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Madhya Pradesh Property
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.
Today, the state boasts of a big 10,000 km network of roads and almost every other district has great optical fibre connectivity. The state government has recently set up a Facilitation Centre for NRIs who are interested in investing in the state. We have seen an annual investment of around Rs. 400 million coming from foreign lands or NRIs. Some of these include a convention centre and hotel by Lotus Niko in Sanchi and a resort by Oberoi in Khajuraho.
The country’s first ever Greenfield SEZ was recently built in Indore. Some other world class infrastructures can be seen at Apparel SEZ and Crystal IT Park, which is spread in 21 acre. Indore is already being called as the IT capital of the state and the city will see a slew of modern townships that will include multiplexes, malls, IT Park and banquet halls. Some other results of real estate growth in the state are an Apparel Park in Jabalpur, a Food Park, a Stone Park and an Agri-Export Zones in Katni. DLF, one of the biggest real estate firms in the country, has planned a mammoth Rs. 8000 Crore investment for the next few years. These projects include hotels, SEZs and IT parks in cities like Jabalpur, Bhopal, Gwalior and Indore.
Property Prices in Madhya Pradesh
Coming to the current price trends, in Indore, a 850 sq. ft. 2 bedroom service apartment can cost around Rs. 19 lakhs in the locality of A. B. Road. Now that works out to about Rs. 2235 per square feet, and makes the locality one of the costliest ones in the city.
A residential land near the by-pass road costs around Rs. 700 per square feet and can be one of the ideal places for investment. Mahalakshmi Nagar can be another place in the city, which can see more growth in property rate.
Currently, the rate of residential plots in Madhya Pradesh real estate market lies in the range of Rs. 2000 to Rs. 2200 per sq. ft. in the vicinity of Mahalakshmi Nagar, which is not quite cheap. However, looking at the steady increase in prices, the investments can work out to be profitable very soon.
Likewise, there are great investment scopes in Gwalior, Bhopal and Jabalpur. The outstanding location of the state, great resources and pro-active state level authorities almost assure a big boom in Madhya Pradesh real estate.
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