Madurai Property

Madurai is a tier-two city located in the Southern part of Tamil Nadu state, and it is well-known for its heritage of historic temples and beautiful jasmine flowers. Presently, the city is witnessing a continuous development process, which has led to the improvement of available services including mini bus facilities to suburbs. It is also anticipating huge investments in both BPO and IT sectors within the region. Consequently, Madurai real estate industry is also booming up!

The city is growing horizontally, and the state government of Tamil Nadu has approved a rule confining the buildings’ height to just 9 meters within the radius of 1 Kilometer from the well-known Meenakshi Amman temple; while in the remaining parts of the city, the height is confined to a maximum of 15 meters.

Many Madurai real estate developers feel that the building height restrictions are quite permissible in the areas very close to the temple, but it really doesn’t make any sense to restrict the height in other portions of the city too. This strict building height regulation from the government has had an unpleasant effect on the Madurai property and real estate development, and it has completely eliminated the chances of construction of sky high apartments which has made the temple town to grow horizontally rather than vertically.

At present, the city is spreading out very rapidly and the once-upon-a-time paddy and tall coconut fields are now making way for the development of many residential areas, and gated societies as the mini buses allowed by the state government have been able to reach out to remote regions and provide transportation facility at reasonable costs.

Property Developments and Price Trends

The Northern environs of the town have been able to witness most of the developmental actions as a division of TN High Court has been established in the region to assist many Southern cities. As soon as the declaration of setting up of a new High Court division has been made, the real estate prices in the area almost doubled, and it is continuing its uphill journey, boosted up by the huge investments made in the city infrastructure, and IT sector.

An IT park sponsored by the State Government is also coming up in the neighborhood, and in other IT Park builders have arrived in the city; they’re currently eyeing similar projects in the vicinity. Hence, it’s a really good place to invest early on, and reap great benefits over the next few years.

Furthermore, the projected 4-way road highway linking the capital city Chennai to the tip of southern Kanyakumari is all set to cross this region. It also boards an advanced bus station, and as a result of all these improvements, the Madurai real-estate prices have almost increased 8 times, touching an unbelievable price of Rs.1 Crore per acre.

The Southern part of the Madurai, which contains the renowned Madurai Kamaraj University, is observing hyperactive activity as the Tamil Nadu government has decided to come up with an IT Park there as well. Greater swings in Madurai real estate land prices have taken place because, previously, the area was considered to be highly underdeveloped.

The bigger reason behind the escalation in real estate prices is the anticipation that more and more huge investments would flow into the town, motivated by its relatively low real estate costs. The city already boasts of a huge number of science, arts and engineering educational institutions. Thankfully, the numbers are only expected to shoot up.

Madurai, including other neighboring cities, is reported to generate nearly 15,000 engineering graduates every year, with more than 6,000 of those graduated students, leaving Chennai and Bangalore for employment.

The residential market of Madurai city has also observed significant growth, and the land value ranges from Rs. 1000 to Rs. 2000 per square feet, and it can be even more costly in many major areas within the city.

Presently, Sahara City homes is coming up with a massive project in the region, and other local real estate players including Sashwath Constructions and Visvas Promoters are also looming with many new residential projects.

On the whole, Madurai real estate market is growing big time in Southern India, and it can be regarded as one of the best places to invest huge capitals, considering its unmatched potential for growth.