Which are the best micro markets for the buyers in the mid segment?
Buyers who are looking for mid segment properties in Madurai should be willing to spend anywhere between INR 3000 to INR 3500 per square feet. In central Madurai one can look at TVS Nagar where the going rate for apartments stands at INR 3300 per square feet on average. Another micro market where properties can be purchased for the same rates is Vilangudi. In the western part of the city, mid segment buyers can go for apartments in Madakkulam. The going rate for properties here stands at INR 3400 per square feet on average.
Which are the best micro markets for the buyers in the luxury segment?
The budget range that property buyers in the luxury segment should be looking at falls between INR 5000 and INR 6500 per square feet for this city. In the north eastern part of the city, Moondrumavadi offers luxury properties at INR 5300 per square feet on average. In the central parts of the city, there are two micro markets which can satisfy those who are looking for luxury housing options. In Andalpuram, properties in this segment are priced at INR 6000 per square feet on average while in KK Nagar the going rate for luxury properties stands at INR 6500 per square feet on average.
Why should one invest in real estate in Madurai?
Over the past few years, Madurai has emerged as a strong real estate destination among the Tier II cities. It has seen steady real estate growth and the rental values have also seen a surge. The market which was once known to be a haven for those who are looking for independent houses is now well on its way to becoming a good choice for those who are looking for apartments as well. The IT industry is also making its presence felt here. At least two Special Economic Zones are coming up in and around the city. This means that more jobs are in the offing which would in turn lead to more demand for residential real estate.
Which are some of the upcoming real estate hubs in the city?
In the north eastern parts of the city there are two localities which can be considered upcoming real estate hubs. They are Azhagar Koil Road and Oththakadai. Moving towards the eastern part of the city, Karupayurani, where plots are priced at INR 490 per square feet on average, fits the bill as an upcoming micro market. Finally in the southern part of the city, Airport Road rounds up the list. Here the going rate for plots stands at INR 100 per square feet on average.
Kavitha Ravi for IndiaProperty.com
Image: “Madurai, India” by Bernard Gagnon – अपना काम. Licensed under CC BY-SA 3.0 via Wikimedia Commons – http://commons.wikimedia.org/wiki/File:Madurai,_India.jpg#/media/File:Madurai,_India.jpg