Despite being a city that is focusing on building up the affordable segment, MG Road in Indore is fast becoming a destination for the who’s who of the city. The 15 km long road is witnessing a major face-lift and is currently being dotted with a number of multistorey buildings which brag of having state of the art amenities and facilities.
In Indore, residential projects along the stretches between Regal Square and Palacia are the most coveted. Local property buyers are now showing a keen interest in purchasing inventories here. The high standard of living is enticing many potential homes buyers to shift from investing in villas to buying spacious apartments along the MG Road.
Real estate developers are now tapping in to the growing trend and are purchasing large tracts of land to build residential ventures here. The availability of acres of land has stopped smaller projects from entering the realty market, thereby making the region a destination for many HNIs. 3 and 4 BHK homes here are expected to spread over a carpet area of 2,000 and 3,500 square feet respectively. The rapidly growing social infrastructure and the presence of many reputed restaurants, health-care units and educational institutions have enticed many to shift base here.
Depending on the location of the project, properties in Indore located here are said to hover between the INR 70 lakhs to INR 2 crore price range. Capital ventures here provide swanky specifications like club houses, 24X7 power backups and huge gymnasiums. Senior executives working in automobile companies are choosing to reside here.
The growing demand for housing has lured many investors to MG Road, and they are now purchasing properties with the sole aim to let them out on rent. The robust rental market has made the locality a favourable destination for many second time home buyers as well. 3 BHK homes here that cost an average of INR 3,700 per square feet are currently generating rental yields which fall anywhere INR 32,000 and INR 50,000 per month depending on whether the homes are semi or fully furnished.
Source :MoneyControl.Com, 24 Jul 2015