Towards an end of the country lies vast expanse of luxuriant greenery and culture dab. Real estate in Manipur has seen a tremendous growth in recent times. The state is located in the north-eastern part of India, and is prominently known for its forestry hills, tribal dances and serenity; it is well-known as one of the major tourist spots in India.
With the collaboration of a Japanese agency, a project of developing sericulture in the state has been initiated in order to transform the Manipur real estate industry.
Commercial and Residential Development Overview
The new upcoming residential and commercial properties are mainly developed in the cities of Imphal and Thoubal, and these cities are touted as the major real estate hubs of Manipur.
Active participation of developers and builders in developing property has strengthened the pace of commercial and residential developments in the city. There are various projects from well-known builders in the pipe-line in the Manipur property market.
The Jawaharlal Nehru National Urban Renewal Mission for residential development has approved a colossal amount of Rs. 1870 crores for the City Development Plan in Imphal. A huge convention centre, and an amazing commercial property, that will boost the tourism in the state has been developed at Imphal at a cost of Rs.24 crores.
Apart from residential development, the state is also focusing on the development of commercial properties and overall industrial growth, since Manipur is moderately rich in medicinal plants, woods, aquatic resources and microbial bio-resources. Commercial development has been extended to Moreh at a cost of Rs. 70 crores, which includes all types of commercial properties from integrated customs and land building.
To develop the infrastructure, the development of National Highway 39, broadening from Maram to Imphal, at a cost of Rs. 300 crores has been implemented by the government. The bridges on Barak and Makru, between Jiribam and Silchar, have been reconstructed, assuring peace of mind to frequent travellers.
Even the government authorities are aiming to bring about overall development in the state. On the whole, other parts of Manipur like Bishnupur, Loukhoipat, Moirang, Loktak Lake and Sendra Island, Kaina, Khongjom, Andrao, Churachandpur, Tengnoupal, Ukhrul, Tamenglong, Mao and Makhel need to be focused on and developed commercially as well as residentially.
Pricing Trends
Basically, Manipur property rates are really modest, but they’re nowhere close to that of any of the other Tier III cities in India. However, with tons of developments set in the stone, one can definitely expect to see a good 40-50% growth in the property rates in the Manipur, over the next 2-3, and perhaps even a 100% increase over the next 5-7 years.
A good 2BHK house of around 1000-1200 sq. ft. can cost you in the range of Rs. 20 lakhs, and the rates would change radically, depending upon the location.
Currently, the Manipur real estate industry is bubbling up, and it would be all set to explode over the next few months. At that time, buying a property in Manipur won’t be as minor an investment as it is today.
