Indore for Lucrative Real Estate Opportunities
Real Estate

Indore for Lucrative Real Estate Opportunities

The recently concluded CW Design-Build Conclave and Awards in Indore brought together industry stakeholders to discuss key factors that are driving growth within the city’s real estate and infrastructure sectors. Giving a property market snapshot from research conducted by o...

The recently concluded CW Design-Build Conclave and Awards in Indore brought together industry stakeholders to discuss key factors that are driving growth within the city’s real estate and infrastructure sectors. Giving a property market snapshot from research conducted by on the city of Indore, Pratap Padode, Editor-in-Chief, CONSTRUCTION WORLD, and Founder & President, FIRST Construction Council, said, “According to IRIS Index, a leading indicator of upcoming demand in 42 key cities of India, Indore has pipped other central Indian cities such as Bhopal, Varanasi, Meerut, Raipur, Nagpur, and Kanpur, especially in the last quarter.” Elaborating on the current demand, he said, “Thirty-seven per cent of the homebuyers in the city are looking for apartments, followed by villas. Plots and independent homes together take a 27 per cent share of total property searches and queries in the city. And independent floors are least searched for taking a marginal share of 3 per cent.” Highlighting the price bracket, he said that the majority (69 per cent) of the potential homebuyers in the city are searching for apartments and villas in the less than Rs 50 lakh price bracket, followed by Rs 50 lakh – Rs 1 crore, which accounts for 23 per cent share in the total search queries. Also, 8 per cent were for properties above Rs 1 crore. So , where is the maximum search for properties in Indore? Padode had the answer and his list comprised cities including Talawali Chanda, Mahalakshmi Nagar, Lasudia Mori, Nipania, Vijay Nagar, BhicholiMardana, Sudama Nagar, Rajendra Nagar, Limbodi, and Rau. Indore boasts of certain elements. Among India’s fastest-developing smart cities, it is also the cleanest city. Rather, Indore is the cleanest city in India for the sixth year in running.The processing of 1,900 tonnes of urban waste every day, which earns crores of rupees, also fuels its buses. What’s more, the city is developing a digital addressing system and is accelerating its drive against illegal structures. It is also promising to issue construction permits in 72 hours. Shri Kamal Patel, Hon’ble Minister for Farmer Welfare & Agriculture Development, Ministry of Agriculture, Government of Madhya Pradesh,said at the recently concluded CW Design-Build Conclave and Awards in Indore,“Madhya Pradesh lies at the heart of India. Bhopal may be the political capital but in the case of trade, commerce, and cleanliness, Indore can be considered the capital. And today, the city of Indore has not only earned its name in India but the world over, for its cleanliness. As positioned centrally, there is great scope for any field or industry in this city.” He further elaborated on how there has been considerable growth across villages and smaller cities in the areas of roads, power, and water. And how the country has been progressing towards achieving the Atmanirbhar vision.” Madhya Pradesh is a growing state, and Indore is a leading city within the state, said Shri Ramprakash Ahirwar, CEO, Indore Development Authority. “Indore Development Authority is working on seven town planning schemes. On a land spanning 13 hectares, we are offering housing or infrastructure such as flats or plots along with whatever is required for inclusive growth of the city, such as roads, and implementation of the master plan. To encourage sports, we are working towards the development of a sports stadium, which includes an international swimming pool. There are several other sports facilities within the stadium. We are also focussing on the betterment of senior living.”He urged the industry – architects and builders – to share their ideas be it a new technology or any other technology with the authority as well as among the stakeholders. Elaborating on township and town planning is SK Jain, Sr Superintendent Engineer (Retd), Department of Atomic Energy – Hyderabad. Hesaid,“At the onset, township, and town planning are similar. The difference between the private and government township is that the government townships have to take care of future requirements plus they have to be self-sustained and sufficient in all manners even for the future.” A city should be built to give its inhabitants security and happiness. Highlighting the role of a planner, he elaborated, “We have to consider that human communities are always in the process of changing. We also have to recognise the complexities of communities, which are going to occupy the township.” Elaborating on the requisites of town planning, he said that it is important to understand the local bylaws such as FSI and open areas, one needs to know what the National Building Code (NBC) involves such as building distances, public health, electrical and fire requirements. You need to ensure that you are abiding by the local fire norms, wildlife board clearance, CRZ clearance, and environment impact assessment study.” Highlighting the company UltraTech’s vision to be a leader in building solutions is Jayasankar K, Sr Vice President – Technical and Customer Solutions, UltraTech.“We are working towards providing solutions for all construction needs. To achieve the same, the company is working under four pillars – customer centricity, innovation, sustainability, and team empowerment. With 23 integrated units, 27 grinding units, eight bulk packaging terminals, one white cement and one putty unit, and five jetties – the company enjoys a pan-India presence. With a current capacity of 131.25 mtpa, Ultratech plans to increase this to 159.25 mtpa by 2025.” The CWDB Conclave and Awards – Indore was powered by UltraTech. Real Estate Market in Madhya Pradesh Set to Boom Post-pandemic, the real estate market in Indore has flourished due to a higher demand for spacious homes. Buyer preferences have shifted towards plotted development along with built-up development. The city has also seen migration from rural as well as metropolitan areas. The coming decade may be described as the golden era for Indore’s built-up segment due to users migrating back to the city’s periphery to avail of the amenities that may not be available otherwise. The Rs 25-30 lakh bracket of Indore only represents 15-20 per cent of the market while the Rs 50 lakh to Rs 1 crore segment occupies the majority. In terms of growth, the panel discussion with builder pointed out areas such as Vijaynagar and the Ring Road to have seen the most development. Down the road, the Super Corridor, which will house education hubs, hospitals, and the metro-rail, will see more demand, and the Bypass route. As such, the city will continue to see a trend toward residential developments owing to the growth in infrastructure. Further, with the advent of the Phoenix Mall, and IT companies like TCS and Infosys, many more companies are planning expansions into the city. According to a JLL report, there is a 12 per cent growth rate expected in the commercial spaces. Commercial leasing and development are expected to be growing to the likes of Pune and Bengaluru. Pre-leased sales in Indore are growing due to longstanding partnerships with big builders. Warehousing is also picking up interest in areas such as Pithampur andDewas. Unlike Maharashtra which has a set-off system, Madhya Pradesh pays 12.5 per cent in just stamp duties. To encourage built-up development, the building fraternity believed that there needs to be a push from the government in terms of increased FAR and lesser stamp duties. Collaborating to bridge the design thinking and execution gap In countries like Japan, for a Rs 1000 crore project for instance, if fiveyears is the duration to build it, the first three years go into meetings, discussions, and designing. Once the design is fixed, the rest of the two years go into construction. However, in India, the aim is to finalise the design in two to three months and the outcome is time and cost overruns on the project because the construction is not done in time. The panel discussion with architects from the state emphasised the need to collaborate for project execution, stating the need for one leader; the control should be in one hand.The Project Management Consultant (PMC) also tends to become a problem at times because it is a representative of the client and the client at times is interested in cost control more, which could put quality at stake. Then the designer feels that the PMC is policing his job. The design fraternity needs to use more and more technology. Tools such as building information modeling (BIM) are available and should be adopted to simplify the process.Delivery is critical and this can be achieved by collaboration. Stalwarts of Central India – Madhya Pradesh While the Design-Build Conclave & Awards have been making their journey to various cities in India to felicitate stalwarts in the building and design segment, Indore marks the eighth city in the multi-city tour. Listing some of the factors that make Indore an ideal city for presenting the awards – Stalwarts of Central India – Madhya Pradesh, Padode shared, “The Municipal Green Bonds that have been recently listed is a path-breaking initiative. The city has advanced in several other areas – CNG and electric buses, charging stations, waste management, and much more. The city has also earned carbon credits worth $1 million from the global market. And yes, this city ranks top in the country for cleanliness.” Indore is undoubtedly a promising city in the Indian real estate market. Its authorities are actively promoting its development, and the city's construction needs are worth considering.

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