The COVID-19 pandemic brought with it changes in lifestyle that have created demand for different types of properties and tier-two / tier-three cities are no exception, says C.R. Shiva Kumar, the newly-elected president of National Association of Realtors - India (NAR-India).
Mr. Kumar says post-COVID is a “golden period for real estate sector”. With more people working from home, they want larger houses. And those who did not own a house, want one with amenities that will meet their needs. This has led to a demand for residential units and developers are seeing record sales.
There is a change in all dimensions - the economy, infrastructure, logistics, etc., which are fuelling demand for office space, commercial areas, ware houses, etc. Businesses want to move out to different cities and so the market has opened up across the country. “In the next five to seven years, Jaipur will become another Gurugram. Even cities such as Siliguri are seeing growth in real estate,” he says.
Coimbatore has aligned with the national trend. In segments such as senior citizen townships, the city is expected to see a couple of national players launching projects soon. While some regional brands are constantly expanding, new brands and players are also getting into Coimbatore.
Another emerging area is co-working space. “Every other player wants to be present in Coimbatore. So far, existing buildings were taken up and redone as co-working areas. Now, building owners and builders should look at developing properties to meet the industry’s needs. Coimbatore’s major advantage is availability of talent and that is driving demand for co-working spaces,” he said.
However, land prices need to be at a level that customers can absorb so that Coimbatore does not miss out on opportunities in sectors such as logistics, he said.
