By Devendra Dungarwal, Founder – REMC India
Indore, the commercial capital of Madhya Pradesh which received accolades for being the cleanest city in Swacch Sarvekshan 2018, is very rapidly developing into an economic hub. The boom can be seen in the form of expansion of construction areas near Ring Road 2, Blackstone investments on Bypass in malls in the city. Treasure town and Treasure Island deals, Green belt, the Metro project and many more upcoming projects. These projects have not only brought attention to the city but will also act as a catalyst in its development. Indore, being one of the major cities of the state, Madhya Pradesh, also attracts people from different parts of the state which are underdeveloped in the hope of gaining a good lifestyle and opportunities. The industries, as well as various companies which are based in the city, provide exposure to the people. The allocation of Rs 5,000 crore by the government for the largest auto testing track of Asia, is another attraction for the rural population to work for as well as innovative Research and Development purposes.
One of the major highlight in recent time is the interest shown by the Blackstone Group. Blackstone, a US-based private equity firm in order to mar their presence in the country, is currently planning to acquire three malls in the city. If these deals are to come through, it will boost Blackstone’s retail portfolio by 2 million sq ft taking it to 7 million from existing 5.1 million sq ft. This will take Blackstone to be the largest retail mall operator across India. Blackstone aims to invest in different sectors of the real estate which is pretty evident from the investment of $2.8 billion in various office assets, while they invested $1.3 billion on non-office residential assets. It also possesses 19.2 million sq ft of commercial reality space which is under development across the country. So the keen interest shown by an investor like Blackstone Group, which has over $4 billion worth assets is a very good sign for the city and well as the state.
Another significant development can be seen in the form of the 24 acres Crystal IT Park located near Khandwa Road. Indore being one of the major cities of the state is directly under the radar of IT giants who are planning on setting up their institutions in and around the city. The high potential for the growth of IT sector has stimulated the growth of residential complexes around the prospective locations. Around 2,000 acres of land has been set aside the present state government for an IT SEZ(Special Economic Zone), which will be adjacent to the upcoming international airport. With the IT Zone and international airport on tow, Indore will surely witness significant growth in the development near these areas.
The kind of development one can behold around the Ring Road 2, Bypass, Airport Road, etc is indeed enthralling the investors to shower their interests. Refurbishment of these areas and its transformation to a new one, is extensively yielding great investment opportunities in the city. Kosher dividers, adjoining winsome green belt and palpable road markings, have substantially increased the adjacent real estate rates and is acclaimed to proliferate in the future too. The nearing flyover and overpass projects are providing a massive push to the development of vicinal lands and are the reason for further booming the property investment opportunities.
The decision by state Town and Country Planning (TCP) department to reduce the control area to 20 m from the earlier 45 m, will not only uplift the nearby areas but also enhance the residential developments and better infrastructure in between the areas of Rau and Mangaliya along the Indore Bypass.
This area which is about 30 km will attract real-estate developers as the location is adjacent to the bypass, will tempt many people to own a property at such a prime location. The Treasure Island Mall and Treasure Township are again creating a niche for all the investors, not only from the homeland but, from around the nation. High- end bungalows, super luxury flats and the promise to provide an extraordinary superlative lifestyle are what you can expect from such living lands. With the ever increasing urge of economical co-working spaces, The Treasure Island Mall is yet another glimpse of how Indore is emerging as a leading business hub. Indore has over time transpired as a hotspot for real-estate development in Central India. With over 47% population increase in the last decade, the city has emerged with a lot of potential buyers as well as real-estate developers, which has changed the scenario of the city. The commercial capital of the state is thronging with a number of well established local as well as national and international retailers. The growth which was earlier seen near the posh locations of Palasia, Saket and Race Course can now be seen spreading over the city with new opportunities for real-estate investments and developments for the upcoming generation.