Real Estate Bhopal
Bhopal, the capital of India’s central state Madhya Pradesh is also known as the ‘City of Lakes’. Blessed with cool environs and breathtaking natural beauty, Bhopal as an emerging real estate market has been the subject of intense development for the past couple of years.
Known more for its Nawabi culture, just similar to that of Hyderabad and Lucknow, it has been buzzing with a dynamic phase of economic reforms and development, today.
The ‘Destination Madhya Pradesh’ campaign launched by the state government in 2006 has managed to garner investments to the tune of Rs 1, 80,000 crore, especially from Indian multinationals and Non Resident Indians (NRIs) from across the world.
Since half of these projects are to be implemented in and around the capital city - Bhopal is indisputably a land of opportunities in real estate.
Perhaps this is the reason Bhopal real estate, which was earlier dominated by a handful of local players, has now emerged up as a hot cake for infrastructure majors like DLF, Sahara and Ansal.
Commercial Properties in Bhopal
Consequent to the influx of fresh monies in the markets, the commercial official spaces at Bhopal in areas like TT Nagar comprising New Market, MP Nagar, Arera Colony and Bairagarh are on bloom.
Located at the key location of Mata Mandir between TT Nagar’s New Market, MP Nagar and Arera Colony’s Bittan Market, the 10-storeyed Platinum Park is the most prestigious commercial cum residential destination of Bhopal, so far.
Spread in 11,300 sqm, it boasts of most beautiful building design of Bhopal wearing a grand palace looks. Housing 92 Shops, 48 office halls, 165 HIG and 30 MIG flats, this edifice based on categorized market format offers modern facilities of dedicated underground parking, video-security and rain mate harvesting available with capital rates between Rs 5,000 and Rs 6,500 psf. The occupancy levels are at 80 per cent at present.
Center Point at TT Nagar New Market is another hot commercial destination in Bhopal with capital rates souring as high as Rs 7,000 psf. The spot is likely to witness bullish trend in the near term owing to its strategic location near TT Nagar sports stadium and quality construction.
Residential Scenario in Bhopal
The residential sector of Bhopal is undergoing complete transformation with several projects under progress in different parts of the city. Although, Bhopal real estate market is predominantly an end-user one, investor action is also observed in the recent times owing to the high-return potential.
Meanwhile, national real estate developers like Sahara States, Ansal and Vian have forayed in Bhopal, followed by local players like Maxworth, Raj Builders and Akriti Builders.
Located at Misrod road, about 15 kilometers from Habibgang Railway Station, Sahara States here is one of the largest planned townships. Covering an area of 57.07 acre, the ISO: 9001 accredited township aims at constructing 1117 units while at present about 150 families have already been given possession, official sources informed.
Although Bhopal residential market predominantly belongs to end-user segment, significant rise in real estate investment has been observed in the past couple of years. About 35 per cent residential units are purchased for the purpose of investment in Bhopal today.
Bhopal residents after receiving Ansal’s apartment chain-Lake View Enclave at Shymala Hills well, are now being looking towards Ansals Greens and Ansals Pradhan.
The upcoming project of the group ‘Pradhan Enclave’ is also at the outskirts of Bhopal at Ahmedpur, the other end of the city.
At times properties when commercial hubs like Delhi, Mumbai, Bangalore and Hyderabad have soared to fierce levels of Rs 2,000-Rs 40,000 psf. Land prices in Bhopal’s prime-most locations between Rs 500 and Rs 7,000 are appealing enough.
In order to leverage this cost-advantage, Indian software multinationals like Tata Consultancy Services, Infosys and Wipro have planned their IT and IT enabled Services (ITeS) facilities in the city, in line with the proposed 25.62 lakh sqft Software Technology Park (STP) project at Badwai area, in the vicinity of airport.
To support the infrastructure needs of corporate majors, at the other end, the Airports Authority of India (AAI) has already approved the internationalization of airport in Bhopal.
With regard to growth plans of the city backed with strong economic trends, the real estate sector here has all the reasons to achieve and sustain higher growth rates at both the aspects of commercial and residential asset class.