| Flourishing manufacturing sector and growing importance of IT provide impetus to real estate sector in city |
The Rs 100 crore international consultancy firm Trammel Crow Meghraj Property Consultants Pvt Ltd has great hopes of the potential of Coimbatore as a realty hub.
Focal point
N.Anathanarayanan, its Regional Director, says that for his company, which is a "one-stop-shop for real estate solutions", Coimbatore will be the focal point in the State, next only to Chennai.
The company has ten offices in the whole of the country, including the four metros, and the last one, set up recently, is the one in Coimbatore.
According to him, the flourishing manufacturing sector in Coimbatore region combined with the current focus of the Government on developing it as an IT hub has provided a great impetus to the real estate sector in this tier-two city.
Mr. Ananthanarayanan observes that commercial developments in the city have been mostly catering to banking and industrial sectors.
"There is a sudden change in the overlook since Tamil Nadu Government started promoting Coimbatore as the next IT destination," he said.
He points out that four IT parks with 3.5 lakh sqft area have already been completed here.
Under construction
While three more such parks are under construction with 3.25 lakh sqft area, ten more are proposed with 9.25 lakh sqft area on 357 acres.
Apart from the TIDEL Park planned by the Electronic Corporation of Tamil Nadu close to the Medical College, the KG group has acquired 160 acres near its existing campus on Thudiyalur road (near Saravanampatti) for developing it as ITES and BPO Special Economic Zone.
In addition, the ELCOT has identified 109 acres in the Bharathiar University campus itself for the proposed BU-ELCOT city.
Coimbatore, which has been traditionally playing a major role in trade and commerce of southern India, is now witnessing the construction of two malls (multiplexes) in total with 2.5 lakh sqft area.. Six more malls are expected with 4.2 lakh sqft built-up area on 5.8 acres of land in due course.
Similarly, two major townships — Sahara Township and Metro Corp Monte Visa — are coming up. Besides, more than 20 major residential units, totally with 3,000 apartments, are expected to get completed in the next three years.
Corporates
Mr.Ananthanarayanan says that a number of corporates have been approaching his company wanting to know " right place" and "right size" of the land and building for their proposed unit.
"Their query to us is where should I set up my unit, the size of the unit and find me a place," he says.
With specific reference to Coimbatore, he says the developers are on the lookout for land for residential units. "At times we get exclusive mandate for marketing of the constructed units," he observes.
The company builds up a pool for retail and commercial properties.
He points out that his company usually does a feasibility study including financial modelling. "We are trying to understand the business of the client before suggesting suitable land for his use," he says.
According to him, a number of developers from Mumbai, Delhi and Bangalore are looking for land for establishing residential units in this region.
Good potential
Trammel Crow has 10 offices in the country, including the four metros, and the most recent one is in Coimbatore
Developers from Mumbai, Delhi and Bangalore are looking for land for establishing residential units
Source : http://www.hindu.com/pp/2007/02/25/stories/2007022500090300.htm
