The capital of Madhya Pradesh, Bhopal has emerged as the best in terms of growth among the Tier II cities says Nitin Agrawal Swadesh Builder. Data from National Housing Bank Index reveals that Bhopal has shown the second best growth, driven partly by the real estate development in the city.
More than 70 new residential projects are being planned in various areas of the city like Bairagarh City, Shyamala Hills, Arera Colony, Katara Hills, J K Road, Bhadbhada Nagar, Ashoka Garden, Ayodhya Nagar and Hoshangabad Road.
Here are some reasons as to why real estate in Bhopal holds promise this year:
- Real estate value: The capital value of the city’s real estate has been growing steadily for the last six years. The growth rate is at around 15 percent. The steady growth is also a promise that the property rates will remain stable, as there is no oversupply of properties like there is in metropolitan cities like Delhi NCR and Bangalore.
Large developers like Swadesh Builders Bhopal have planned projects here to take advantage of the boom. The realty market in Bhopal also has fair amount of investment options for people who are buying property for non-residential purposes.
- Affordable properties: According to Nitin Agrawal, Vice President of CREDAI Bhopal and MD of Swadesh Builders, there has been a steady growth in the price of land and property in Bhopal, especially in the affordable category.
A one-bedroom apartment typically costs around Rs. 8 lakh, while two-bedroom properties are usually priced between Rs 12 to 25 lakh. Five-bedroom villas are also available in the market, which, depending upon the location, are priced at nearly Rs. 1 crore.
- Local developers: One of the leading developers in Bhopal is Swadesh Builders, which is part of a large industrial house based in the city. With it project Unihomes, Unitech is the only national real estate player in the city providing affordable housing options.
Big names like DLF and Ansal too are planning projects in Bhopal. However, local builders like Signature Group, Swadesh Builders Bhopal and Fortune Builders still hold an upper hand in the market.