| Madhya Pradesh is situated right at the centre of India and for the same reason it is also called as the ‘Heart of the Country’. The capital of the state is Bhopal, and the biggest city in the state is Indore. While these two cities are quite famous for various reasons, the tourist capital of the state is Gwalior. Some of the other major tourist destinations in Madhya Pradesh are Mandu, Kanha, Panna, Pench Valley, Mainpat, Ujjain, Omkareshwar, Amarkantak, Rajjim, and Satpura. Despite all the positive prospects, Madhya Pradesh real estate market hasn’t really grown, and it needs to mature a tad more over next few years.
Until Nov. 1, 2000, it was the largest state of the country, but this is the date on which Chhattisgarh was separated from the rest of the state. Surrounded by Maharashtra, Rajasthan, Chhattisgarh, Uttar Pradesh and Gujarat, MP (Madhya Pradesh) has an area of 119,017 sq mi. The state is famous for its vivid culture and historical structures.
Madhya Pradesh real estate industry has taken quite a while, undergoing ups and downs before making its presence felt. Though the growth and development of the property sector in the state has still not taken the full swing that it could have, we still see some cities like Indore, Gwalior, Jabalpur and Bhopal having good infrastructure and high standard-of-living. What has not changed till now is definitely going to change in a few years or even months from now. There are numerous commercial and housing projects underway in almost every corner of the state. There was a time when you could buy a spacious 1500-2000sq-ft 3BHK house for less than 20 lakhs in a place like Habibganj (in Bhopal), and a 1200sq-ft land-piece for about 25 lakhs in a prime location, but things are changing now!
Real Estate Developments in Madhya Pradesh
Thanks to one of the best infrastructural bodies in the state, MP has also become one of the hot destinations for direct foreign investments in the country. This has considerably raised the cost per-square-feet and the value of apartments in the city too.
UK’s Eredene Capital announced an investment of Rs. 570.5 million in the city of Indore around three to four years ago. The project is to be set in a 19.52 acre land, and it is going to be an integrated office, residential, retail and hotel complex. Thanks to the initiatives and interests shown by the state government, many similar projects from the domestic investors are also on the cards. Looking at the prospective growth in Madhya Pradesh property sector, the state government has consciously improved the infrastructure.
The rates of Madhya Pradesh properties located near hotspots, like big malls and railway stations, have gone up by almost 50-60% in last 3 years, and they’re expected to shoot up further.
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