Property in Madurai

Madurai—the famous Temple Town of Tamil Nadu is attracting a number of IT companies and MNCs with its congenial infrastructure and rapidly developing real estate sector. Spread in 130 sq km with a population of 15 lakhs, Madurai had been upgrading its infrastructure. International flights will start from Madurai airport soon.

According to a report of Cushman & Wakefield (C&W), “Real estate development in the southern and western parts of Madurai especially at the airport Rirupparankundram Road and By-pass Road are creating lucrative locations for investment in properties. Since land is scarce in the central business district (CBD) of Chinnakadai, development is spilling over to new regions with rapid commercialization.

In Madurai, Commercial development of real estate is taking place in a big way. The State Government transferred 30 acres of land at Ilandhaikulam and another 213 acres at Vadapalanji to ELCOT for SEZ development, where top IT companies have booked space. Madurai’s upcoming real estate projects include three IT/ ITes related SEZs covering 128 hectares. Under the State initiative, new Commercial complexes have been developed by Tamil Nadu Housing Board to meet the demand for commercial space in Madurai.

In Residential properties Madurai is traditionally oriented towards independent homes. However, Apartment culture is also picking with the demand from investors who want residential apartments and villas. Many national and international developers such as ETA Star, Hiranandani Constructions, Sahara City Homes and ETL Infrastructure are active in the Madurai real estate market.

Sahara acquired approximately 125 acres of land to develop a 15,000 unit apartment complex, while Arihant booked 21 acres for an integrated Township. In retail space, the area surrounding Meenakshi Temple at Chinnakadai Area, Anna Nagar, KK Nagar and the By-pass Road are emerging centres of promise. Despite Madurai not having a hardcore ‘mall culture’, Vishal Mall and Milan Mall with Inox multiplex are coming up in the city. Already the city has quite a few stand-alone formats such as the one at by-pass Road, Anna Nagar and K K Nagar. Traditional commercial locations such as P T Rajan Road, Old Natham Road and TPK Road are attracting moderately high prices in properties.