The Coimbatore suburb is growing significantly due to strong economic policies, says Naveen Nandwani.
Coimbatore's real estate market provides a plethora of options for home buyers and investors to choose from, with various localities developing as catchment areas for housing and commercial real estate. One of these is Peelamedu, which is among the fastest-growing locations and a very favourable destination for property buyers.
Located in Coimbatore, which is being seen as the 'next Silicon Valley' in South India, Peelamedu has been growing significantly due to strong economic policies driving development in this region. It is one of the rapidly evolving and important localities, connecting major information technology-driven growth corridors in the city. This progress has contributed to various infrastructure improvements, making Peelamedu a major commercial and residential hub of the city.
The area extends from Nava India to Coimbatore International Airport, near the South India Textile Research Association (SITRA), covering major education institutes, hospitals and industries.
Its geographical advantages in terms of connectivity to other parts of the city are remarkable.
The locality has well-developed social infrastructure. It is home to major hospitals such as PSG Hospital, Medical College Hospital, Aravind Eye Hospital and the Kovai Medical Center.
Peelamedu also has many retail establishments, with the largest being Fun Republic.
A key factor driving social and physical infrastructure development in this location is demand from property buyers employed in the IT industry and returning non-resident Indians looking for both homes and office spaces. This has accelerated the demand for quality properties and spurred interest from both residential and commercial property developers.
Investment in commercial properties in Peelamedu is a popular option because of the healthy return on investment.
Peelamedu houses the TIDEL Park Coimbatore, an IT park that is driving the growth of IT in other districts of Tamil Nadu and hosts several leading multinational IT companies. In fact, TIDEL Park is India's largest single-building IT park in terms of built-up area. The CODISSIA trade fair complex is also a key attraction attracting exhibitors for organising expositions and conventions.
The Peelamedu property market has undergone a complete transformation, with the area going from being viewed as a very laid-back location to a highly-developed property hotbed with very good infrastructure.
The residential market here has evolved, with old bungalows giving way to high-rises and contributing to a taller skyline. It is now a full-fledged business district providing a variety of commercial and retail space options. As a result, the Peelamedu real estate market has witnessed a massive face-lift when compared to other old localities of Coimbatore.
Favourable location and easy connectivity have fostered the growth of residential projects here with several apartment buildings and complexes by renowned developers already in place and coming up. Property rates in Peelamedu range from ₹3,769-10,000 a sq ft depending on the project's location, completion status and amenities being provided by the developer.
Naveen Nandwani is managing director, Bangalore and Kochi, JLL India.