 9 blocks having 450 apartments on G+6 floors. The project is likely to be completed by February 2013.
Upcoming commercial developments
The demand for retail and commercial properties in Madhya Pradesh is also witnessing a boost owing to the large scale development projects undertaken by the leading private players in the industry. Although the flourishing of Indore’s IT sector began late, it has managed to pull in mammoth technology companies. Other sectors thronging the city include banking, insurance and telecom companies along with few others. The state is set to see modern integrated townships along with shopping malls, multiplexes, health clubs, SEZs and other such developments.
Some of these upcoming developments include:
Energy park: Welspun Energy Park Pvt Ltd plans to set up a mega industrial and energy park at Riva District. It will include a cement plant, coal handling plant, ash handling plant, biomass and solar project.
Road project: Ramky Infrastructure is implementing a road project involving the widening and reconstruction of package 4 Amanganj-Kishangarh (SH-10) for the Madhya Pradesh Road Development Corporation Ltd.
Diamond park: The Madhya Pradesh government has proposed to set up a diamond park in Indore. It has already acquired 283 acre for the project for around Rs 150 crore.