‘Housing needs will increase in a growing city'
The industrial city known for its textile, foundry and engineering units has seen rapid growth in several other sectors such as Information Technology and property sectors, during the recent years. And, some of the leading manufacturing units are tapping the potential in these upcoming areas.
For instance, textile and engineering units are entering the property sector with new projects.
“When we wanted to attract talent from Bangalore, Mumbai or Pune, we found the need for better housing facilities here,” says Vanitha Mohan, Executive Director of Pricol.
This was one of the reasons for the group to enter the real estate sector. Housing needs will increase in a growing city, especially in the segment that is priced between high-end and budget houses and this is a potential area, she says.
R. Rajendran, Director – Finance of Lakshmi Machine Works, says the company decided to develop apartments and independent houses at Singanallur and Ganapathy to get better value for its land.
“We do not have plans to enter into the real estate market. We only want to add value to the two landed properties we have and have proposed only two projects,” he says.
Some of the other industries have also entered into property development.
According to an industry source, earlier several industries were developed on large tracts of land in the city. These have now translated into asset base for the companies and they are capitalising on it. Further, housing is a necessity in the city.
A leading property developer here points out that even at the national-level some of the major groups have ventured into the housing sector.
These are not diversifications, but identifying the areas of requirement and potential and entering into it. Education is another area where many companies from other sectors are getting into, the promoter says.