Madurai real estate market hotting up, at last

Source: thehindu.com

With many infrastructure projects such as a modern bus terminus on the site of Periyar bus stand, sprucing up the vicinity of Meenakshi Sundareswarar Temple, new Kalavasal flyover, elevated expressway on New Natham Road and riverfront development on either side of the Vaigai being implemented on a fever pitch, thanks in part to Smart Cities Mission initiatives, Madurai is witnessing a metamorphosis.

There used to be a time when life used to revolve only around the old parts of Madurai, particularly near Meenakshi temple.

But with the emergence of universities, colleges and schools on the outskirts, the city has spread in all directions over the past few decades.

After the Madurai Bench of Madras High Court was set up, advocates pitched their tents in places such as Ulaganeri, Othakadai and Tirumogur. Commoners joined them in hordes and these places are not ‘far away’ any more.

Veerapanjan on Sivaganga Road, Vilangudi-Paravai stretch on Dindigul highway, Nagamalai Pudukottai on Theni highway, to name a few, are witnessing a robust growth.

After much dithering, IT companies have also made slow inroads into Madurai. The once deserted IT Park at Ilanthaikulam near Pandikoil is almost full now. IT bigwigs HCL and Honeywell are on a hiring spree and are expanding their infrastructure to accommodate the recruits.

Emerging from years of lull, the real estate market is fast catching up the lost time. According to R. Illankovan, State secretary, Confederation of Real Estate Developers’ Association of India (CREDAI), 50 to 60 acres of vacant land are transforming into gated communities and multi-storey structures. Over 50,000 square feet of carpet area of developed space is being created. Property development is happening everywhere. A builder is constructing 184 flats in Virattipathu on Theni highway.

Worst is over

A marketing executive with a builder says the worst is over for the real estate market and things look bright now so much so that some buyers are interested in even ₹1.50 crore apartments coming up near The Madura College. Discerning buyers care more for location and reputation of the promoter than the money aspect, he says.

On present buying trends, a regional manager of a public sector bank says home loan melas have lost their proposition as people check their loan eligibility at their bank branch itself. Moreover, Madurai is a market for only end users and not for investors, he says.